How to Set Trailing Stop-Loss Order on MetaTrader 4

How to Set a Trailing Stop-Loss on MT4

Trailing stop loss are stop loss orders in MetaTrader 4 platform that will be adjusted by a number of gold pips once the trade has moved in favor of the direction of the traders trade position.

For a buy trade the trailing stop loss trails the upward trend & automatically closes out the buy gold trade once the price starts to drop & move in opposite market direction of your gold trade. The buy gold trade will be automatically closed out once the price gets-to your trailing stop-loss level.

For a sell xauusd trade the trailing stop loss trails the downward gold trend and automatically closes out the sell trade once the price starts to rise & move in opposite market direction of your gold trade. The sell trade will be automatically closed out once the price gets-to your trailing stop-loss level.

The trailing stop loss order will be adjusted by a number of gold pips once the price moves in the direction of trade by a given number of gold pips.

How to Put Trailing Stop-Loss Orders in MT4

First open a new gold trade & once you have opened a new gold trade follow step by step lesson described below to set a gold trailing stop loss order for this newly open trade on MT4 Software

1. Right Click the trade position
2. Select Trailing Stop option from the pop up menu which pops up
3. Select your trailing stop loss value for the trading order
4. Click Ok to set trailing stop-loss order

You also can set this gold trailing stop loss order from the MetaTrader4 transactions window

1. Choose the trade order you want to modify and set trailing stop-loss
2. Right click on trade
3. Select Modify Order
4. Select Trailing Stop from the pop up menu
5. Chose your trailing stop loss value for this gold order
6. Click Ok to set trailing stop-loss order

How to Put a Gold Trailing Stop-Loss Order on MT4