What's S L Gold Order in MT4?
What's a Set SL Order on MetaTrader 4?
A SL order is an order used in xauusd to close an open trade if the trade moves against the trader's position by a certain number of pips.
Once SL order is set at a specified level, this SL order will automatically close-out the open trade once the chart gets to this SL order gold trading price level. SL order is used in xauusd money management so as to prevent further losses if a trade position is going against direction of the trader's open trade position.
Set SL Setting When Opening New Order on Tools Menu on MT4
To open a new xauusd order to buy or sell a trade use the tools menu that is found in the MetaTrader 4 Platform as shown below.
The New order button key for placing a new xauusd trade is displayed below. (ShortCut Keyboard Keys 'F9')
What is SL on MT4? - How to Set SL When Opening Gold Orders in MT4
Once you choose the new order button key as shown and illustrated above the following xauusd trade order popup window will appear & you as a trader can use this trade order popup window to set the SL Level for your new gold trade.
This pop up includes the settings for placing a new xauusd trade order as well as settings for setting Stop-Loss Level.
How to Set XAUUSD SL Orders in MetaTrader 4 - Set SL Order in MT4
The Following Stop Loss Order Settings are specified for setting a new SL gold trade order:
SL - Set SL, This option can be set after opening the trade, or for pending xauusd orders
Open the Buy or Sell Trade by Clicking on the Following Buttons:
- Sell by Market - Open a Sell Trade
- Buy by Market - Open a Buy Trade
To Buy at current gold trading price & open new xauusd order select Buy by Market xauusd order button
To Sell at current gold trading price & open new xauusd order select Sell by Market xauusd order button
After opening the new gold trades use SL Panel Above to Set SL order for the New Gold Order
You can also get this window panel so as to modify an already open buy or sell xauusd trade - To find & get this order panel for a buy xauusd trade, right-click on the opened buy or sell xauusd trade, then after that click on 'Modify Order' after you click on modify order button the above order settings button will appear & you as a trader can use set the SL Order using the step by step procedure described above.
