How Do You Set a Stop Loss Forex Trading Order in MetaTrader 5 Android Mobile App?
How Do You Set a Stop Loss Forex Trading Order in MetaTrader 5 Android Mobile App?
How Do You Set SL on MT5 Android App?
A forex stop loss order is an order used in forex trading to close an open trade if the trade moves against the trader's position by a certain number of pips.
Once the forex stop loss order is set at a specific level, this forex stop loss order will automatically close the open forex trade once the forex price gets to this forex stop loss order forex price level. Stop Loss order is used in forex money management so that to prevent further losses if a forex trade is going against the direction of the trader's open trade position.
Set Stop Loss Setting When Opening New Forex Order in Tools Menu in MT5 Android App
To open a new forex order - buy or sell FX trade use the tools window menu within the MT5 Forex Platform as shown below.
The New forex order button key for placing a new FX trade is shown below.
How Do You Set a Stop Loss Forex Trading Order in MetaTrader 5 Android Mobile App?
Once you select the new forex order button as illustrated above the following forex trade order pop up will appear & as a trader you will use this trade order pop up to set the Stop Loss Level for your new forex trade.
This pop up includes settings for placing a new forex trade order as well as settings for setting StopLoss Level.
How Do You Set a Stop Loss Forex Trading Order in MetaTrader 5 Android Mobile App?
The Following Stop Loss Order Setting are specified for placing a new Stop Loss forex trading order:
Stop Loss Forex Order - Set Stop Loss, This option can be set after opening the trade, or for pending orders
Open the Buy or Sell Forex Trade by Clicking the Following Button Keys:
- Sell by Market - Open a Sell Forex Trade
- Buy by Market - Open a Buy Forex Trade
To Buy at current forex price & open a new forex order choose Buy by Market forex order button
To Sell at current forex price & open a new forex order choose Sell by Market forex order button
After opening the new forex trades use the Stop Loss Window Above to Set The Stop Loss order for the New Forex Order
You can also get this window so that to modify an already open buy or sell forex trade - To get this order window for a buy trade, right click in opened buy or sell forex trade, then after that you click on 'Modify Order' after you click modify order button the above trading order settings button key will popup & you can set Stop Loss Order using the procedure explained above.
How Do You Set a Stop Loss Forex Trading Order in MetaTrader 5 Android Mobile App?
