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