How Do You Set SL Forex Order in MT5 Software?
How Do You Set SL Forex Trading Order on MetaTrader 5 Platform?
A SL 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 SL order is set at a specified level, this SL order will automatically close the open trade once the chart gets to this SL order forex price level. SL order is used in forex money management so that to prevent further losses if a trade is going against the direction of the trader's open trade position.
Set SL Setting When Opening New Forex Order in Tools Menu on MT5
To open a new forex order to buy or sell a trade use tools menu within MT5 Software as shown below.
The New forex order button key for placing a new FX trade is shown below. ( MT5 Short Cut Keys 'F9')
How Do You Set SL Forex Order in MT5 Software?
Once you select the new forex order button as illustrated above the following forex trade order pop up will appear & as a trader you'll use this trade order pop up to set the SL Level for your new forex trade.
This pop up includes settings for placing a new forex trade order as well as settings for setting SL Level.
How Do You Set SL Forex Order in MT5 Platform?
The Following SL Order Settings are specified for setting up a new Stop-Loss forex trading order:
SL - Set SL, This option can also 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 will popup and you can set Stop Loss Order using method explained above.
How Do You Set SL Forex Order in MT5 Software?
