Trade Forex Trading

How Do I Set a Stop Loss in MT5 Android Phone App?

How Do You Place and Set a Stop Loss on MT5 Android Mobile Phone App?

How Do I Set SL in MT5 Android App?

A stop loss constitutes an instruction used in FX trading designed to automatically liquidate an open position if the transaction moves against the trader's entered position by a predetermined pip amount.

Once the stop loss order is set at a specified level, this stoploss order will mechanically close the open trade once price reaches this stop loss order price level. Stop Loss order is used in money management so as to prevent further losses if a trade is going against the direction of the trader's open trade.

Stop Loss Setting When Opening New Order in the Tools Menu on MetaTrader 5 Android App

To initiate a new transaction (buy/sell), leverage the tools window menu accessible within the MT5 FX Trade Platform, as depicted below.

The New Order button key for opening new trade position is shown below.

How Do I Set a Stop Loss in MT5 Android App?

How Do I Set a Trading Stop Loss in MT5 Android Phone Trading App?

Once you choose the new order button as shown above the following order pop-up will appear & as a trader you will use this order popup to set the StopLoss Level for your new position.

This popup window provides settings that facilitate the placement of new orders and adjustments to Stop Loss zones effectively.

How Do I Place a Stop Loss in MT5 Android App?

How Do I Set a Stop Loss in MT5 Android Phone App?

The following parameters are specified for the establishment of a new Stop Loss order:

Forex Stop Loss setting - This protective measure can be implemented either immediately after a trade is opened or predefined for pending orders.

Open Buy or Sell Trade by Clicking the Following Button Keys:

  1. Sell by Market - Open Sell Trade
  2. Buy by Market - Open Buy Trade

To initiate a purchase at the prevailing market rate and open a new position, opt for the 'Buy by Market' execution button.

To effect a sale at the prevailing price and initiate a new transaction, select the "Sell by Market" order button.

After initiating new trade positions, utilize the SL Panel Above to establish the Stop Loss order for the new order.

You could also use this panel window to change a buy/sell trade position that is already open. - Right-click in the opened buy or sell trade position to obtain this order panel for a buy or sell trade, then after that click on the 'Modify Order' button & the above trading order settings button will popup & you can then set Stop Loss using the tutorial explained above.

How Do I Set and Place a Stop Loss on MT5 Android Trading Mobile App?

Study More Lessons and Tutorials & Courses:

Forex Broker