How Do You Use Stop Loss Order on MT5 Software?
How Do You Use Stop Loss Order in MetaTrader 5 Platform?
A stoploss order is an order used in fx trading to close an open trade if the trade moves against the trader's open trade position by a certain number of pips.
Once stoploss order is set at a specified level, this stoploss order will automatically close the open trade once the chart gets to this stoploss 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 on MetaTrader 5
To open new order to buy or sell a trade use tools menu within MT5 Software as illustrated below.
The New order button key for opening a new trade is highlighted below. ( MT5 Short Cut Keys 'F9')
How Do You Use Stop Loss Order in MetaTrader 5 Platform?
Once you choose new order button as shown above the following trade order popup will appear and as a trader you will use this 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 You Use TP Orders and Use Stop Loss Order in MT5?
The Following StopLoss Setting are specified for placing a new StopLoss order:
Stop Loss - 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 forex order button
To Sell at current price and open new order select Sell by Market fx 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 trading order settings button will pop up & you can set Stop Loss using the tutorial explained above.
How Do You Use Stop Loss Order in MT5 Platform?
