How Do You Use Stop Loss Order on MT4 Software?
How Do You Use Stop Loss Order in MetaTrader 4 Platform?
A stoploss order is an order used in forex 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 reaches this stoploss order price level. StopLoss order is used in equity 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 4
To open new order to buy/sell a trade use tools menu within MT4 Software as illustrated below.
The New order button key for opening a new trade is highlighted below. (MetaTrader 4 Short Cut Keys 'F9')
How Do You Use Stop Loss on MetaTrader 4 Software?
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 placing new order as well as parameters for setting Stop Loss Zone.
How Do You Use TP Forex Orders and Use Stop Loss in MT4?
The Following Stop Loss Setting are specified for placing a new Stop Loss order:
Stop Loss - Set Stop Loss, This option can be set after opening the 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 ruling price and open a new order select Buy by Market fx order button
To Sell at ruling price & open a new order choose 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 on MetaTrader 4 Platform Software?
