How Do You Use Stop Loss Forex Order on MetaTrader 4 Platform?
How Do You Use Stop Loss Forex Order on MT4 Software?
A stoploss 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 stoploss order is set at a specified level, this stoploss order will automatically close-out the open trade once the chart gets to this stoploss order forex price level. Stop Loss 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 Stop Loss Setting When Opening New Forex Order in Tools Menu on MT4
To open a new forex order to buy or sell a trade use tools menu within MT4 Software as shown below.
The New forex order button for placing a new forex trade is displayed below. (MetaTrader 4 Short Cut Keys "F9")
How Do You Use Stop Loss Forex Order in MetaTrader 4 Software?
Once you select the new forex order button key as illustrated above the following forex trade order pop up will appear & as a trader you will use this trade order pop up to set the Stop Loss Level for your new forex trade.
This pop up includes settings for placing a new forex trade order as well as settings for setting Stop-Loss Level.
How Do You Use TP Forex Orders and Use Stop Loss Order on MT4?
The Following Stop Loss Order Setting are specified for placing a new Stop Loss forex order:
Stop Loss - Set Stop Loss, This option can be set after opening the trade, or for pending orders
Open the Buy or Sell Forex Trade by Clicking the Following MT4 Buttons:
- 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 select Buy by Market forex order button
To Sell at current forex price & open a new forex order select 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 panel for a buy forex 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 key will popup & you can set Stop Loss Order using the procedure described above.
How Do You Use Stop Loss Forex Order on MT4 Software?
