How to Set a Take Profit Forex Order on MetaTrader 5
How to Add and Modify Forex Take Profit Orders on MetaTrader 5
Forex Take Profit orders are forex orders used to automatically close open forex trades on MT5 platform. Forex Take Profit orders are used by traders to help secure forex profits and close open forex trades once these forex trades moves in direction of the traders' position by a specified number of forex pips in forex profit.
Take Profit orders can be set when opening new forex trades & Take Profit orders can also be set for already opened forex trades.
How to Set Forex Trading Take Profit Orders When Opening New Forex Trades
- Open a Forex trading chart for the forex instrument you want to trade
- Right Click on the Chart
- Select New Order button
- Choose the Set Take Profit Option within this New Order forex trading window
- Specify your Take Profit level for the forex trade that you want to open
- Choose buy or sell to open a FX trade
For a buy forex trade the forex Take Profit order is set above the forex price quote you want to buy at & for a sell forex trade the forex Take Profit order is set below the forex price quote you want to sell at.
How to Set Forex Trading Take Profit Orders for Open Forex Trades
Select forex trade you want to modify from MetaTrader 5 forex trade transactions window
- Right click on the forex trade order & choose Modify Order
- Select Take Profit Field
- Specify the Take Profit level for the FX trade
- Click the Modify Order Button
How to Set Take Profit Forex Order in MT5
