How to Set a Trailing Stop Loss Order on MetaTrader 5

How to Set a Trailing Stop Loss on MetaTrader 5

Forex trailing stop loss are stop loss orders in the MetaTrader 5 platform that will be adjusted by a number of forex pips once the forex trade has moved in favor of the direction of the traders trade position.

For a buy FX trade the trailing stop-loss trails the upwards trend and automatically closes the buy forex trade once the forex price starts to drop & move in opposite direction of your forex trade. The buy forex trade will be automatically closed once the forex price reaches your trailing stop-loss level.

For a sell FX trade the trailing stop-loss trails the downwards forex trend and automatically closes the sell forex trade once the forex price starts to rise & move in opposite direction of your forex trade. The sell forex trade will be automatically closed once the forex price reaches your trailing stop-loss level.

The trailing stop-loss order will be adjusted by a number of forex pips once the forex price moves in the direction of the forex trade by a specified number of forex pips.

How to Set Forex Trailing Stop Loss Orders on MetaTrader 5

First open a new forex trade & once you've opened a new forex trade follow the step by step guide described below to set a forex trailing stop-loss order for this newly open forex trade in the MetaTrader 5 forex Trading Platform

1. Right Click on the forex trade position
2. Select Trailing Stop option from the pop up menu that pops up
3. Choose your trailing stoploss value for the forex trade order
4. Click Ok to set the forex trailing stop loss order

You can also set this forex trailing stop-loss order from the MetaTrader4 forex transactions window

1. Select the forex trade order you want to modify and set forex trailing stop loss
2. Right click on this FX trade
3. Select Modify Order
4. Select Trailing Stop from the pop up menu
5. Chose your trailing stop loss value for this forex order
6. Click Ok to set the forex trailing stop loss order

How to Set a Forex Trailing Stop Loss Order in MT5