How to Set Forex Trailing Stop Loss Order on MT5

How to Set a Trailing Stop Loss on MT5

Forex trailing stop loss are stop loss orders on the MT5 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 & 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 & 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.

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

How to Set Forex Trailing Stop Loss Orders on MT5

First open a new forex trade & once you have opened a new forex trade follow the step by step guide described below to set a forex trailing stop-loss order for this new open forex trade on the MT5 forex Trading Platform

1. Right Click on the forex trade position
2. Select Trailing Stop option from the pop up menu that appears
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 popup 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 on MT5