How to Set Stop Loss Forex Order on MetaTrader 4
How to Add and Modify Forex Stop Loss Orders on MetaTrader 4
Forex stop loss orders are forex orders used to automatically close open forex trades on the MetaTrader 4 platform. Forex stop loss orders are used by traders to help reduce forex losses & close open forex trades once these forex trades moves against the traders' position by a specified number of forex pips.
StopLoss orders can be set when opening new forex trades & stop loss orders can also be set for already opened forex trades.
How to Set Forex Stop Loss Orders When Opening New Trading 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 StopLoss Option within this New Order forex trading window
- Specify your Stop Loss 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 stop loss order is set below the forex price quote you want to buy at & for a sell forex trade the forex stop loss order is set above the forex price quote you want to sell at.
How to Set Forex Stop Loss Orders for Open Trading Trades
Select forex trade you want to modify from MetaTrader 4 forex trade transactions window
- Right click on the forex trade order & choose Modify Order
- Select Stop Loss Field
- Specify the Stop Loss level for the FX trade
- Click the Modify Order Button
How to Set Stop Loss Forex Order in MT4
