What's SL on MT4? - What is S L Order on MT4? - Definition SL Orders in MetaTrader 4 Explained with Examples
What's a Set SL Order on MetaTrader 4?
A SL 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 SL order is set at a specified level, this SL order will automatically close-out the open trade once the chart gets to this SL order price level. SL 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 SL Setting When Opening New Order in Tools Menu on MT4
To open a new forex order to buy or sell a trade use tools menu within MetaTrader 4 Software as shown below.
The New order button key for placing a new FX trade is displayed below. ( Short Cut Keys "F9")
What is SL on MT4? - How to Set SL When Opening Forex Orders in MT4
Once you choose the new order button as illustrated above the following forex trade order pop up will appear & as a trader you'll use this trade order pop up to set the SL 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 to Set Forex SL Orders in MetaTrader 4 - Set SL Order in MT4
The Following SL Order Settings are specified for setting up a new Stop-Loss forex trading order:
SL - Set SL, This option can also be set after opening the trade, or for pending orders
Open the Buy or Sell Trade by Clicking the Following Button Keys:
- Sell by Market - Open a Sell Trade
- Buy by Market - Open a Buy Trade
To Buy at current price & open a new forex order select Buy by Market forex order button
To Sell at current 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 trade - To get this order window panel for a buy trade, right click in opened buy or sell trade, then after that you click on "Modify Order" after you click modify order button the above trading order settings button will popup and you can set Stop Loss Order using method explained above.
