What is a Stop Loss Order on MT4? - Definition Stop Loss Orders in MT4 Explained
What is a Set Stop Loss Order on MetaTrader 4?
A stoploss 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 stoploss order is set at a specified level, this stoploss order will automatically close the open trade once the chart gets to this stoploss order price level. Stop Loss 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 Stop Loss Setting When Opening New Order in Tools Menu on MetaTrader 4
To open a new forex order to buy or sell a trade use tools menu within MT4 Software as shown below.
The New order button for placing a new FX trade is shown below. ( Short Cut Keys 'F9')
What is Stop Loss on MT4? - How to Set Stop Loss When Opening Forex Orders in MT4
Once you select the new order button as illustrated above the following forex trade order pop up will appear & as a trader you will use this trade order pop up to set the Stop Loss Level for your new forex trade transaction.
This pop up includes settings for placing a new forex trade order as well as settings for setting StopLoss Level.
How to Set Forex Stop Loss Orders on MT4 - Set Stop Loss Order in MT4
The Following Stop Loss Order Setting are specified for placing a new Stop Loss forex trade order:
Stop Loss - Set Stop Loss, This option can be set after opening the trade, or for pending orders
Open the Buy or Sell Trade by Clicking the Following Buttons:
- Sell by Market - Open a Sell Trade
- Buy by Market - Open a Buy Trade
To Buy at current price & open a new forex order choose Buy by Market forex order button
To Sell at current price & open a new forex order choose 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 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 key will popup & you can set Stop Loss Order using the procedure explained above.
