What is a Take Profit Order on MT4? - Definition Take Profit Orders on MetaTrader 4 Examples
Take Profit orders are orders used to close open trades at a profit - take profit orders take profit & close the trade once the specified takeprofit level specified by a trader is reached.
Take profit orders automatically close trades at a profit once the set take-profit level is reached on forex chart.
Setting Take Profit 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 Take Profit on MT4? - How to Set Take Profit 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'll use this trade order pop up to set the Take Profit 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 Take Profit Level.
How to Set Forex Take Profit Orders on MT4 - Set Take Profit Order in MT4
The Following Take Profit Order Setting are specified for placing a new take profit forex trade order:
Take Profit - Set Take Profit, 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 trades use Take Profit Window Above to Set the TP 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 will popup and you can set Take Profit Order using method explained above.
