What's a TP Order on MT4? - TP Orders in MT4 Explained with Examples
TP orders are orders used to close open trades at a profit - TP orders TP and close the trade once the specified TP level specified by a trader is reached.
TP orders automatically close trades at a profit once the set TP level is reached on forex chart.
Setting TP 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 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 TP on MT4? - How to Set TP 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 Take-Profit Level for your new forex trade.
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 TP Orders in MetaTrader 4 - Set TP Order in MT4
The Following Take Profit Order Settings are specified for setting up a new Take Profit forex trading order:
TP - Set TP, 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 trades use Take Profit Window Above to Set The TP order for 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 TP Order using method explained above.
