Oil Trading Set SL Crude Oil Order on MT4 Software
How to Set Oil Trading Stop Loss on MT4
A SL order is an order used in oil trading to close an open trade if the trade moves against the trader's position by a certain number of pips.
Once the Stop-Loss order is set at a particular level, this SL order will automatically close-out the open trade once the chart gets to this Stop-Loss order crude oil price level. SL order is used in crude oil trading money management in order 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 Crude Oil Trading Order in Tools Menu in MetaTrader 4 Platform
To open a new oil order to buy or sell a trade use the tools menu that is within the MT4 Oil Trading Platform as shown below.
The New oil order button key for placing a new crude oil trade is displayed below. (MT4 Key board Short-Cut Keys "F9")
Oil Trading Set SL Crude Oil Order on MetaTrader 4 Software - Set SL Crude Oil Order on MetaTrader 4 Software?
Once you select the new oil order button as illustrated above the following oil trade order pop up window will appear & as a trader you'll then use this trade order pop up window to set the Stop-Loss Level for your new oil trade transaction.
This pop up includes the settings for placing a new oil trade order as well as settings for setting SL Level.
How to Set Oil Trading Stop Loss on MT4 Software - How Do I Trade Oil Trading and Set SL Crude Oil Order on MetaTrader 4 Software?
The Following SL Order Settings are specified for placing & setting a new Stop-Loss oil trade order:
SL - Set SL, This option can be set after opening the trade, or for the pending oil trading orders
Open the Buy or Sell Oil Trade by Clicking on the Following Buttons:
- Sell by Market - Open a Sell Oil Trade
- Buy by Market - Open a Buy Oil Trade
To Buy at current crude oil price and open new oil order select the Buy by Market oil order button
To Sell at current crude oil price and open new oil order select the Sell by Market oil order button
After you open the new crude oil trades use the SL Window Above to Set The SL order for New Crude Oil Trading Order
You can also get this panel in order to modify an already open buy or sell oil trade - To get this order window for a buy oil trade, right click on opened buy or sell oil trade, then after that click "Modify Order" button key after you click the modify order button the above order settings button will appear & you as a trader can use set the SL Order using the step by step procedure described above.
How to Set Oil Trading Stop Loss in MT4
