Oil Trading Set SL Crude Oil Trade Order on MetaTrader 4 Software
How Do I Trade Oil Trading and Set SL Crude Oil Trade Order on MetaTrader 4 Platform?
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 specific 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 money management so as to prevent more losses if an open trade starts going against the direction of the trader's open trade.
Set SL Setting When Opening New Oil Trading Order in Tools Menu on MetaTrader 4
To open a new oil order to buy or sell a trade use the tools menu that is within the MetaTrader 4 Oil Trading Platform as shown below.
The New oil order button for placing a new crude oil trade is displayed below. (MetaTrader 4 Key board Short-Cut Keys 'F9')
Oil Trading Set SL Crude Oil Trade Order on MetaTrader 4 Software
Once you select the new oil order button key as illustrated above the following oil trade order popup window panel will appear & as a trader you can use this trade order popup window to set the SL Level for your new oil trade.
This popup includes the settings for placing a new oil trade order as well as settings for setting SL Level.
How Do You Trade Oil Trading and Set SL Crude Oil Trade Order on MetaTrader 4 Software?
The Following SL Order Settings are specified for placing & setting a new Stop-Loss oil trading 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 the Following MetaTrader 4 Buttons:
- Sell by Market - Open a Sell Oil Trade
- Buy by Market - Open a Buy Oil Trade
To Buy at current crude oil price & open new oil order select the Buy by Market oil order button
To Sell at current crude oil price & 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 panel for a buy oil trade, right click on the opened buy or sell oil trade, then after that click the '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 Do You Trade Oil Trading and Set SL Crude Oil Order on MetaTrader 4
