What's Stop Loss Oil Order on MetaTrader 4 Platform?
What's a Set Stop Loss Oil Trading Order in MetaTrader 4?
A stop loss oil 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 crude oil trading order is set at a specified level, this stop loss oil order will automatically close the open trade once the price chart gets to this stoploss oil order crude oil price level. Stop Loss order is used in 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 Stop Loss Oil Trading Order Setting When Opening New Order in Tools Menu on MT4
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 order button key for placing a new crude oil trade is displayed and shown below. (Keyboard Short Cut Keys 'F9')
How to Set Stop Loss Oil Trading Order When Opening Oil Orders in MetaTrader 4
Once you choose the new order button as illustrated above the following oil trade order popup window panel will appear & as a trader you can use this trade order pop up window panel to set the Stop Loss Oil Trading Order Level for your new oil trade.
This popup includes the settings for placing a new oil trade order as well as settings for setting Stop Loss Oil Trading Order Level.
Set Stop Loss Oil Order in MT4
The Following Stop Loss Oil Order Settings are specified for placing & setting a new Stop Loss Oil Trading Order:
Stop Loss Crude Oil Order - Set StopLoss Oil Trading Order, This option can be set after opening trade, or for the pending oil trading orders
Open the Buy or Sell Trade by Clicking on the Following Button Keys:
- Sell by Market - Open a Sell Trade
- Buy by Market - Open a Buy 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 Stop Loss Oil Order Window Panel Above to Set the Stop Loss Oil Trading Order for the New 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 'Modify Order' after you click modify order button key the above trading order settings button key will appear & you can then set the Stop Loss Oil Order using the step by step procedure explained above.
