What is SL on MT4 Platform?
What is a Set SL Order on MetaTrader 4?
A SL order is an order used in stocks to close an open trade if the trade moves against the trader's position by a certain number of pips.
Once the SL order is set at a particular level, this SL order will automatically close the open trade once the chart gets to this SL order stocks price level. SL order is used in stocks money management so as 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 Order in Tools Menu in MetaTrader 4 Platform
To open a new stocks order to buy or sell a trade use the tools menu found within the MT4 Platform as shown below.
The New order button for placing a new trade transaction is shown below. (Keyboard ShortCut Keys 'F9')
What is SL on MT4 Platform? - How to Set SL When Opening Stock Orders in MT4
Once you select the new order button as illustrated and shown above the following stocks trade order pop up window will appear and as a trader you will then use this trade order pop up window to set the SL Level for your new stocks trade.
This pop up includes settings for placing a new stocks trade order as well as settings for setting SL Level.
How to Set Stocks SL Orders on MT4 Platform - Set SL Order in MT4
Following SL Order Settings are specified for placing & setting a new SL stocks order:
SL - Set SL, This option can be set after opening the trade, or for pending stocks 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 stocks price & open new stocks order select the Buy by Market stocks order button
To Sell at current stocks price & open new stocks order select the Sell by Market stocks order button
After you open the new stock trades use the SL Window Above to Set The SL order for New Stock Order
You can also get this window panel so as to modify an already open buy or sell stocks trade - To get and find this order window for a buy stocks trade, right click on opened buy or sell stocks trade, then after that click 'Modify Order' after you click modify order button key the above trading order settings button key will appear and you can then set the Stop Loss Order using the procedure explained above.
