Place/Modify/delete Stop Loss & Take Profit Orders
Stop Loss – an order to close a previously opened position at a price less profitable for the Customer than the price at the time of placing the order
Take Profit – an order to close a previously opened position at a price more profitable for the Customer than the price at the time of placing the order.
If you place these types of orders you do not have to sit in front of your computer to wait for the outcome. Take Profit and Stop Loss orders will be executed automatically as soon as the price reaches the order level (see below). You can place Stop Loss and Take Profit at the time of making a deal filling in the “Stop Loss” and “Take Profit” fields in the “Order” window:
Afterwards in order to modify Stop Loss and Take Profit levels use the context menu:
Right click on the open position or on the pending order in the “Trade” tab of the “Terminal” window then select Modify or delete order. The “Modify order” window enables:
Trailing Stop: is an algorithm to manage Stop Loss orders. Once a trailing stop has been placed (for example, trailing stop’s value is 15 pips) the following occurs:
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No Stop Loss order will be placed until the open position is in a profit of at least 15 pips. MetaTrader 4 then sends an instruction to place the Stop Loss order 15 pips higher or lower than the current price.
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Subsequently, each time the difference between the current price and the order level exceeds 15 pips, MetaTrader 4 sends the instruction to modify the Stop Loss order to a level 15 pips higher or lower than the current price. As a result, the Stop Loss order becomes closer to the current price.
Important:
It is very important to note that no Stop Loss order will be placed until the market moves in your favor as mentioned above. Therefore until this has happened, to limit losses, a separate Stop Loss would need to be placed manually.
In order to place a trailing stop, highlight the open position in the “Trade” tab of the “Terminal” window and right click to open the context menu.
Pending Order: is an instruction to open a position when the current price reaches the order level.
There are four types of pending orders:
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Buy Stop – an order to open a Buy position at a price higher than the price at the moment of placing the order;
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Sell Stop – an order to open a Sell position at a price lower than the price at the moment of placing the order;
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Buy Limit – an order to open a Buy position at a lower price than the price at the moment of placing the order;
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Sell Limit – an order to open a Sell position at a price higher than the price at the moment of placing the order.
In order to place a pending order, open the “Order” window by any way described below:
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right click on the “Market Watch” window or on the “Trade” tab of the “Terminal” window and select New order from the context menu; or
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press the F9 button; or
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use the Tools -> New order menu sequence; or
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right click on the chart window and select Trading -> New Order from the context menu; or
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double click on the currency pair in the “Market Watch” window.
Then choose the Pending order item from the drop down
The following options may be changed in this window as well:
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Symbol – currency pair;
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Volume – transaction size in lots;
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Stop Loss – Stop Loss order level which will be activated once the pending order has been executed;
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Take Profit – Take Profit order level which will be activated once the pending order has been executed;
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Comment – your comments for the pending order;
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Type – the type of pending order: Buy Stop, Buy Limit, Sell Stop, Sell Limit;
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At price – pending order level;
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Expiry – if the box has not been checked the order is valid up to the time when you cancel it or when it is executed. If the box is checked the order is valid up to the moment specified in the box.
Once the Place order button is pressed it appears in the “Trade” tab of the “Terminal” window.
In order to modify or delete a pending order highlight it in the “Terminal” window, then right click to
produce the context menu:
Select the Modify or Delete Order menu item. Press the Modify button or the Delete button depending on your choice in the dialog window:
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