MetaTrader 4 Final Masterclass. Take Profit and Stop Loss orders

 

MetaTrader 4 Final Masterclass

Take Profit and Stop Loss orders

Let’s say, you have placed a trade in MetaTrader 4. Then, do you let the trade run forever?

Well, NO. That’s where Take Profit and Stop Loss orders come in.

You should always set those two orders in all trades you place.

You can set them when placing a trade, or after placing the trade.

Let’s say you bought a pair like GBP/USD at 1.12345 after doing your analysis, which shown that the Pound will rise against the US Dollar.

You can set a take profit level at 1.12545, which is a 20 pips rise.

For the stop loss, that is if the Pound goes down instead, you can set it at around 10 pips below that price, that is 1.12245.

Let me show you how to set those orders in MetaTrader 4.

Setting Take Profit and Stop Loss orders in MetaTrader 4

When you are placing a trade, you can set those two orders in the same screen where you select your type of order and your lot size.

Tap those many zeros and type your Stop Loss and Take Profit price levels.

To set the Take Profit and Stop Loss orders after placing a trade, go to the Trade Tab and long-press the active trade.

After long-pressing, a window will appear where you will tap modify order.

You can now set your Stop Loss and Take Profit orders.

After setting, tap modify.