Stop Loss (S/L) and Take Profit (T/P) orders are essential risk management tools that help traders protect their positions and secure profits. Here's how to set and modify these orders in your trading platforms:
Setting S/L and T/P When Opening a New Position:
In MT4:
Click "New Order" or press F9
Enter your trade details (volume, type)
In the order window, you'll find fields for Stop Loss and Take Profit
Enter your desired price levels
Click "Place" to execute the order with your S/L and T/P
In MT5:
Click "New Order" or press F9
Select your trade parameters
In the order form, locate the S/L and T/P input fields
Enter your desired price levels
Click "Place" to execute the order
Adding or Modifying S/L and T/P After Order Placement:
Go to the Terminal window and select the 'Trade' tab
Right-click on the order you want to modify
Select "Modify or Delete Order"
A window will appear showing the trade information with a 'Modify Order' section
Here you can see the 'Stops Level' of the instrument and 'Copy as' buttons (in blue and red)
These buttons copy the price into the S/L and T/P fields for easy modification
Enter your desired S/L and T/P levels
Click "Modify" to save your changes
Remember that brokers often have minimum distance requirements for S/L and T/P orders from the current market price. These requirements are displayed as "Stops Level" in the modification window.
For additional assistance with setting stop loss and take profit orders, please contact our Live Chat support team through your Client Portal.