What is S L Order on MetaTrader 4?
What is a Set SL Order on MT4?
A SL order is an order used in gold trading to close an open trade if the trade moves against the gold 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 xauusd trading price level. SL order is used in gold trading money management so as to prevent further losses if a trade position is going against the direction of the gold trader's open trade position.
Set SL Setting When Opening New Order in Tools Menu on MetaTrader 4
To open a new gold order to buy or sell a trade use the tools pop up menu within the MT4 Gold Trading Platform as shown below.
The New order button for placing a new gold trade transaction is shown below. (Keyboard Short Cut Keys "F9")
What is SL on MetaTrader 4? - How to Set SL When Opening Gold Orders on MT4
Once you select the new order button as illustrated above the following gold trade order popup window will appear and as a trader you can use this trade order popup window to set the SL Level for your new xauusd trade.
This popup includes the settings for placing a new xauusd trade order as well as settings for setting SL Level.
How to Set Gold Trading SL Orders on MetaTrader 4 - Set SL Order on MT4
The Following SL Order Settings are specified for placing a new SL xauusd trade order:
SL - Set SL, This option can be set after opening the trade, or for pending gold orders
Open the Buy or Sell Trade by Clicking the Following Buttons:
- Sell by Market - Open a Sell Trade
- Buy by Market - Open a Buy Trade
To Buy at current xauusd trading price and open a new gold order select the Buy by Market gold order button
To Sell at current xauusd trading price and open a new gold order select the Sell by Market gold order button
After you open the new xauusd trades use the SL Window Above to Set The SL order for the New Gold Order
You can also get this window so as to modify an already open buy or sell gold trade - To find this order window for a buy gold trade, right click on the opened buy or sell gold trade, then after that click "Modify Order" after you click the modify order button the above order settings button will appear and you can set the SL Order using the procedure explained above.
