What's S L Order on MetaTrader 4?
What's 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 trader's position by a certain number of pips.
Once the SL order is set at a specific 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 money management so as to prevent further losses if a trade position is going against the direction of the 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 popup menu within the MT4 Gold Trading Platform as shown below.
The New order button key for placing a new trade transaction is illustrated below. (Key board Short-Cut Keys "F9")
What is SL on MetaTrader 4? - How to Set SL When Opening Gold Orders on MetaTrader 4
Once you select new order button as illustrated and illustrated above following gold trade order popup window will appear & as a trader you will then use this trade order popup window to set the SL Level for your new xauusd trade.
This pop up 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 in MT4 - Set SL Order in MetaTrader 4
Following SL Order Settings are specified for placing and setting a new Stop-Loss xauusd trade order:
SL - Set SL, This option can be set after opening the trade, or for the pending gold 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 xauusd trading price and open new gold order select the Buy by Market gold order button
To Sell at current xauusd trading price and open new gold order select the Sell by Market gold order button
After you open the new xauusd trades use Stop-Loss Panel Above to Set The Stop-Loss order for the New Gold Order
You can also get this panel in order to modify an already open buy or sell gold trade - To find this order window for a buy gold trade, right-click in the opened buy or sell gold trade, then after that click "Modify Order" button after you click the modify order button key the above order settings button key will appear and you can then set the SL Order using the method explained above.
