What is Stop Loss Gold Order in MetaTrader 4 Software?
What is a Set Stop Loss XAUUSD Order on MT4?
A stop loss 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 stop loss order is set at a particular level, this stop loss order will automatically close the open trade once the chart gets to this stop loss order xauusd price level. Stop loss 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 Stop Loss XAUUSD Order Setting When Opening New Order in Tools Menu on MT4
To open a new gold trading order to buy or sell a trade use the tools menu within the MT4 Gold Trading Platform as shown below.
The New order button for placing a new gold trading transaction is shown below. (Keyboard Short Cut Keys "F9")
What is Stop Loss XAUUSD Order in MetaTrader 4 Platform?
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 Stop Loss Gold Order Level for your new xauusd trade transaction.
This popup includes the settings for placing a new gold trade order as well as settings for setting Stop Loss Gold Order Level.
How to Set Gold Stop Loss Orders on MetaTrader 4 - Set Stop Loss Gold Order on MT4
The Following Stop Loss Gold Order Settings are specified for placing a new Stop Loss Gold Order:
Stop Loss XAUUSD Order - Set Stop Loss Gold Order, 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 price and open a new gold order select the Buy by Market gold order button
To Sell at current xauusd price and open a new gold order select the Sell by Market gold order button
After you open the new xauusd trades use the Stop Loss Gold Order Window Above to Set The Stop Loss Gold 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 Stop Loss Gold Order using the procedure explained above.
