Every trader should know how to quickly modify or cancel an existing order. This can be done on the MT4 platform by following the example below.
Today we are going to learn how to modify and close this placed order. Let’s start with the limits that we can set to an order
Order limits are boundaries that you can set to an order to prevent big losses and to ensure that you make a profit as soon as possible.
These are the types of the order limits:
1. Take profit:
A take profit order is an order that closes your trade once it reaches a certain level of profit. When your take profit order is hit on a trade, the trade is closed at the current market value.
2. Stop loss:
Stop loss is a limit point that you set to your order. When reached, the order will be closed. This is useful to minimize your lose when the market going against you. Stop losses points are always set below the current asking price on a buy or above the current bid price on a sell.
3. Trailing Stop:
Trailing stop is a type of stop loss order that is set at a percentage level either below that market price, for a long position, or above the market price, for a short position. The price is adjusted by Expert Advisors as the price fluctuates.
How to Modify an Opened Order (Stop Loss and Take Profit)
In the terminal window, right click on the order you want to modify. From the context menu, choose Modify or Delete Order (Figure 1).
Typically, the Order Window will pop up, but in this case it’s in a medication order mode (Figure 2)
In this window you will find two boxes to set (in pips) the Stop Loss and Take Profit prices (Figure 3). When the prices have been set (in pips) for those boxes, you have must click the “Copy as:” buttons under each of the two boxes to let MetaTrader convert your levels into prices.
Or you can write the prices of Stop Loss and Take Profit directly in the Stop Loss and Take Profit combo boxes (Figure 4).
Now you have to click the Modify button (Figure 5) to send your modification to the broker. You will be prompted with a window like figure 6. Click OK button.
This will set the limits you’ve chosen to the order and will appear in the terminal window as shown in figure 7.
You have set the Stop Loss and Take Profit levels to your order. When the price reaches these levels, it will be closed automatically to prevent more losses if the Stop Loss price is the one that has been reached, or take your profit if the Take Profit price is the one that has been reached.
How to set Trailing Stop:
The Stop Loss and Take Profit limits, which you have learned to set, were sent to the broker. Even if you close MetaTrader, the broker knows when to stop the order.
But, in the case of Trailing Stop, MetaTrader has to be on because it sends the new Stop Loss level continuously to the broker. If you close MetaTrader, the broker will only know the last Stop Loss level MetaTrader sent before shutting down.
Now let’s set the Trailing Stop level to our Order.
In the terminal window, right-click on the order you want to set its Trailing Stop. And from the context menu, choose the Trailing Stop sub-menu (Figure 8). The sub-menu will show you following commands:
Delete All: To delete and all previous Trailing Stops you have set.
None: It means no Trailing Stop level has been set.]
15 Points, 20 Points .. 50 Points: These are the default points (Pips) level that you can choose from them. If you not interested in them, you can choose the custom command.
Custom..: Clicking this command will open the Custom Trailing Stop Window which allows you can set a custom Trailing Stop level. Please note that the Trailing
Stop must be greater than 15 Points.
Choose the level from the context menu, or set the custom level, and click OK. The Trailing Stop will be saved. MetaTrader will use this setting to move your Stop Loss level automatically, as long as you running the program.
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