How To Place A Trade With MetaTrader 4 - Modifying An Order
  1. How To Place A Trade With MetaTrader 4 - Introduction
  2. How To Place A Trade With MetaTrader 4 - Main Screen
  3. How To Place A Trade With MetaTrader 4 - Placing An Order
  4. How To Place A Trade With MetaTrader 4 - Modifying An Order
  5. How To Place A Trade With MetaTrader 4 - Closing An Order

How To Place A Trade With MetaTrader 4 - Modifying An Order

To modify an order, such as to add a protective stop-loss order and/or a take profit order, highlight the trade in the Trade tab of the Terminal, right-click and select "Modify or Delete Order," as shown in Figure 8.


Figure 8 - Highlight the order in the Trade tab of the Terminal, right-click and select "Modify or Delete Order" to make changes to an open order.


A window appears where traders can manually specify stop-loss and/or take-profit levels (see Figure 9). The "Copy As" buttons can be clicked to populate the stop-loss and take-profit fields with the current price. Changes can then be made to the prices to achieve the desired stop-loss and take-profit levels. Once valid levels are specified, the trade can be entered by clicking on the long, horizontal bar at the bottom of the screen. This bar will be highlighted only when valid stop-loss and/or take-profit levels have been entered (at least 10 pips away from the trade entry level); otherwise, the bar will remain gray and inactive.

Figure 9 - Traders can add stop loss or take profit orders to an open order.

A trailing stop can also be added that allows the stop level to move up (in the case of a long position) or move down (in a short position) a specified amount. A trailing stop can be entered by right-clicking on an open position in the Trade tab of the Terminal, and selecting "Trailing Stop" and the desired stop level, as shown in Figure 10.

Figure 10 - Right-click on a trade in the Trade tab of the Terminal and select "Trailing Stop" to specify a trailing stop level.

How To Place A Trade With MetaTrader 4 - Closing An Order

  1. How To Place A Trade With MetaTrader 4 - Introduction
  2. How To Place A Trade With MetaTrader 4 - Main Screen
  3. How To Place A Trade With MetaTrader 4 - Placing An Order
  4. How To Place A Trade With MetaTrader 4 - Modifying An Order
  5. How To Place A Trade With MetaTrader 4 - Closing An Order
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RELATED FAQS
  1. How do I place a stop loss order?

    Learn how to place a stop-loss order and how traders use stop orders to either limit potential losses or to protect part ... Read Answer >>
  2. When should I use a trailing stop order?

    Learn about trailing stop orders, how to use them and when they should be used through an extensive example. Read Answer >>
  3. How does a stop-loss order work, and what price is used to trigger the order?

    A stop-loss order, or stop order, is a type of advanced trade order that can be placed with most brokerage houses. The order ... Read Answer >>
  4. What types of investors are best-suited for stop loss orders?

    Use a stop-loss order to mitigate downside risk. Whether you are a conservative beginner or a seasoned day trader, a stop ... Read Answer >>
  5. What is the difference between a stop order and a stop limit order?

    Learn the differences between a stop order and a stop limit order. Traders use these as stop losses and regular investors ... Read Answer >>
  6. How risky are stop loss orders?

    Understand the purpose and uses of a stop-loss order as a risk management tool for trading and also the risk associated with ... Read Answer >>

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