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.

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

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