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

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

Related Articles
  1. Small Business

    A Look At Exit Strategies

    Setting appropriate exit points should help you avoid taking premature profits or running losses.
  2. Trading

    Risk Management Techniques For Active Traders

    Use stop-loss and take-profit points to your advantage with these strategies.
  3. Trading

    Trailing-Stop/Stop-Loss Combo Leads To Winning Trades

    Combine trailing stops with stop-loss orders to reduce risk and protect portfolio value.
  4. Investing

    Trailing-Stop/Stop-Loss Combo For Winning Trades

    Traders use stop-loss orders by setting the maximum they’re willing to lose. A trailing stop is similar.
  5. Trading

    Which Order To Use? Stop-Loss Or Stop-Limit Orders

    Stop-loss and stop-limit orders can provide different types of protection for investors seeking to lock in profits or limit losses. Investors need to know how each type of order works to know ...
  6. Trading

    How To Place Orders With A Forex Broker

    Learn how to set each type of stop and limit when trading currencies.
  7. Trading

    FX Exit Strategies: Keeping Your Profits

    There are several useful methods for exiting a position, all which are easy to execute and can be implemented into a trading plan.
  8. Trading

    Protect Yourself From Market Loss

    There are several simple strategies you can use to protect yourself from downside risk.
  9. Investing

    Stop Loss Order Strategy

    A stop loss order is an order placed with a broker to sell a stock immediately if it drops to a certain price. It's a common way for investors to protect themselves from the possibility of a ...
Frequently Asked Questions
  1. Depreciation Can Shield Taxes, Bolster Cash Flow

    Depreciation can be used as a tax-deductible expense to reduce tax costs, bolstering cash flow
  2. What schools did Warren Buffett attend on his way to getting his science and economics degrees?

    Learn how Warren Buffett became so successful through his attendance at multiple prestigious schools and his real-world experiences.
  3. How many attempts at each CFA exam is a candidate permitted?

    The CFA Institute allows an individual an unlimited amount of attempts at each examination.Although you can attempt the examination ...
  4. What's the average salary of a market research analyst?

    Learn about average stock market analyst salaries in the U.S. and different factors that affect salaries and overall levels ...
Trading Center