How to place a Take Profit or Stop Loss on my trades?
Take Profit and Stop Loss are the most commonly known and widely used risk and money management methods. They are effective methods especially for traders who are not constantly in front of their trading platform. They allow traders to take advantage of a favourable trade and to limit the loss on a trade.
Placing a Take Profit or Stop Loss on the desktop MT4 trading platform
The MT4 trading platform is one of the most stable and robust trading platforms out there. It also gives traders access to different features very easily.
To place either a Take Profit or Stop Loss on your trades, start by identifying the trade you want to place. You can either double click on the asset name or right-click on it and choose ‘New Order’ to open the place trade pop-up window.
In the ‘Order’ pop-up window, you will get the option to set up your ‘Stop Loss’ and ‘Take Profit’.
To edit the ‘Take Profit’ and ‘Stop Loss’ options after you have already placed your trade order, right-click on the trade order and click on ‘Modify or Delete’;
You can edit the ‘Stop Loss’ and ‘Take Profit’ values as provided below;
Placing a ‘Take Profit’ or ‘Stop Loss’ on the mobile MT4 platform
Choose the asset you want to trade and double-tap then hold. A pop-up will appear as shown in the screenshot below;
Tap on ‘New Order’. You can set up the ‘Take Profit’ and/or ‘Stop Loss’ options here;
To edit the ‘Take Profit and ‘Stop Loss’ after you have already placed an order on your mobile, long press on the trade order;
Choose ‘Modify order’ and enter the new values;
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