What is SL in MetaTrader 4 Platform?
What is a Set SL Order in MT4 Software?
A SL order is an order used in commodity to close an open trade if the trade moves against the trader's position by a certain number of pips.
Once the Stop-Loss order is set at a specified level, this Stop-Loss order will automatically close-out the open trade once the chart gets to this Stop-Loss order commodities trading price level. SL order is used in commodity money management in order to prevent further losses if a trade position is going against the direction of the trader's open trade position.
Set SL Setting When Opening New Order in Tools Menu on MT4 Platform
To open a new commodity order to buy or sell a trade use the tools menu found within the MT4 Commodity Trading Platform as shown below.
The New order button for placing a new trade transaction is illustrated below. (Keyboard ShortCut Keys 'F9')
What is SL in MetaTrader 4 Platform? - How to Set SL When Opening Commodities Orders in MT4 Platform
Once you select the new order button as illustrated and shown above the following commodity trade order pop up window will pop-up and as a trader you can use this trade order popup window to set the SL Level for your new commodities trade.
This pop up includes settings for placing a new commodities trade order as well as settings for setting SL Level.
How to Set Commodities SL Orders on MT4 Software - Set SL Order on MT4 Platform
Following Stop-Loss Order Settings are specified for setting and placing a new Stop-Loss commodities trade order:
SL - Set SL, This option can also be placed after opening the trade, or for a pending commodity orders
Open the Buy or Sell Trade by Clicking the Following Button Keys:
- Sell by Market - Open a Sell Trade
- Buy by Market - Open a Buy Trade
To Buy at current commodities price and open new commodity order choose Buy by Market commodity order button
To Sell at current commodities price and open new commodity order choose the Sell by Market commodity order button
After you open the new commodities trades use the SL Window Above to Set the SL order for the New Commodities Trading Order
You can also get this window so as to modify an already open buy or sell commodity trade - To get and find this order window for a buy commodity trade, right-click in the opened buy or sell commodities trade, then after that click 'Modify Order' after you click on the modify order button key the above order settings button key will pop up and appear & you can then set the Stop-Loss Order using the method explained above.
