How Do I Use Stop Loss Gold Order on MT5?

How Do I Use TP Orders and Use Stop-Loss Order in MT5 XAUUSD Trading?

A stoploss order is an order used in xauusd trading to close an open trade if the trade position moves against the trader's open trade transaction by a certain number of pips.

Once stop loss order is set at a specific level, this stop loss order will automatically close out the open trade once the chart reaches this stop loss order price level. Stop Loss order is used in gold equity management so as to prevent more losses if an open trade starts going against direction of the trader's open trade position.

Set Stop Loss Setting When Opening New Order in Tools Menu in MT5

To open new order to buy or sell a trade position use tools window panel menu within MetaTrader 5 Platform as shown below.

The New order button for placing a new trade is high lighted below. (MT5 key-board Short-cut Keys 'F9')

How Do You Use Stop Loss Gold Order on MT5?

Once you select the new trade order button as illustrated & shown above following trade order pop up window will pop-up and as a trader you will then use this trade order pop-up window panel to set the Stop Loss Gold Order Level for your new trade.

This pop up includes settings for placing new order as well as parameters for placing Stop Loss XAUUSD Order Level.

Interpret and Use TP Orders and Use Stop-Loss Gold Order on MetaTrader 5 Platform?

The Following Stop Loss Gold Order Parameter Settings are specified for setting a new Stop Loss Order XAUUSD Order:

Stop Loss - Set Stop-Loss Gold Order, This option can be set after placing the trade, or for pending orders

Open 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 prevailing price & open new order select the Buy by Market order button

To Sell at prevailing price and open new order choose the Sell by Market order button

After you open the new trade transactions use the Stop-Loss Gold Order Window Panel Above to Set The SL XAUUSD Order for the New Order

You also can get this window panel in order to modify an open buy/sell trade position - To get this order window panel for a buy or sell trade, right click on opened buy or sell trade position, then after that click 'Modify Order' button after you click modify order button the above order settings button will appear & you can then set the StopLoss Gold Order using the method explained above.

How Do You Use Gold Stop Loss Order on MT5

Study More Tutorials & Lessons:

Trade Gold Trading

How Do I Use Stop Loss Gold Order on MT5?

How Do I Use TP Orders and Use Stop-Loss Order in MT5 XAUUSD Trading?

Set Stop Loss Setting When Opening New Order in Tools Menu in MT5