What's a TP Order on MT4?

TP orders are orders used to close open trades at a profit - Take Profit orders Take Profit & close the trade once the specified Take Profit Order level specified by a gold trader is reached.

TP orders automatically close trade transactions at a profit once the set Take-Profit level is reached on the trading chart.

Placing TP When Opening New Order in Tools Menu in MetaTrader 4

To open new order to buy or sell a trade position use tools pop up menu within MetaTrader 4 Software as cited below.

New order button for opening new trade transaction is illustrated below. (key-board Short-cut Keys "F9")

What is TP on MT4? - How to Set TP When Opening Orders in MetaTrader 4

Once you select new trade order button as illustrated and displayed above following trade order popup window will appear & as a trader you will then use this trade order popup window to set the Take Profit Level for your new trade.

This pop up window includes settings for opening a new order as well as parameters for setting Take Profit Zone.

How Do I Set Gold TP Orders on MT4 - Set TP Order on MetaTrader 4

The Following TP Order Settings are specified for placing & setting a new Take Profit trading order:

TP - Set Take Profit, This option can be set after opening a trade position, or for the pending orders

Open Buy or Sell Trade by Clicking the Following Button:

Sell by Market - Open Sell Trade
Buy by Market - Open Buy Trade

To Buy at prevailing price & open new order choose 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 TP Order Panel Window Above to Set the Take Profit for the New Order.

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

Learn More Lessons:

Trade Gold Trading

What's a TP Order on MT4?

Placing TP When Opening New Order in Tools Menu in MetaTrader 4