MT4 profit and stop loss

Hi all,

i currently using WHC mt4 platform for demo. I would like to check with you guys about a few questions

  1. Is it true i can only set my profit and stop loss after i execute the trade order first?

  2. Is it true the profit and stop loss can only modify with reference with the real price at the moment instead of the price that i buy/sell?

  3. How come i cannot set a 5 pip stoploss or profit? its said must be 10 pips difference from the actual price?

Can all this be set at my preference? Or maybe can refer to any thread that has been posted before

Regards
vincent

i currently using WHC mt4 platform for demo. I would like to check with you guys about a few questions

  1. Is it true i can only set my profit and stop loss after i execute the trade order first? no you can do a pending market order and set all the parameters before you enter the trade. If you do just a market order (buy or sell) I still think you can set those sl and tp

  2. Is it true the profit and stop loss can only modify with reference with the real price at the moment instead of the price that i buy/sell?to a degree yes because brokers have limits to how close to price you can set your take profit and stop loss

  3. How come i cannot set a 5 pip stoploss or profit? its said must be 10 pips difference from the actual price?it depends on which broker I can set a sl within 5 pips i think (ibfx)

Can all this be set at my preference? Or maybe can refer to any thread that has been posted before for the most part you can adjust all these parameters I suggest you contact your b roker and ask them for all this information because for the most part these help desks are extremly helpful and it is there job to answer these specific questions.

Be sure you completly understand the mechanics of your platform and how to execute orders and set all the parameters before you go live because mistakes can be very costly

thanks, john