How to place Stop/Loss with MT4?

Beginner Questions
1

I have been demo-ing for a few months now, but still can’t work out how to place a Stop/Loss. I’ve tried everything, but it just comes up with “Invalid S/L or T/P”.
If I am buying, do I set “buy limit” or “buy stop”, and vica verca for selling? I assume I do this from “Pending Order”. What figures do I need to put in the window of “Stop Loss”, and in “at price”? Same goes for "Take Profit. Because this is where I think I am doing something wrong. Also in the “buy stop/buy limit”, “sell stop/sell limit”.

Sometimes on “Take Profit”, it seems to work in some way. But it has ended up “Buying” more at that mark, which worked out good at the time, but it was not what I intended.

Any plain simple instructions will help, and I can move on in life.

Thanks

2

In the “modify order” box with the tick chart, are there little boxes above the t/p s/l numbers that say “points”?

If there are, adjust them to the smallest amount.
The smallest number in that box is the minimum you can set your loss from the current price. It will say invalid until price exceeds that gap past your targeted number.

You can always look for another broker who doesn’t require such aggravating things.

3

Buy Limit, Buy Stop, Sell Limit and Sell Stop are all set as pending orders.

Buy limit orders are for pending buy orders that are lower than the current price.
Example: If the current price is 1.5000 and you might want a buy order in at 1.4000 you set a buy limit order at 1.4000 and if you want a 50 pip stop loss enter a stop loss at 1.3950

Buy stop orders are for when you want to put a pending buy order in at a price that is higher than the current price.
Example: If the current price is 1.5000 and you want a buy order in at 1.6000 you enter a buy stop order at 1.6000 and your 50 pip stop loss at 1.5950

Sell Limit orders are for when you want to put a pending sell order at a price higher than the current price
Example: Current price is 1.5000 you want a pending sell order at 1.6000 you use sell limit set at 1.6000 your 50 pip stop loss set at 1.6050

Sell Stop orders are for when you want a pending sell order at a price lower than the current price
Example: Current Price is 1.5000 you want a pending selll order at 1.4000 you set a sell stop at 1.4000 your 50 pip stop loss at 1.4050

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4

Thanks guys. I’ll work on that next week when the market opens.

5

Thanks for that. Got the mechanics worked out. Now its back to study: candlesticks and tech. analysis, and Way of the Turtle.