I have a question about MT4. Is there a way to setup auto stop loss and take profits on mt4 without manually having to do it every time I start a trade?
What I am finding is by the time I have done all that the figures have changed some times by a fair bit and I am obviously lossing profits because of it. Its also very time consuming.
Any ideas? I just want something simple that says every time I start a trade do a s/l of 150 pips and a t/p of 50 pips something like that
I asked the same question a while ago. I don’t think it’s stock in the program. If you want to do that you’ll have to find some sort of add on and download it from the web.
I had the same problem when I started. Price would move away from my planned entry/SL before I could set it.
It’s not a problem anymore as I plan my trades ahead of time. For instance I’ll plan a short as price is still moving up. Price will be well above my entry and even stop loss. That way, if I’m wrong and price just continues up, my entry isn’t even hit.
I don’t do tight scalping though. If you are having this problem it could be a sign you are chasing after price, which is not something you don’t want to do. Don’t stand in front of a train.
Sometimes when I definitely want to get into a trade I execute a Buy or Sell and then go back and set SL & TPs. This doesn’t work for short time periods but is ok for 30M on up.
p.s.: Oanda does have this feature and can be customized for each currency pair. Very useful as TP & SLs are very different when comparing E/$ vs $/J.