In Metatrader 4 when you click on New Order, I see in the menu where you can put in a stop loss. However, I don’t see how to make it a trailing stop loss. How do you do this?
Hi Holden,
Once you are in a position, your trade will appear in the terminal window when the trade tab is highlighted. You can find the trade tab at the bottom left hand corner of your platform.
Once the trade tab is selected and you see your trade, right click on it and a box will come up that will have a trailing stop option.
As soon as profit in points becomes equal to or higher than the specified level, the trailing stop will be placed automatically. The order level is set at the specified distance from the current price.
When the initial profit target has been reached the S/L order activates and a broken horizontal line will appear on your chart. This may change depending on the price action.
Also when there is an active trailing stop the order icon will display a capital “T” in the centre as per the diagram below.
It is important to note that no Stop Loss order will be placed until the market moves in your favour, as mentioned above. Therefore to limit losses, a separate Stop Loss would need to be placed manually.
Also remember, that trailing stops (unlike stop losses) are stored locally on your computer. Therefore, it is essential that your computer is connected to us. In the event of a disconnection (your computer turns off or there is drop in your internet connection) the trailing stop will cease to function.
Cheers,
Alex
Alexandar Chadwick
Alpari (UK) Representative