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Hi folks,

We have placed our first order in the previous article. Today we are going to know how to modify and close this placed order.

Let's start by the limits which we can set to an order!

Order Limits:

 

Order limits mean you set boundaries to the order to prevent big losses and aiming to take the profit as soon as you can.

These are the types of the order limits

Stop loss:

 

It’s a limit point you set to your order when reached the order will be closed, this is
useful to minimize your lose when the market going against you.
Stop losses points are always set below the current asking price on a buy or above the
current bid price on a sell.

Trailing Stop:

 

It’s a kind of stop loss order that is set at a percentage level below (for a long position) or
above (for a short position) the market price. The price is adjusted as the price fluctuates (The price is adjusted by an Expert advisor running).

Take profit:

 

It’s similar to stop lose in that it’s a limit point you set to your order when reached the
order will be closed
There are, however, two differences:
_ There is no “trailing” point.
_ The exit point must be set above the current market price, instead of below.

 

How to modify an opened order (Stop Loss and Take Profit):

 

Step 1:

 

In the terminal window right click on the order you want to modify. And from the context menu choose Modify or Delete Order (Figure 1).

 

Figure 1 

This will pop up the Order Window but in this case it's in a medication order mode (Figure 2).

 

Figure 2 

 

Step 2:

In this window you will find to text boxes to set (in pips) the Stop Loss and Take Profit prices (Figure 3). When you put the prices in pips in those text boxes you have to click the "Copy as:" buttons under the two boxes to let MetaTrader to convert your levels into prices.

Or you can write the prices of Stop Loss and Take Profit directly in the Stop Loss and Take Profit combo boxes (Figure 4).

 

Figure 3

 

Figure 4 

 

Step 3:

Now you have to click the Modify button (Figure 5) to send your modification to the broker. And you will prompt with a window like figure 6. Click Ok button.

 

Figure 5

 

Figure 6 

This will set the limits you've chosen to the order and will appear in the terminal window as shown in figure 7.

 

Figure 7 

 

 

Congratulation! You have set the Stop Loss and Take Profit levels to your order. When the price reach these level it will be closed automatically and you prevent more losses (if the Stop Loss price is the one that has been reached) or take your profit (if the Take Profit price is the one that has been reached).

Now, you could ask me, What about setting the Trailing Stop?

How to set Trailing Stop:

 

 

The Stop Loss and Take Profit limits which you have been learnt to set them above were sent to the broker and even you close MetaTrader the broker knows now when to stop the order.

But in the case of Trailing Stop MetaTrader have to be on because he sends the new Stop Loss level continuously to the broker. And when you close it the broker will know only the last Stop Loss level MetaTrader has been sent before shutting down.

Now let's set the Trailing Stop level to our Order.

Step 1:

In the terminal window right click on the order you want to set its Trailing Stop. And from the context menu choose the Trailing Stop sub-menu (Figure 8). The sub-menu will show you these commands:

Delete All: To delete and previous Trailing Stops you have set.

None: It means there's no Trailing Stop level has been set.

15 Points, 20 Points .. 50 Points: These the default points (Pips) level which you can choose from them. If you not interested in them you can choose the custom command.

Custom..: Clicking this command will open the Custom Trailing Stop Window (Figure 9) which in it you can set the level of the Trailing Stop. But note that the trailing stop must be greater than 15 Points.

Step 2:

Choose the level from the context menu or set the custom level and click OK will save the Trailing Stop. MetaTrader will use this setting to move your Stop Loss level automatically as long as you running the program.