We have placed our first order in the previous article. Now we are going to learn how to modify this placed order.
Let's start with the limits that we can set to an order!
Orders: Orders allow you to set an order to prevent big losses and to ensure that you make a profit as soon as possible. These are the types of the orders:
Stop loss: Stop loss is a limit point that you set to your order. When a market reached the requested price, the order will be closed automatically. This is useful to minimize your lose when the market going against you. Stop loss orders are always set below the current bid price on a buy position or above the current ask price on a sell position.
Trailing Stop: Trailing stop is a type of stop loss order that is set in pips either below that market price, for a long position, or above the market price, for a short position. The trailing Stop starts work only after the position became profitable.
Take profit: Take profit is similar to stop lose in that it’s a limit point you set to your order. When a market reached the requested price, the order will be closed automatically. There are, however, two differences:
- There is no “trailing” point.
- The exit point must be set above the current market price, for long positions, and below the current market price for short positions.
How to Modify an Opened Order (Stop Loss and Take Profit):
In the terminal window, right click on the order you want to modify. From the context menu, choose Modify or Delete Order (Pic. 28).
Pic.28 – Context menu
Typically, the Order Window will pop up, but in this case it's in a modification order mode (Pic. 29).
Pic. 29 – Modification order window
In this window you will find two boxes to set (in pips) the Stop Loss and Take Profit prices (Pic.30). When the prices have been set (in pips) for those boxes, you have must click the "Copy as:" buttons under each of the two boxes to let MetaTrader 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 boxes (Pic.31).
Pic. 30 – Price set up
Pic.31 – Change price
Now you have to click the Modify button (Pic.32) to send your modification to the broker. You will be prompted with a window like (Pic.33). Click OK button.
Pic. 32 – Confirm modification
Pic. 33 – Send Order
This will set the limits you've chosen to the order and will appear in the terminal window as shown in (Pic. 34).
Pic. 34 – Modificated Orders
Congratulation! You have set the Stop Loss and Take Profit levels to your order. When the price reaches these levels, it will be closed automatically to prevent more losses if the Stop Loss price has been reached, or take your profit if the Take Profit price is the one that has been reached.
Now, you have to learn about setting the Trailing Stop.