HOW TO SET STOP LOSS AND TAKE PROFIT IN MT4

When trading the forex market, it is important you have a risk management plan on the level of loss your account would take per trade.

That being said; irrespective of how much trading capital you have, or how accurate your trading strategy is, every trader needs to know how to set stop loss and take profit in MT4.

HOW TO SET STOP LOSS ON MT4 ANDROID

How to Set Stop Loss and Take Profit in MT4 Andriod

When trading on Mt4 Android, stop loss or take profit cannot be set by dragging to zones like PC.

To set stop loss and take profit on MT4 android, you will use your horizontal tool to mark the line at which you want to set your take profit/stop loss.

When you place the horizontal line, the number that shows up should be copied down and manually typed in the stop loss box when modifying the current running trade.

RELATED: METATRADER 5 BROKERS LIST

RELATED: HOW TO KNOW WHEN A TRADE IS ENDING?

RELATED: HOW TO TRADE FOREX WITH $10

HOW TO SET STOP LOSS AND TAKE PROFIT IN MT4

How to Set Stop Loss and Take Profit in MT4

This is the easiest way to set stop loss and take profit in MT4;

  1. After placing your trade with your chosen volume (market Execution)
  2. You will see a green horizontal entry line showing the level at which you place your trade
  3. Now move your cursor to the green horizontal line
  4. Click and hold on the green horizontal line and drag to stop loss to take profit zone you desire ( with  consideration of the market structure of the pair)

STOP LOSS AND TAKE PROFIT INDICATOR

If you find it difficult to place your take profit and stop loss at the right zones, this is because you have no knowledge of support and resistance zones. Take profit and stop loss are best set at support and resistance zones.

RELATED: MT4 OR MT5 FOR BEGINNER

HOW TO CALCULATE STOP LOSS AND TAKE PROFIT

Calculating your stop loss and take profit depends on your volume size. And this is it below

Volume size             points             profit      loss

0.01                           1000                $10         $10

0.1                              1000              $100       $100

1                                 1000               $1000    $1000

Note: putting into consideration the spread and swap fee per trade.

WHAT IS THE BEST STOP LOSS STRATEGY?

Before you can have a stop loss strategy, you would first have a winning trading strategy; this is why there is no one answers to this. So based on your winning trading strategy you can now have a stop loss strategy.

To make this easy for you, a winning trading strategy will involve understanding market structure. However, a professional stop would be risking 1-5 percent of your account per trade.

RELATED: VERY EASY AND PROFITABLE TRADING STRATEGY MT4

RELATED: HOW MUCH CAN I MAKE TRADING FOREX?

WHAT IS THE 1% RULE IN TRADING?

The 1% rule in trading is when traders place trades and do not risk more than one percent of their entire capital.

When entered with big volumes, they use tighter stop-losses in a total value of 1% loss

When entered with smaller volumes, they put their stop loss far away from the entry price and in total value 1% loss.

WHERE DO YOU SET STOP LOSS AND TAKE PROFIT?

Stop loss and take profit are best set at support and resistance zones. This is of course aftermarket analysis of the trading pair.

CAN YOU SET A STOP LOSS IN PROFIT?

Yes, you can set a stop loss in profit. After placing your trade and you are in good profit you can then adjust or place your stop loss above the entry price (if bullish) or below (if bearish).

At this point, if the market happens to retrace or reverse to your stop loss level, you will exit the market with a profit on that trade.