Setting Stop Loss (SL) and Take Profit (TP) in MetaTrader is essential for managing risk and securing profits in your trades. This guide walks you through the exact steps to configure SL and TP levels easily in MetaTrader on your computer or mobile. By using these tools effectively, you can automate your trading strategy and protect your investments. For related tips, check out How to Enable Trailing Stop and Understanding Pending Orders in MetaTrader.
For Sell positions, SL must be above the current market price and TP should be below the current price.
On Computer
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For the New Order: You can add Stop Loss/Take Profit right when you create a new order. When opening a new order, enter your desired TP and SL levels in the respective fields.
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For an existing order: Once the order is opened, you can modify it by going to the "Trade" tab in MetaTrader. Right-click on the open order Modify or Delete Order
Note that during high-impact news release events, Stop Limits for gold (XAUUSD) are increased to 20USD.
On Mobile
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For the New Order: Tap New Order, then set TP and SL under the order details before confirming.
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For an existing order: Tap Trade at the bottom to see your open positions. Tap and hold the order, then select Modify (or Modify Order).
The red bracket labeled "SL" indicates the Stop Loss level, which limits potential losses if the market moves against your position.The green bracket labeled "TP" indicates the Take Profit level, which automatically closes the trade when your target profit is reached.
Adjust the SL and TP levels as needed, then tap "Modify" to save the changes.