How to place a Stop Loss or Take Profit on MT4?

Step 1.

Log into MT4 and select an instrument from the Market Watch window.

Step 2.

Drag the instrument into the graph area.

Step 3.

Click New Order.

Step 4.

In the Order window, set a Stop Loss and Take Profit alongside the other order settings. Finally click “Sell by Market” or “Buy by Market”. 

Modifying an open order

If you have already opened a position you can set a Stop Loss and Take Profit by double clicking on the open order in the Trade window. This will open the Order window which allows you to modify the order with a Stop Loss and Take Profit.