Managing trades effectively is an essential aspect of successful trading, and using a trailing stop order can help traders to lock in profits and minimize potential losses. A trailing stop order is a dynamic stop loss that moves with the market price and allows traders to protect their profits in a fast-moving market. In this guide, we will provide you with a step-by-step process on how to place a trailing stop order on the MetaTrader 4 platform (MT4).
After logging into your Mt4 account, select which instrument you would wish to trade from the Market Watch window, this can be found on the left-hand side of the platform
Click and drag the instrument into the graph area to the right of the Market Watch window to render the graph for that instrument.
In the toolbar menu above the graph, there will be a “New Order” button, click this button to open up the Order window.
In the Order window, there will be options for you to change the currency pair, the lot size, and other order details. When the settings are at your desired values you can place your trade by clicking on the “Sell by Market” or “Buy by Market” buttons.
Right click on the open order in the Trade window. Using the drop-down menu, select a Trailing Stop distance for your trade. The Trailing Stop will be automatically initiated when enough difference between the Market price and your Order price has occurred.