A lot of users use today mobile phones to trade, track orders, watch charts. In this article, we will discuss the practical implementation of stop-loss in the MT4 mobile platform.
So, how to set a stop-loss on an MT4 Android phone?
There are two possible solutions: set the new trade position or modify the old trade position.
How to Set Stop Loss on Android MT4 when opening a new position
When traders set stop loss on an MT4 Android phone in the first step they go to the “Quotes” tab and then pick the instrument. Then, the trader can choose the option “New order” and type of execution (usually market execution). After that trader will set volume, stop loss, and target. In the last step, traders can choose from BUY or SELL option.
See the image below on how to place a stop loss on the MT4 android platform.
Below you can see a video of how to enter a trade on the MetaTrader 4 mobile platform:
How to Modify Stop Loss on MT4 for android
When traders modify a trade on MT4 in the android app, they go to option “Trade” then tap and hold an open position. after that, a new pop-up window will appear on the application and users can select the option ‘Modify”. Users will be able to enter stop loss or take profit details and then enter a “Modify” option.
See below how to modify stop loss on mt4:
Below you can see a video of how to modify stop-loss order on MT4 mobile app: