A lot of users use today’s 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.
If you already read our article on setting stop loss in Metatrader 4, you can now learn more about the MT4 phone 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
To set stop loss on an MT4 Android phone, go to the “Quotes” tab and then pick the instrument. The trader can then choose the option “New order” and execution type (market execution). After that trader will set volume, stop loss, and target. In the last step, traders can choose from BUY or SELL option.
Please read more about MT4 order types.
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”. In addition, 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 the MT4 mobile app:
How to place pending orders in the MT4 android platform?
To set pending orders on the MT4 android platform, go to the “Quotes” tab and then pick the instrument. The trader can then choose the option “New order” and type of execution. Next, choose one from four pending trade solutions: buy stop, sell stop, buy limit or sell limit. After that, set volume, stop loss, and target.
In the end, one important fact:
How to set the trailing stop in MT4 mobile?
You can not set the trailing stop in MT4 mobile because there is no option in the mobile app version, only in the desktop version.