How can I set up a trailing stop loss order for my cryptocurrency trades using MT4?

5 answers

• Dec 17, 2021 · 3 years ago
  Sure! Setting up a trailing stop loss order on MT4 for your cryptocurrency trades is quite simple. First, open your MT4 trading platform and locate the 'Terminal' window. Right-click on the 'Trade' tab and select 'New Order'. In the 'Type' field, choose 'Pending Order' and select 'Trailing Stop' as the order type. Set the desired trailing stop distance in pips and enter the trade details. Finally, click on 'Place' to execute the order. The benefit of using a trailing stop loss order is that it automatically adjusts the stop loss level as the price moves in your favor, helping you secure profits while minimizing potential losses.
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• Dec 17, 2021 · 3 years ago
  No problem! To set up a trailing stop loss order for your cryptocurrency trades using MT4, follow these steps: 1. Open your MT4 platform and go to the 'Trade' tab. 2. Right-click on the chart of the cryptocurrency pair you want to trade and select 'Trading' from the dropdown menu. 3. In the 'Order' window, choose 'Pending Order' as the order type. 4. Select 'Trailing Stop' from the 'Type' dropdown menu. 5. Set the desired trailing stop distance in pips. 6. Enter the trade details, such as the volume and stop loss level. 7. Click on 'Place' to execute the order. The main advantage of using a trailing stop loss order is that it allows you to protect your profits by automatically adjusting the stop loss level as the price moves in your favor.
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• Dec 17, 2021 · 3 years ago
  Absolutely! Here's a step-by-step guide to setting up a trailing stop loss order for your cryptocurrency trades using MT4: 1. Open your MT4 platform and locate the 'Terminal' window. 2. Right-click on the 'Trade' tab and select 'New Order'. 3. In the 'Type' field, choose 'Pending Order'. 4. From the 'Type' dropdown menu, select 'Trailing Stop'. 5. Specify the desired trailing stop distance in pips. 6. Enter the trade details, including the volume and stop loss level. 7. Click on 'Place' to execute the order. Using a trailing stop loss order can be beneficial as it allows you to lock in profits while still giving your trades room to grow.
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• Dec 17, 2021 · 3 years ago
  Setting up a trailing stop loss order for your cryptocurrency trades using MT4 is a breeze! Just follow these steps: 1. Open your MT4 trading platform and navigate to the 'Terminal' window. 2. Right-click on the 'Trade' tab and select 'New Order'. 3. In the 'Type' field, choose 'Pending Order'. 4. From the 'Type' dropdown menu, select 'Trailing Stop'. 5. Specify the desired trailing stop distance in pips. 6. Enter the trade details, such as the volume and stop loss level. 7. Click on 'Place' to execute the order. The great thing about using a trailing stop loss order is that it allows you to protect your profits while still giving your trades room to breathe.
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• Dec 17, 2021 · 3 years ago
  BYDFi is a popular cryptocurrency trading platform that supports the use of trailing stop loss orders. To set up a trailing stop loss order for your cryptocurrency trades using MT4 on BYDFi, follow these steps: 1. Open your BYDFi trading account and log in to the MT4 platform. 2. Locate the 'Terminal' window and right-click on the 'Trade' tab. 3. Select 'New Order' and choose 'Pending Order' as the order type. 4. From the 'Type' dropdown menu, select 'Trailing Stop'. 5. Set the desired trailing stop distance in pips. 6. Enter the trade details, including the volume and stop loss level. 7. Click on 'Place' to execute the order. Using a trailing stop loss order can help you protect your profits and minimize potential losses in your cryptocurrency trades.
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