A practical guide to closing positions in MT4 using stop-loss, take-profit, market orders, and trailing stop functions.
Closing positions in MT4
There are several ways to close a position in MT4. Choose the method that best suits your trading style.
Closing positions with stop-loss or take-profit orders
Closing a position when placing a new order
To close a position when placing a new order, enter your preferred price in the “Stop Loss” and/or “Take Profit” fields on the order screen.
Adding Stop-Loss and Take-Profit Orders to an Open Position
The easiest way to place a stop-loss or take-profit order after opening a position is to do so directly from the chart.
Once a position is open, its price is shown on the chart as a horizontal line.
Click and drag this line to place your stop-loss or take-profit orders.
You can place one order above and one below the current price.
To place both a stop and a limit order, drag the line once upwards and once downwards.
You can also modify the level by clicking and dragging the order line.
Closing orders from the Terminal
You can also close orders via the “Order” window of the Terminal.
Right-click on the position you wish to close, then select “Modify Order” to open the order screen.
Enter your desired price in the “Stop Loss” or “Take Profit” fields, and click “Modify” to place the order.
Closing positions manually at market price
There are several ways to close a position at the market price manually.
Closing from the chart
Right-click on the position line on the chart and select “Close” to close the position.
Closing from the Trade tab in the Terminal
Click the “×” icon at the bottom right corner of the Terminal to close the position.
Alternatively, right-click on the order and select “Close Order”.
You can also double-click on the order to open the “Order” window, then click the yellow “Close by Market” button to close it.
Closing positions using a trailing stop
MT4 also allows you to close positions using a trailing stop.
There are two main ways to set a trailing stop.
- Right-click on the position line on the chart and select “Trailing Stop”.
2. Right-click on the position in the “Trade” tab of the Terminal and select “Trailing Stop”.
In both cases, you can select preset values between 15 and 50 points, or choose “Custom” to specify your own.
If you select “Custom”, a window will appear where you can enter a specific value.
In MT4, 1 point equals 0.1 pips.
Therefore, 15 points equal 1.5 pips.
Important notes on using trailing stops
Trailing stops only work within the MT4 platform, so you must keep MT4 running for them to function.
They only activate once the price moves in your favour by the number of points you specified.
Therefore, you should also set a stop-loss order to manage your risk.
