How to Modify Orders in MT4
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Sometimes you may change your trading strategy and adjust existing orders for better profit potential or lower risk. Fortunately, it is possible for traders to do that in the Metatrader 4 platform. This article is showing on how to modify orders in MT4.
How to modifying Orders in MT4
To change open orders in MT4, please follow the guide below:
Step 1: To change an order, go to the ‘Terminal‘ window, click on the ‘Trade’ tab. You will find all of your trades there, including their entry prices, position sizes, stop losses, and profit targets.
If you don’t see the ‘Trade’ tab, navigate to ‘View‘ from the menu bar at the top of the window and choose ‘Terminal‘ (or press CTRL + T on your keyboard).
Step 2: Right-click on the trade you want to modify and select ‘Modify or Delete order‘ from the menu.
Step 3: A new popup will be shown. You can change the amount of stop loss and take profit with your desired levels. When you’re done, hit the ‘Modify’ button.
After that, a dialogue box should appear to confirm that your trade adjustments have been executed.
You can drag SL and TP lines with the mouse to your target prices from the instrument’s chart for a more quick modification of Take Profit and Stop loss orders.
Why does the ‘Modify’ button turn gray when I set SL/TP for open orders?
This could be due to your stop-loss and take-profit levels being too close to the current price. Alternatively, you may have set these levels too high or too low with the current price.
In other words, if the ‘Modify’ button at the bottom is greyed out, it signals you to make corrections for Take profit and Stop loss levels.
Although you can change some parameters of existing positions, you cannot change open price and expiration for market orders. Conversely, it is impossible to modify these for pending orders. In the following tutorials, Investiki.com continues to guide you on how to place pending orders and how to modify them.
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