How to Add Stop-Loss and Take-Profit Orders on MT5

In trading, risk management should be one of your top priorities. Discover how to use stop-loss and take-profit orders on MT5 to stay in control of every trade.

Hi and welcome to this Daman Markets tutorial on how to add a stop-loss or a take-profit to your trade. 

So, to start off with we have our chart here, we have our markets here under the market watch and you can see I’ve got no trades open currently at the bottom here. So say I am looking to trade GBPUSD. I would double click on GBPUSD and that would open up the deal ticket.

First thing that I would do is have a look at the symbol field and confirm that I am indeed in GBPUSD, that I’m trading the right market and the market type I’ll be using today is market execution which basically says that we will be executing at these prices that you see here in front of you.

The third thing I would need to check is the volume size. So, say I want to trade one lot I would change that to one. And as you can see here, we have a stop-loss and a take-profit. 

So, the stop-loss will trigger if the market is moving against you and the take-profit will trigger when the market is moving in your favor at the levels that you pre-set. It means that it will trigger, it doesn’t mean that it would execute. I just want to be very clear about that. 

So, one of the ways we could input a stop-loss is by simply using those arrow heads to toggle the level that we’re after. Or alternatively we could add the level manually. So say in this case I would want it at 1.21. Similarly with the take-profit, again I would be selecting the level that I want by clicking or manually overriding it and say I want it to be at 1.22.

And obviously with my stop-loss and take-profit in place, I’m looking to buy so I would click ‘Buy’. I’ve got a confirmation that my trade has actually executed and it’s there. You can confirm that further by going to the trade tab and you can see that the trade that I’ve executed is here, there’s the level that I opened up, here’s my stop-loss, here’s my take-profit. 

Say you want to amend your stop-loss or your take-profit. Simply, you right click and you would go to ‘Modify/Delete Trade’. Once you click there, you will get this deal ticket where the option to modify will not be active at the moment because we haven’t changed anything. So, say I want to change my stop-loss level to drop it further down. I’ll manually override and you can see the moment I made a change, the modify button has become live and I am able to select it. 

So, if I click here and press ‘OK’, for those eagle-eyed amongst you, you will see that my stop-loss level has changed from 1.21 to 1.20 flat.

Another way of changing this as well is if you have one-click trading enabled you could actually change this from the chart. So, if I just simply zoom in here a little bit and you can see this is my TP.

It’s right here, and say I want to move it up, what I can do is I can simply click the line, and you can see in the left-hand side, it’s telling me how many points I’m setting my take-profit to and if I move it further so I’m out of the way, you can see on the right-hand side, it’s telling you what level I’m doing it there.

So, if I select the level that I want, let’s say I want my TP to be here and I would release it. You can see automatically it changed it for you here.

Similarly, if I just zoom out so you can see my stop-loss, I can simply select the stop-loss and move it to wherever I want it to go. Say I want it to go here. I would simply drag and let go and it automatically changes it for me, again it’s confirmed for you right here as well.