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Trades of the modern world are addicted to trading wherever there is the internet, mobile, and connectivity. When they are away from the desktop. Laptops and PC they use mobile Mt4 apps to stay updated about their pending positions.
All works fine on mobile, although you can’t use a trailing stop. Some traders think it is hidden somewhere and ask brokers: Where is the TS button Mt4 Mobile? I can’t find it.
This post will clear all your doubts regarding Trailing Stop Mt4 Mobile and will give you a trick if you want to use trailing stop Mt4 on Mobile using Oanda Trading App.
Mt4 Android doesn’t support the trailing stop option; instead, you can only modify trade using Modify Order Option. The only way to get a trail stop feature is to use Oanda Trading App with your broker’s permission. This App offers the TS button with a simple click.
If you want to trade only from mobile, asking your broker about using any external app for the TS option is better before opening the account. For professional traders, Trailing Stop is a must-have button.
What Is Trailing Stop
Trailing stop is defined as modification in stop order position when the trade goes in your favor. It is manually done by dragging the stop order line close or slightly below the current price. It is done to avoid losses or to gain desired profit.
It is placed simultaneously as the trader places the initial order. However, it is always placed after the trade or putting a Stop Loss Order. In simple words, it is an occasional change in the position of stop orders when the trade goes in profit as predicted.
Understanding Trailing Stop With Example
Trailing stop differs from stop loss because it only moves in one direction to freeze profit or loss. Suppose a 20% trailing stop is added to the long position; if the price drops 20% from its peak, a downward sell trade will be issued. After setting a new peak, the trailing stop will only move up. It can’t be moved down back if it has moved up once.
It can be set as limit orders or market orders according to the broker’s terms and conditions. Trader need not set it again and again once it is set.
The best way to set a trailing stop is neither too tight nor too wide from the entry price. If you set the trailing stop too tight, it can be easily triggered by small price movements and end up in a losing trade. On the other hand, if the trailing stop is set too wide, it will provide much room for the trade to grow easily.
Example:
For example, setting a 100-pip trailing stop on AUD/USD after buying it at 1.2550 would mean that if the price rises to 1.2650, your stop would also rise from its initial level of 1.2550 to 1.2650 (100 pips).
Your stop will then stay at 1.2650 unless the price moves another 100 pips in your favor. This means that your trade will remain open for as long as the price doesn’t go against you by 100 pips.
Why Traders Should Use Trailing Stop Mt4
A trailing stop is best for traders who fail to cut losses on trades on Mt4 or Mt5 trading platforms. Protecting your capital automatically discipline your trade.
Below are a few crucial points to consider when using trailing stop:
It is important to choose the trailing stop amount carefully. When investing in a relatively more volatile pair, the stop levels may trigger fastly. So never set the amount too close or too far from the current price.
Overtrading can cost you too much in terms of commission or spread. So, frequent trailing on short-term positions may result in losses.
Can You Set Trailing Stop on Mt4 Mobile
No, you cant set trailing stop on Mt4 unless you use the broker’s permitted external app. However, you can modify SL manually by setting the new value. Oanda is the name of the external app that most traders use to set trailing stops on Android.
Many traders using demo accounts on mobile mt4 have to face this issue. The only option for demos is to manually set the SL price using Modify Trade Option.
How To Set Trailing Stop On Mobile: Using Oanda App
The only way to set a trailing stop on Mt4 is using an external trading app named Oanda. However, you may need your broker’s permission to use this app. Let’s check out the steps for using any Trading app to set a trailing stop.
Step-1 Chose pair to trade through App
Step-2 Put SL at least 5 pips away from trade
Step-3 Wait for trade to go in profit
Step-4 Now click The Trail Stop button given below located at the side of SL, and set the price limit to hit if the trade goes in profit.
Step-5 Click submit and check both SL and TS lines clearly on the trade
How To Set Trailing Stop Loss On Mt4 Mobile
You must manually set a trailing stop on Android or mobile Mt4 apps. By following the simple steps below, traders can easily set a trailing stop order on the Mt4 Android app. Let’s check out what are these steps:
Step 1:Open Mt4 App
Double clicks the Mt4 app to open it on Android, as shown in the pic.
Step 2: Place Order
You cant trail stop unless you open order or trade. So the first step is to open the order. You can see open order of USDJPY in the picture.
Step 3 Wait
Never put SL; wait a few minutes or seconds to check the direction of the trade.
Step 4: Set Stop Loss
It’s time to set stop loss by choosing the correct digits.
Step 5: Press Modify Trade Option
Now long-press the open trade and choose Modify order.
Step 6: Change The Stop Loss Value
After choosing this change in the position of SL, its new position will be slightly below the current price.
Step 7: Set Automatically
Click done, and the new modified line of SL will be set automatically. You can further modify it manually at any time.
FAQ
Can You Set Trailing Stop on Mt4 Mobile
No, you cant set trailing stop on Mt4 unless you use the broker’s permitted external app. However, you can modify SL manually by setting the new value. The broker app is the external app that most traders use to set trailing stops on Android.
Many traders using demo accounts on mobile mt4 have to face this issue. The only option for demos is to manually set the SL price using Modify Trade Option.
Can you use a trailing stop on MT4?
Yes, you can easily set TS from your desktop Mt4 terminal. However, for setting TS from Android, you need to download the Oanda TRading app or some other broker’s recommended app. You cant set it from mobile.
How do you use trailing stop loss on MT5 mobile?
Unfortunately, trailing stop options aren’t available on the Mt5 mobile terminal. If you want to use it, you will have to use an external app. Some brokers suggest using the Oanda trading app for this purpose.
Final Words
From this post, you know that the trailing stop option is unavailable on Mobile Mt4 apps. However, it is possible to use TS if you download an external app like Oanda. This app has a separate button TS at the side of SL, and you can use this button to adjust your trail stop position.
Mt4 terminal don’t support the trail stop button on Android devices. However, for iPhone it’s still in progress.
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