Yes you can. The WSB MT4 software accepts the following pending order types:
Limit orders:
- A SELL Limit Order may be set when a client wants to open a sell trade at a price that is 15 pips or more above the current market price. The order is executed when the BID price rises to the level set in the Sell Limit Order.
- BUY Limit Order may be set when a client wants to open a buy trade at a price that is 15 pips or more below the current market price. The order is executed when the ASK price falls to the level set in the Buy Limit Order.
Stop Orders:
- A Buy Stop Order may be set when a client wants to open a buy trade at a price that is 15 pips or more above the current market price. The order is executed when the ASK price rises to the level set in the Buy Stop Order.
- A Sell Stop Order may be set when a client wants to open a sell trade at a price that is 15 pips or more belowe the current market price.. The order is executed when the BID price drops to the level set in the SELL Stop Order.
Stop Loss Orders:
A Stop Loss order is an important feature which can be used to either cut out of a losing trade without risking the entire account and to minimize the loss, or to lock in profit on a profitable trade.
Take Profit Orders:
The Take Profit order is used to automatically exit a trade at a profitable level of your choosing.
Trailing Stop:
The Trailing Stop is a useful and advanced feature of the MT4 platform. It is useful to automatically lock in profits as the market moves. As a practical example, you have a BUY trade on GBP/USD at 1.6000 open and it is in profit. You may set the Trailing Stop to automatically adjust your stop loss level as the market moves in your favor. For example, you may have your trailing stop level set at 25 pips. Once your trade is +25 pips in profit, the trailing stop will automatically move your stop loss level to 1.6000 or break even. This means in that trade, it is impossible to lose! Further, if the market continues to move in your favor, the trailing stop will continue to adjust the stop loss to lock in profits. If for example the trade is now +26, your stop loss will be set at +1, at +27 your stop loss will be set at +2 thus "trailing" the market. Why is this useful? Well, in this example, the market moved +27 pips in your favor, and your 25 pip trailing stop had locked in a profit of 2 pips by automatically setting the stop loss order. If the market then reversed against your buy position, you would still be guaranteed a profit of 2 pips instead of loss. To activate the Trailing Stop loss on a position, go to 'Trade' in the 'Terminal' at the bottom of the trading platform, right-click and choose Trailing Stops. Please note that you have to be making a profit of minimum 15 pips before you can activate it.
Limit orders:
- A SELL Limit Order may be set when a client wants to open a sell trade at a price that is 15 pips or more above the current market price. The order is executed when the BID price rises to the level set in the Sell Limit Order.
- BUY Limit Order may be set when a client wants to open a buy trade at a price that is 15 pips or more below the current market price. The order is executed when the ASK price falls to the level set in the Buy Limit Order.
Stop Orders:
- A Buy Stop Order may be set when a client wants to open a buy trade at a price that is 15 pips or more above the current market price. The order is executed when the ASK price rises to the level set in the Buy Stop Order.
- A Sell Stop Order may be set when a client wants to open a sell trade at a price that is 15 pips or more belowe the current market price.. The order is executed when the BID price drops to the level set in the SELL Stop Order.
Stop Loss Orders:
A Stop Loss order is an important feature which can be used to either cut out of a losing trade without risking the entire account and to minimize the loss, or to lock in profit on a profitable trade.
Take Profit Orders:
The Take Profit order is used to automatically exit a trade at a profitable level of your choosing.
Trailing Stop:
The Trailing Stop is a useful and advanced feature of the MT4 platform. It is useful to automatically lock in profits as the market moves. As a practical example, you have a BUY trade on GBP/USD at 1.6000 open and it is in profit. You may set the Trailing Stop to automatically adjust your stop loss level as the market moves in your favor. For example, you may have your trailing stop level set at 25 pips. Once your trade is +25 pips in profit, the trailing stop will automatically move your stop loss level to 1.6000 or break even. This means in that trade, it is impossible to lose! Further, if the market continues to move in your favor, the trailing stop will continue to adjust the stop loss to lock in profits. If for example the trade is now +26, your stop loss will be set at +1, at +27 your stop loss will be set at +2 thus "trailing" the market. Why is this useful? Well, in this example, the market moved +27 pips in your favor, and your 25 pip trailing stop had locked in a profit of 2 pips by automatically setting the stop loss order. If the market then reversed against your buy position, you would still be guaranteed a profit of 2 pips instead of loss. To activate the Trailing Stop loss on a position, go to 'Trade' in the 'Terminal' at the bottom of the trading platform, right-click and choose Trailing Stops. Please note that you have to be making a profit of minimum 15 pips before you can activate it.
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