The Stop Loss order is used in reducing losses once the symbol price begins to move in a direction which is unprofitable. If the price gets to the level that is specified, the position would be automatically closed The process of setting a stop loss begins with opening a trade on the MT4 trading platform. These are the step by step procedures of setting a stop loss when opening a trade: 1. Select the "Tools--New Order" menu command. 2. The "Order" window comes up. 3. In the "Order" window you will see fields like Symbol, Volume, and then the Stop Loss. 4. The Stop a Loss field is where you can fill your desired stop loss values. Note that should you put zero values within the stop loss levels, it will not be set. 5. After filling the stop loss value of your choice in the Stop Loss field and as well as other fields, proceed to specify whether you are buying or selling by clicking on buy or sell button. Now you have successfully set your stop loss. Should you choose to modify the order, take the following steps: Make sure the Terminal is open and you are in the Trade tab Right-click on the order you choose to modify Click on Modify or Delete Order. In the order window, you could alter many parameters like Comment, Take profit, Stop loss. If you choose to enter a stop loss level, you will click into the Stop loss field in the parameters. Enter your chosen stop loss level. (Note that the stop loss level depending on your broker should be certain amount of pips away from the current price ). When you are through modifying, you can save the new settings by clicking on the blue bottom appearing at the bottom ( which will appear blue when you have changed one or more parameter). Now you have modified your stop loss.