Modifying an Open Position
Open Terminal → Trade tab
Press Ctrl+T to open Terminal. Click the "Trade" tab. You'll see all open positions listed with entry price, current price, swap, profit, SL and TP columns.
Right-click the position → Modify or Delete Order
A context menu appears. Select "Modify or Delete Order." Alternatively, double-click the SL or TP value directly in the Trade tab to open the modification dialog.
Update SL and/or TP values
The modification dialog shows current SL/TP values. Change them to your new desired price levels. Both fields can be modified simultaneously — you don't need to save one before editing the other.
Click "Modify" to confirm
The platform confirms the change and the Trade tab updates immediately. The position lines on the chart also move to reflect the new SL/TP levels.
Once a trade is in profit by a reasonable amount (e.g., 1R — the same distance as your original risk), consider moving your stop loss to your entry price (breakeven). This eliminates risk on the trade while keeping it open for further gains. This is one of the most useful position management techniques.
Modifying a Pending Order
Pending orders (Buy Limit, Sell Stop, etc.) that haven't been triggered yet also appear in the Trade tab. To modify one:
Right-click the pending order → Modify or Delete Order
The same modification dialog opens. For pending orders, you can also change the Order Price — the price at which the order will be triggered.
Modify the price and/or SL/TP
Update the desired fields. For pending orders you can also set an expiry time (Good Till Date) — after which the unfilled order is automatically cancelled.
If price is approaching your stop loss and you're tempted to move it further away to "give the trade more room" — this is one of the most dangerous habits in trading. You defined that stop level for a reason. Moving it wider turns a controlled loss into a potentially catastrophic one. Let the stop do its job.
Trailing Stop Loss
MT4/MT5 has a built-in trailing stop feature that automatically moves your stop loss as price moves in your favor. Right-click on an open position → "Trailing Stop" → select the distance in points. When price moves forward by that amount, the stop moves with it — locking in profits automatically.
Important: The trailing stop only works while MT4 is running and connected. If the platform closes, the stop reverts to the last manual level. For 24/7 trailing, use an Expert Advisor (EA) instead.