Every trader should know how to quickly modify or cancel an existing order. This can be done on the MT4 platform by following the example below.
How to Modify an Order on MT4
Any open order on MT4 can be modified or cancelled from within the platform, including pending orders and orders linked to open positions (sometimes known as "position orders). We continue in this example with the last window of the previous example ("pending orders"), where a sell limit order on GBPUSD was left open at 1.4398, near a resistance level (see screenshot below).
To reiterate what was explained in the section on using stops and take profit levels on an open position, every FX Trader should trade with an open stop loss order to limit potential losses at all times. The previous order was placed without specifying a "Stop Loss" level. To modify the order, you simply have to double click anywhere on the light gray row that contains the details of the open order in the "Trade" tab of the MetaTrader platform.
When you double click on the order, MT4's order entry window (Screenshot 1) below appears. In the "Modify Order" section, the "Price" field can be used to modify the original "limit" price of the order. The "Stop Loss" and "Take Profit" fields can be used to link stop loss and take profit orders respectively to the position that would be open if the limit order is ever executed. Let's assume that you as the trader want to change the sell limit price (potential price of execution) from 1.4398 to 1.4388, as well as limit the potential loss to 20 pips and realize a potential profit of 50 pips. You then would key in the "Price," "Stop Loss," and "Take Profit" levels shown below (Price = 1.4388, Stop Loss = 1.4408 and Take Profit = 1.4338). When you click on the red "Modify" button, a confirmation message (Screenshot 2) comes up.
When you Click on "OK", you'll see the changes reflected in the "Price,", "S/," and "T/P" respective column fields in the "Trade" tab of the system (Screenshot 3).
To wrap up this example, the order is left open until it is executed (Screenshot 4 below). Under the "Account History" tab, we realize that the order is executed at the limit price of 1.4388 and a time of 15:04 on 2009.01.29. After that, the "Take Profit" is hit at the specified level of 1.4338. On the chart below, we notice that the price goes up to the yellow line (resistance level) before bounding off resistance and dropping.
Canceling Orders on MT4
The process to cancel an open order on MetaTrader is the same as was explained above to modify an order. The main difference is that instead of having to click the red "Modify" button, you have to click the yellow "Delete" button.