ForexVue
Level 3 · Lesson 5 of 12 · 5 min read

Managing an Open Trade

Your trade is open. Now what? Modify, trail, or sit tight.

Laurent Researched and written by

The Trade Is Open. Now What?

Your trade is live. Price is moving. Your P/L is fluctuating. Here's what you can (and should) do:

Modifying Stop-Loss and Take-Profit

Right-click your open trade in the Terminal > "Modify or Delete Order." You can change the SL and TP at any time while the trade is open.

The most common modification: moving your stop-loss to breakeven after the trade moves in your favor.

Moving SL to Breakeven
Original entry:Buy at 1.0850
Original SL:1.0820 (-30 pips)
Price moves to:1.0880 (+30 pips) ✅
Move SL to:1.0850 (your entry = breakeven)
Now even if price reverses, you lose $0. Risk-free trade. 🎉

Trailing Stop

A trailing stop automatically moves your stop-loss to follow the price as it moves in your favor. It only moves in the profitable direction, never backward.

Example: You set a 20-pip trailing stop on a buy trade entered at 1.0850:

  • Price rises to 1.0870 > SL moves to 1.0850 (breakeven)
  • Price rises to 1.0890 > SL moves to 1.0870
  • Price rises to 1.0910 > SL moves to 1.0890
  • Price drops back to 1.0890 > SL is hit. Trade closes at +40 pips profit.

To set: Right-click the trade in Terminal > Trailing Stop > choose a value. Watch the unit: MT4/MT5 trailing stops are set in points, not pips. On a standard 5-digit broker, 10 points = 1 pip, so a 20-pip trail = 200 points.

Important: Trailing stops only work while your MT4/MT5 is running and connected. If you close the platform, the trailing stop is deactivated (your regular SL remains). If you need the trail to work while you're away, keep the platform open or use a VPS (virtual private server).

Partial Close

You can close part of your position and keep the rest open. For example, if you opened 0.04 lots, you can close 0.02 lots to lock in half your profit, and let the other 0.02 run with a trailing stop.

Right-click the trade > "Close Order" > change the volume to the portion you want to close.

The Hardest Part: Doing Nothing

When your trade is working and moving toward your take-profit, the biggest temptation is to interfere. Move the TP higher, add to the position, or close early because you're anxious.

Don't. You set your SL and TP based on analysis before you entered. Trust the plan. The trade is doing what you expected. Let it work. The urge to micromanage is the enemy of profitability.

✅ Check your understanding
After a trade moves 30 pips in your favor, what is a common management technique?
✅ Check your understanding
A trailing stop automatically follows price in the direction of your trade.

Key Takeaways

  • • You can modify SL and TP after opening by right-clicking the trade.
  • • Moving SL to breakeven after the trade moves in your favor reduces risk to zero.
  • • A trailing stop automatically follows price, locking in profit as it moves.
  • • The hardest skill: doing nothing when the trade is working as planned.
Glossary: Trailing Stop Glossary: Take-Profit
Placing Pending Orders: Step by Step Closing a Trade: When and How