How to set take profit in MetaTrader (MT4 and MT5) – complete guide

In the world of FX trading, there’s a popular saying: “Bulls make money, bears make money, but pigs get slaughtered.” This highlights a critical truth: entering a trade is only half the battle. Knowing when to exit is what separates seasoned professionals from gamblers.

This is where the Take Profit (TP) order becomes your best friend. A Take Profit is an automated order that closes your trade when the price reaches a predetermined level of profit. It removes emotion from the equation—no more second-guessing, no more watching a winning trade turn into a loser because you got “greedy.”

In this guide, we’ll explore how to set Take Profit orders in the world’s most popular trading platforms—MetaTrader 4 (MT4) and MetaTrader 5 (MT5)—using different methods, complete with examples.

Method 1: The drag-and-drop (visual trader)

This is the quickest and most intuitive method for visual traders.

How it works: After you open a trade (or even while placing it), you will see a horizontal line on your chart representing your entry price.

• On MT4: Look for a dashed line at your entry price.
• On MT5: You will see a small “T” (for Take Profit) and “S” (for Stop Loss) tab attached to the line.

Example: Imagine you buy EUR/USD at 1.1000. You want to take profit at 1.1050.

1. Click the dotted line representing your trade.
2. Drag it upwards to the 1.1050 level.
3. Release the mouse. A confirmation box will appear.
4. Click “OK.” Your Take Profit is now set.

Pro Tip: You can also hold the “T” tab on MT5 and drag it directly to the desired price level on the chart.

Method 2: The order box (pre-trade setup)

This is the best practice for disciplined traders. You set your risk and reward before you click “Buy” or “Sell.”

How it works: When you open the “New Order” window (F9 on your keyboard), you will see fields labeled “Stop Loss” and “Take Profit.”

Example: You are selling Gold (XAU/USD) at $2,000. You believe the price will drop to $1,990, and you want to lock in profits there.

1. Press F9 to open the order window.
2. Select Sell by Market (or pending order).
3. In the Take Profit field, enter 1990.00.
4. Click Place Order.

The trade is instantly protected. If the price hits $1,990, the trade closes automatically.

Method 3: Modifying an existing trade

If you are already in a trade and forgot to set a TP, or if market conditions change and you want to adjust your target, you can modify the trade.

How it works:

1. In the “Terminal” window (bottom of the screen), find the Trade tab.
2. Right-click on the open trade you want to modify.
3. Select Modify or Delete Order.
4. In the pop-up window, change the Take Profit field to your new target price.
5. Click Modify.

Example scenario: The news breakout

Let’s combine these methods into a real-world scenario.

The setup: You are trading GBP/JPY. The Bank of England is about to release its interest rate decisions. You predict a bullish breakout.

1. Pre-trade: You open the order window (Method 2). You set a Buy Stop pending order at 190.50. You calculate your risk (Stop Loss) at 190.00. You set your Take Profit at 191.50 (a 1:2 risk-to-reward ratio).
2. The event: The news hits. Price spikes up, triggers your pending order, and continues rising.
3. The adjustment: The price is moving so fast that you suspect it might hit 192.00. Instead of leaving the TP at 191.50, you go to the Terminal, right-click the active trade, and modify the Take Profit to 192.00 (Method 3).
4. The outcome: The price hits 192.00, and your trade closes automatically with a larger profit than originally planned.

5 broker reviews for MetaTrader trading

Choosing the right broker is essential to execute your take-profit strategies effectively. Here are five highly reputable brokers that offer excellent MetaTrader integration and regulatory oversight.

Broker highlights

XM

A global giant trusted by over 5 million traders. XM is ideal for new traders due to its low minimum deposit ($5) and excellent customer service. They frequently offer deposit bonuses and run promotions for active traders. Their regulation by the FCA (UK) and CySEC (EU) ensures a high level of fund security.

Exness

Exness is famous for its revolutionary “Unlimited Leverage” feature (depending on account type and region) and its instant withdrawal system, which processes funds back to your credit card or e-wallet within seconds. They are highly transparent, regularly publishing audited financial reports, and maintain strict regulatory standards with top-tier authorities like the FCA.

Pepperstone

If you are a serious scalper or day trader, Pepperstone is a top-tier choice. Based in Australia, they offer “Razor Accounts” with spreads as low as 0.0 pips, charging only a small commission. They are known for ultra-fast execution speeds, which are crucial when using tight Take Profit orders. They are regulated by the FCA and ASIC.

FP Markets

FP Markets has been in the industry for over 15 years and is recognized for having some of the lowest spreads in the market (0.0 pips on the Raw account). They offer a massive selection of trading instruments, including over 10,000 trading products. They are a great choice for traders who want the power of MetaTrader combined with access to a vast range of global markets, all under tight regulation.

AvaTrade

AvaTrade stands out for its exceptional regulatory footprint, being licensed in numerous jurisdictions globally, which adds a significant layer of trust. They are a fantastic option for traders who prefer fixed spreads (which do not widen during news events) and for those who want to diversify into automated trading through their partnerships with DupliTrade and ZuluTrade.

Related articles:

• Best MetaTrader 4 Forex brokers | The best picks for trading

• Why MetaTrader 4 is still popular: pros and best FX brokers

• The best MetaTrader 5 brokers: Top platforms for Forex and CFD trading