The ChoosaBroker Trading Academy

1. An Introduction to Financial Markets (Module 1)
1.1. An Introduction to Financial Markets 1.2. Historical Perspective 1.3. Portfolio Management 1.4. Diversification 1.5. Power of Compounding
2. Breakdown of Asset Classes (Module 2)
2.1. Foreign Exchange 2.2. Stocks 2.3. Indices 2.4. Commodities 2.5. CFDs Contract for Difference 2.6. Bonds 2.7. Cryptocurrencies 2.8. Futures and Options 2.9. ETFs
3. Categories of Financial Market Participants (Module 3)
3.1. Speculators 3.2. Investors 3.3. Hedgers 3.4. Arbitrageurs 3.5. Institutional Players
4. Portfolio Management (Module 4)
4.1. Theory and Importance of Portfolio Management 4.2. Asset Allocation 4.3. Risk Management 4.4. Retirement Planning
5. Introduction to Forex (Module 5)
5.1. How the Forex Market Works 5.2. Benefits and Drawbacks of the Currency Market 5.3. Major Pairs and Time Zones 5.4. Basic Forex Trading Concepts 5.5. Leverage and Margin Trading 5.6. Forex Market Strategies
6. Introduction to Stocks and Indices (Module 6)
6.1. How the Stock Market Works 6.2. Commonly Used Terms 6.3. Primary and Secondary Markets 6.4. Regulatory Framework 6.5. Financial Intermediaries 6.6. Clearing and Settlement Process 6.7. Index Composition
7. Introduction to Commodities (Module 7)
7.1. How the Commodity Market Works 7.2. Understanding Derivatives and Futures Pricing 7.3. Global Commodity Exchange 7.4. Agricultural Commodities 7.5. Non-Agricultural Commodities 7.6. Precious and Non-Precious Metals 7.7. Factors That Affect Commodity Prices
8. Introduction to CFDs (Module 8)
8.1. Types of CFDs 8.2. Basic Concepts of CFD Trading
9. Introduction to ETFs (Module 9)
9.1. How ETFs Work 9.2. How to Select ETFs
10. Different Forms of Asset Analysis (Module 10)
10.1. What is Technical Analysis? 10.2. What is Fundamental Analysis? 10.3. News Trading 10.4. Earnings Trading
11. Basics of Technical Analysis (Module 11)
11.1. How to Identify Support-Resistance Levels 11.2. Understanding Trends 11.3. An Introduction to Classical Chart Patterns 11.4. Overview of Candlestick Patterns 11.5. Different Types of Technical Indicators 11.6. Fibonacci Levels 11.7. How to Build a Trading Plan 11.8. Importance of Controlling Risk in Trading
12. Basics of Meta Trader 4 (Module 13)
13.1. How to Get Started MT4 13.2. How to Create and Adjust Charts 13.3. How to Place an Order 13.4. Basic Performance Monitoring on MT4 13.5. Risk Management Tools 13.6. MT4 Webtrader Basics
13. Advanced Meta Trader 4 Tools (Module 14)
14.1. How to Place Special Orders 14.2. Setting Asset Alerts and Rules 14.3. Adding Technical Indicators 14.4. Using Expert Advisors 14.5. Keyboard Shortcuts 14.6. MT4 Mobile Application

13.3. How to Place an Order with MT4

With so many tabs, buttons and windows, the MT4 platform can seem a bit intimidating for the first time user. Don’t let it bog you down. You will realize after a few days of acclimatisation that MT4 is nothing but user friendly. In this lesson, we will focus on two basic topics:

  • How to Place an Order with MT4
  • How to Manage Existing Orders with MT4

Placing Orders With MT4

There are three ways by which you can place a trade/order via the MT4 platform:

Method 1 – Click on the “New Order” icon on the toolbar, which will pop open the order management window.

Method 2 – Right click on the chart of any asset you wish to trade and select “Trading” > “New Order.”

Method 3 – Press the F9 hot key on the computer keyboard.

Placing Market Orders With MT4

  • To enter a market order, you can press ‘F9’ on the keyboard. A dialogue box will appear. From the drop-down list, select the underlying asset you wish to trade.
  • In the “Order Type” drop-down list, select “Market Execution.”
  • Next, select “Volume” in terms of lot size.
  • Finally, enter whether you want to “BUY” or “SELL” the asset. A dialogue box will confirm whether your trade has been executed.

Placing Pending Orders With MT4

  1. Press F9.
  2. From the drop-down list, select the asset.
  3. In the “Order Type” drop-down list, select “Pending Order.”
  4. Enter whether you want to “BUY” or “SELL.”
  5. Next, you will be provided with 4 options: Buy Limit – if you want to enter long at a level lower than the current market price. Sell Limit – if you wish to go short at higher than current market price. Buy Stop – if you want to enter long at higher than market price. Sell Stop – if you wish to go short at a level below the market price
  6. After you have selected the order type, enter the “Price” at which you wish the trade to be executed, the lot size, the “Stop Loss” level and the “Take Profit” price.
  7. One unique feature of using a Pending Order is that you have the option to set an expiry time and date on the order.
  8. Finally, click the “Place” button to enter your trade. A confirmatory dialogue box will appear once the trade has been executed.

How to Modify Open Orders

To manage open trades, click on the “Trade” tab in the “Terminal” section of MT4. In there will be listed all of your trades, including the entry prices, lot sizes, stop loss levels, and profit targets.

To modify/add stop loss or profit target level:

  • Right click on the trade that you wish to modify and select the “Modify or Delete Order.”
  • Fill in the desired “Stop Loss” and/or “Take Profit” figures.
  • Once done, click the “Modify” button. A dialogue box should pop up to confirm that the trade modifications have been executed.

To close an open trade:

  • Right click on the trade you want to close and click “Close Order.”
  • If you wish to exit the entire position, select the “Yellow” button beneath the “BUY” and SELL” options.
  • After the position has been closed, your account balance will now reflect the profit or loss you incurred on the recently exited trade.

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