The ChoosaBroker Trading Academy
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:
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
- Press F9.
- From the drop-down list, select the asset.
- In the “Order Type” drop-down list, select “Pending Order.”
- Enter whether you want to “BUY” or “SELL.”
- 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
- 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.
- One unique feature of using a Pending Order is that you have the option to set an expiry time and date on the order.
- 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 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.