How to Place an Order on MT4 Mobile App?
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MetaTrader 4 is fully compatible with mobile devices. You can easily download it and place orders on MT4 mobile app, which is more convenient and effective during the trading process. To place new positions on MT4 mobile app, please follow the instructions below:
How to place market orders on the MT4 mobile app?
Step 1: Go to the Quotes tab and tap on an instrument of your choice.
If your favorite instrument is not displayed on the screen, tap on (+) at the upper right corner of the screen -> choose asset group and the particular instruments -> tap (+) on the left of your desired instrument. Or use the search bar at the top of the screen to search more quickly.
Step 2: Select “Trade”. Then a table will appear with sections as follows:
- Order Types – MT4 mobile app defaults to a market-based order (Market Excecution), which means our order will be executed according to the price at that time.
- Trading Volume – Looking at the bar above you will see that the minimum trading volume displayed is 0.01 lot. Click on + 0.01 or +0.1 to increase the trading volume. And click on -0.01 or -0.1 to decrease the trading volume.
- Stop loss & Take profit (optional) – Stop Loss (SL) and Take Profit (TP) are limit orders that precisely set the price level at which a position is automatically closed to avoid losses or lock in profits.
Step 3: Fill in the above values, then click Buy or Sell depending on your strategy to open a new order.
Note: It is vital for traders to manage their trading volume well to avoid the risk of account burnout, trading volume must be proportional to the amount of money you have, if you only have 100 USD then you cannot Win 1 lot, because doing so is killing your account. If you are a newbie, you just need to play a small 0.01 lot first to get used to the market, later if you have a large capital, you can increase the volume later.
How to place pending orders on the MT4 mobile app?
In addition to placing new positions at market price (Market Execution), you can also place a pending order on the Metatrader4 mobile app.
Placing a pending order on the MT4 mobile app is similar to placing a market order, only in the step of choosing the “Order Type” section, you need to switch to Buy Limit, Sell Limit, Buy Stop, or Sell Stop.
Next, a pop up will be shown with some sections as below:
- Price – specify the price level at which the order must be executed.
- Stop Loss & Take Profit.
- Expiration – specify the order’s expiry date and time. If the order has not triggered by this time, it will be automatically deleted.
Then tap “Place” to open a new pending order.
What are the types of pending orders available on MT4
Pending orders on MT4 are divided into four types:
- Buy Limit: Select “Buy Limit” when you want to buy at a lower price than the current price. It is possible to place a Buy Limit order at the price you want, in this case, it may or may not be filled, depending on whether the market runs to the price you set or not.
- Sell Limit: Click “Sell Limit” when you want to sell at a price lower than the current price. You can place a Sell limit order at the price you want, it may not be executed, depending on whether the market runs to the price you set or not.
- Buy Stop: Choose “Buy Stop” when you want to buy at a price higher than the current price. It is possible to place a Buy Stop order at the price you want, in this case it may or may not be filled, depending on whether the market runs to the price you set or not.
- Sell Stop: Tap “Sell Stop” when you want to sell at a price higher than the current price. You can place a Sell Stop order at the price you want, it may not be executed, depending on whether the market runs to the price you set or not.
How do I see my open and pending positions on my MT4 mobile?
Go to the ‘Trade’ tab, you can view any open positions under the ‘Positions’ heading and pending positions under the ‘Orders’ heading.
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