How to Place an Order on MT4?

TutorialsJanuary 17, 2022

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If you are new to the financial market, you want to place orders on MT4 to earn profits but don’t know how, please follow the instructions below:

How to place a market order on MT4

A new order can be opened in several ways on the MT4 terminal, such as:

  1. Click on ‘New Order’ button on the toolbar.
  2. Access ‘New Order’ from the ‘Tools’ drop-down menu.
  3. Press F9.
  4. Right-click an instrument in the ‘Market Watch’ window and select ‘New Order’.
  5. Double-click on the symbol name in the ‘Market Watch’ window.
  6. Or enable one-click trading.

By proceeding with any of the below options, the ‘Order’ window, which is used to manage trade positions, will appear.

How to place orders on MT4?

Here you may enter the information of the position as your preference, including:

  • Symbol – Choose a instrumebnt symbol for which the position you want to place.
  • Volume – Fill in the trade volume (number of lots).
  • Stop Loss – Set the Stop Loss level (optional).
  • Take Profit – Set the Take Profit level (optional).
  • Comment – leave a comment (optionally). The maximum length of the comment is 25 characters.
  • Type – This field displays the execution mode selected by the broker for the provided symbol by default (usually market execution). You can also select “Pending order” from the drop-down menu to proceed to putting a pending order.
  • Enable maximum deviation from quoted price – Enable/disable the use of variance – enable/disable the maximum variation from the quoted price. When a broker requotes the price of order execution, the difference between the new price and the previous price is determined. If the variation is less than or equal to the given parameter, the order will be fulfilled at the new price without further notification. If this is not the case, the broker will return new pricing at which the order can be filled.
  • Maximum deviation – the pips value of the maximum allowable deviation.

After adjusting the above parameters, click “Sell” or “Buy” to open a short or long position, respectively.

Notes:

If the Stop Loss or Take Profit you have set is too close to the price at the moment, the message “Invalid S/L or T/P” will be shown. It is essential to adjust the levels from the current pricing and re-request the order being placed. After the brokerage firm has made a trade and established Stop Loss and Take Profit, a trade position will be opened. The open price, Stop Loss, and Take Profit levels will be displayed on the chart, and the status bar of the opened position will appear in the “Terminal – Trade” tab (if the “Show trade levels” option is enabled).

What is the minimum trading size on MT4?

The minimum trading size depends on the broker with which you signed up. And it is also different between instruments.

The trading size is calculated by volume on MT4. Right-click on that asset > select Specification > Contract size to know the minimum trading volume.

In addition, if you do not have enough money, you can also use leverage to trade larger volumes than you have.

What order types are available on MT4?

There are two types of trading orders on MT4:

  • Market Order: An order to buy or sell at the best price at the moment when you are looking at the chart.
  • Pending Order: In contrast to a market order, a pending order is an order that you will wait to buy/sell at your desired price, not the current market price. Pending orders are divided into 4 types: Buy Limit, Sell Limit, Buy Stop, Sell Stop.
How to place an order on MT4?

In which way orders can be executed?

There are two execution modes of trading orders when trading MT4:

  • Instant Execution – is an order execution method where an order is executed exactly at a specified price or will not be filled if there is a large price movement during the order placement or execution. The order will not be closed/opened without the trader’s confirmation of a specific price. In other words, you will probably have to get a re-quote. Newbies often like this type of execution, because for them precise execution is very important.
  • Market Execution – An order opened at the current market price in all cases. This method is faster and typically guarantees order execution. It should be noted that while the market is shaking strongly, there can be big fluctuations. Then, the order will be filled but at the new price. The market price may be lower or higher than the indicated price. However, a trader still has the opportunity to close the order and make a profit. Traders who prioritize opening positions will choose Execution at market price.

Once the order has been issued, the window will display the results of its execution, including whether the transaction was successful or why it was not. The trading window is quickly dismissed without the execution result when the “One-click trading” option is activated and completed.

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