Opening a trade is the same as opening a position in the forex using the Metatrader 4. This basically is the process of initially buying or selling of a certain amount of the symbol you are trading. In the Metatrader 4, this could be done via execution of a market order or possibly the automatic triggering of a pending order. Now let us take an example of opening a trade using market order.
First you will have to select the "Tools--New Order" menu command. There is also the choice of selecting the button in the "Standard" toolbar, press F9 or double click on the symbol name which is within the "Market Watch" window. You also have the option of executing the "New Order" in the context menu in the "Market Watch" window or select "Terminal --Trade". After you have selected this, you will see the "Order" window which carries the fields below.
Symbol:This is the Symbol for which the position is to be opened; Volume: This specifies the amount of lots making up the trade volume; Stop Loss: If you like, this sets the Stop Loss level; Take Profit: This sets the Take Profit level should you choose to.
Note: It is necessary to note that a situation where the zero values are submitted within the stop loss and take profit field prompts the stop loss or profit take levels not to be set.
Comment: If you like, you can write a comment but the length may not be more than 25 characters.
Enable maximum deviation from quoted price: this is to enable or disable the use of deviation. Should a broker requote the price of order execution, the deviation of the new price from the former one quoted will be estimated. If the deviation is equal or below the specified parameter, the order will be executed at the new price without any further notifying.
Remember that when an order is executed at request, you are obliged to select the request button and wait to be quoted.
When you are through filling all the needed fields, you will now specify whether you are buying or selling by clicking on the sell or buy button. Below are steps illustrated with pictures to aid a better understanding
We have three ways to open a new "Order" window: 1) In the "Market Watch" window; 2) On an active chart; 3) In the toolbar.
MT4 Order Window
You can Right-click on the trade in the "Trade" tab of the Terminal to modify or delete the order.
You can add stop loss and take profit (profit target) orders to an open order.
First you will have to select the "Tools--New Order" menu command. There is also the choice of selecting the button in the "Standard" toolbar, press F9 or double click on the symbol name which is within the "Market Watch" window. You also have the option of executing the "New Order" in the context menu in the "Market Watch" window or select "Terminal --Trade". After you have selected this, you will see the "Order" window which carries the fields below.
Symbol:This is the Symbol for which the position is to be opened; Volume: This specifies the amount of lots making up the trade volume; Stop Loss: If you like, this sets the Stop Loss level; Take Profit: This sets the Take Profit level should you choose to.
Note: It is necessary to note that a situation where the zero values are submitted within the stop loss and take profit field prompts the stop loss or profit take levels not to be set.
Comment: If you like, you can write a comment but the length may not be more than 25 characters.
Enable maximum deviation from quoted price: this is to enable or disable the use of deviation. Should a broker requote the price of order execution, the deviation of the new price from the former one quoted will be estimated. If the deviation is equal or below the specified parameter, the order will be executed at the new price without any further notifying.
Remember that when an order is executed at request, you are obliged to select the request button and wait to be quoted.
When you are through filling all the needed fields, you will now specify whether you are buying or selling by clicking on the sell or buy button. Below are steps illustrated with pictures to aid a better understanding
We have three ways to open a new "Order" window: 1) In the "Market Watch" window; 2) On an active chart; 3) In the toolbar.
MT4 Order Window
You can Right-click on the trade in the "Trade" tab of the Terminal to modify or delete the order.
You can add stop loss and take profit (profit target) orders to an open order.
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