Placing an Order
Once the Order window has been opened, traders can enter information into fields and make selections from drop-down lists to prepare the trade order. Traders must specify the:
Symbol from the drop-down list at the top (this will automatically be set to the symbol on the active chart). A corresponding tick chart appears in the left pane that displays current prices.
Volume in terms of lot size. 1.0 is equal to 1 lot, or 100,000 units. Many traders elect to trade in smaller volumes, such as 0.1.
Stop Loss and Take Profit if the platform supports this option. If MT4 is downloaded through certain brokers, these fields will be user-definable. Otherwise, these fields will remain blank (but these orders can still be entered later).
Comment, if desired. Traders can enter text in the Comment field that will be assigned to the order.
Type, either Market Execution (a market order) or Pending Order (a limit order; discussed more in the Pending Orders section) where the trader can specify the desired entry price.
After these fields have been specified, the trader can:
Click "Sell by Market" or "Buy by Market", depending on the desired trade direction, to place the trade.
Click "Okay" to close the window.
If a Pending Order is selected, select the type of order from the drop-down menu. Available order types include:
Next, specify the price at which the order will trigger by entering the value next to the at price field, as shown in Figure 4. To avoid manually entering the price, click on the up or down arrow next to the price field to fill in the current price, and make adjustments as necessary.
How do you close a trade?
The trade will close once price hits the stop loss, trailing stop or take profit level. The trade can be closed at any time by highlighting the trade in the Trade tab of the Terminal, right-clicking and selecting "Close Order," as shown below. This window can also be opened by double-clicking on the trade in the Trade tab of the Terminal.
How do I Modify a Pending Order?
To modify a pending order follow the below steps
What is a Trailing Stop?
A stop order that can be set at a defined percentage away from a security's current market price. A trailing stop for a long position would be set below the security’s current market price; for a short position, it would be set above the current price. A trailing stop is designed to protect gains by enabling a trade to remain open and continue to profit as long as the price is moving in the right direction, but closing the trade if the price changes direction by a specified amount. Dynamic Trailing Stops which move your stop every 0.1 pips the market moves in your favor 0.1 pips. The 0.1 Pip move cannot be changed.
For example, let’s say we set our dynamic stop initially at -10 pips and then the trade moves in our favor 1 pip. Our stop would move 1 pip from -10 pips to -9 pips
How do I place a Trailing Stop?
To place a trailing stop on a running trade right click on the trade in the terminal, go down to trailing stop and then select a distance or go to custom. 1 pip = 10 points.
How Do you Place a Trade?
Opening the Order Window
The MetaTrader 4 Order window is used to place trades. The Order window can be opened using any of the following methods.
1. Right-click on a currency pair in the Market Watch window and select "New Trade"; or
2. Right-click on an active chart and select Trade > New Order; or
3. Click on the "New Order" button in the toolbar, or
4. Press the F9 hot key on the computer keyboard.
I Lost Connection on my Platform - Is My Trailing Stop Still in Place?
A Trailing Stop order is managed by the client's trading platform, whereas Stop Loss and Take Profit orders are controlled by the server. Accordingly, a Trailing Stop order will only remain active when MetaTrader is running and connected to the internet. Once you close MetaTrader, your Trailing Stop order will be deactivated, but your Stop Loss order will remain active, assuming it was placed earlier than the Trailing Stop.
If one click trading is enabled you should also see an X at the end of the trade line which can be used to close the trade.
How do I partially close a position?
Please follow the below steps: