How to open trading order in MT4
There are several ways to enable the orders window in MetaTrader 4. The easiest way is to right-click on an instrument from the "market" list and select "new order". If the selected instrument is already in the main platform window (on the chart), all you have to do is click the F9 button.
After opening the order window, depending on your forecast, you can place a buy or sell order. You will also choose the volume, i.e. the size of the order, and set the levels of take profit and stop loss orders. After pressing the buy or sell button, the order will be placed. The next thing you will see is a confirmation box which will inform you about the terms of the accepted order. If you have provided the correct transaction parameters, the order will be placed and it will appear in the "terminal" window.
How to place a pending order in MT4
MT4 also allows you to place pending orders, which assume the execution of a transaction only when certain conditions are met. The platform offers two types of orders - buy / sell limit and buy / sell stop.
- Pending stop orders assume opening a position only after breaking the indicated price level,
- Pending orders of the limit type assume opening a position only after the price has reached a given level.
In the order window you can (you don't have to) stop loss and take profit defense order levels. Their goal is to secure your capital and help you manage your risk. A stop loss order allows you to set a maximum loss level, the achievement of which will result in the closing of the order. By adding take profit to our order, we indicate the level at which we want to realize the profit achieved.