If you are new to the financial market, want to place orders on MT4 to earn profits but do not know how, 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:
- Click the “New Order” button on the toolbar.
- Access “New Order” from the “Tools” drop-down menu.
- Press F9.
- Right-click on an instrument in the “Market Watch” window and select “New Order“.
- Double-click the symbol name in the “Market Watch” window.
- Or enable one-click trading.
Proceeding with one of the following options, the “Order” window will appear, which is used to manage trading positions.
Here you can enter location information as your preference, including:
- Symbol: Choose an instrumebnt symbol for which you want to place the location.
- Volume – Enter the trading volume (number of lots).
- Stop Loss – Sets 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 symbol provided by default (usually market execution). You can also select “Pending Order” from the drop-down menu to proceed with placing a pending order.
- Enable maximum deviation from the quoted price – Enable/disable the use of variance – enable/disable the maximum variation from the quoted price. When a broker requotes the price of the execution of the order, the difference between the new price and the previous price is determined. If the change is less than or equal to the indicated parameter, the order will be processed at the new price without further notification. Otherwise, the broker will return new prices at which the order can be fulfilled.
- Maximum deviation: the pip value of the maximum allowable deviation.
After adjusting the above parameters, click “Sell” or “Buy” to open a short or long position respectively.
If the Stop Loss or Take Profit you have set is too close to the price at the moment, you will see the message “Invalid S/L or T/P”. It is essential to adjust the levels from the current price and request the order placed again. After the brokerage firm has made an exchange and established Stop Loss and Take Profit, a trading 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 open 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 you signed up with. And it is also different between the tools.
The trading size is calculated based on the volume on MT4. Right-click on that asset > select Specify > 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 the moment you are looking at the chart.
- Pending Order: Unlike a market order, a pending order is an order that you will wait to buy/sell at the desired price, not at the current market price. Pending orders are divided into 4 types: Buy Limit, Sell Limit, Buy Stop, Sell Stop.
How can orders be executed?
There are two ways of executing trading orders when trading on MT4:
- Instant execution – is a method of order execution where an order is executed exactly at a specified price or will not be processed if there is a large price movement when placing or executing the order. The order will not be closed/opened without confirmation by the trader of a specific price. In other words, you’ll probably need to get a requote. Newbies often like this type of execution, because for them precise execution is very important.
- Market Execution – An open order at the current market price in all cases. This method is faster and typically ensures order execution. It should be noted that while the market is shaking strongly, there can be large fluctuations. Then, the order will be processed 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 the market price.
Once the order has been issued, the window will show the results of its execution, including whether the transaction was successful or why it was not. The trading window is quickly closed without the result of execution when the “One-click trading” option is activated and completed.