Why Choose MetaTrader 4 as Your Trading Platform

How to open trades and trade in MetaTrader 4: five ways

Feb 23 • Forex Trading Articles • 1324 Views • Comments Off on How to open trades and trade in MetaTrader 4: five ways

There are several ways to open and close trade transactions in the trading terminal.

  • First way. Press the “New order” functional button on the panel or use the F9 key.
  • Second way. Right-click on any area of ​​the price chart and enter the “Trade” menu.
  • Third way. Call the “Market Watch” window by clicking the button on the panel or the Ctrl + M keys. Right-clicking on the selected asset, go to the “Trade” menu.
  • The fourth way. Right-click on an arbitrary area of ​​the chart and press Depth of Market or Alt + B. In the window that appears, orders at the market price (Sell and Buy buttons), as well as pending orders Sell Limit (red tick down) and Buy are available for placing Stop (blue check mark up) for quotes in the red zone, Sell Stop (red check markdown) and Buy Limit (blue check mark up) for quotes in the blue zone. At the bottom of the Depth of Market, there are windows for placing Stop Loss and Take Profit orders, the volume of an open deal, as well as a button for closing an already open order. Please note that the Depth of Market is not included in the MetaTrader 4 platform‘s basic configuration and is presented in the terminal of Grand Capital.
  • Fifth way. In the same menu, invoked by right-clicking on the chart, press “One-Click Trade” or use the Alt + T key combination. In the upper left corner, there will be buttons for opening buy and sell orders, as well as a window for setting the deal volume.

The last two methods open separate windows for forming a trade order. In the first three ways, the “Order” window will appear. By default, you can open buy or sell deals at the current market price in it. In the “Type” tab, you can switch from market execution to pending orders.

There are options for setting the trading volume for all types of orders in the MT4 terminal, stop loss, and take profit levels. For pending orders, the function of setting the date is additionally implemented, after which the failed order will be deleted automatically.

After a trade has been opened in one of five ways, it will be displayed on the chart as three dashed lines:

  • the price at which the deal was opened;
  • stop-loss level;
  • take profit level.

Also, an open or pending order will be displayed in the “Terminal” window, which can be called from the “View” menu or by the key combination Ctrl + T.

By clicking on order in the “Terminal” window, you can call up a menu that allows you to:

  • open a new order;
  • close the order;
  • modify or delete an order;
  • activate the trailing stop function;
  • configure the display of profit (in points, in the order currency, in the deposit currency), etc.

Metatrader 4 is an easy and self-explanatory trading platform. The more you explore, the more you learn it.

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