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January 29, 2018

XM, Beginners Guide: How to create a New Order on MT4 trading platform

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There is a number of parameters you must setup for your order to be submitted.

Placing a trade in MetaTrader4 (MT4) is quick and easy.

First a “new order” must be created, and the fastest way to do so is to hit the “F9” shortcut on your keyboard.

Alternatively, from the upper toolbar select “Tools” then “New Order,”and the new order dialogue will appear.

The next step involves reviewing the following six parameters before either buying (long) or selling (short) or cancelling the order.

  1. Choose the instrument available from the drop-down list under “Symbol” that you wish to trade.
  2. Select the the “Volume” amount which will determine the trade size and resulting pip or point value and any resultant profit or loss that may occur.
  3. Optionally add a Stop-Loss value “Stop Loss”value and/or “Take Profit”(Limit) Value, which will trigger the trade to close early in the event either of such values are reached.
  4. Optionally add a “Comment” in the comment field
  5. Choose whether the order “Type” will be a “Market Execution” type order (to execute immediately at the available market price) or select “Pending Order”and an additional set of parameters (pending type, price, and expiry) will appear for pending order-type trades.
  6. Within the “Market Order” box, click the order “Type” drop-down and select “Market”. By default, the order type is set to “Market”.
  7. Review all selected parameters and then to confirm the order-click the red highlighted button to either “Sell by Market” which will submit the order to establish a short (selling) position, or click the blue highlighted button to “Buy by Market” which will submit the order to establish a long (buying) position. If neither buy/sell button is highlighted, the market hours for that trading instrument may have caused it to be closed, or one of the parameters may be invalid. Finally to cancel the order, simply X-out the window by clicking on the X in the top right corner of the window.

After an order is submitted successfully, an “Order Confirmation” window will appear, then the order/trade will be visible from the “Trade” tab of the “Terminal” view and  from which it can be managed from.

For more navigation tips and shortcuts, see the MT4 user guide from within the platform, by clicking F1, or download it from MetaQuotes using the following link.

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