This Beginner’s Guide explains you how to get started on MT4 trading platforms.
There are multiple ways to open a new trade on the MT4 platform.
- Double-click on the desired instrument in the ‘Market Watch’ window, a ‘New Order’ window will automatically open.
- Right-click on the chart of an instrument you wish to trade, select ‘Trading’ then ‘New Order’.
- Select the chart of the instrument you wish to trade and press F9.
- Alternatively, simply click on the ‘New Order’’ button on the toolbar
You can set your parameters in the ‘Order’ window.
By default, it will display the instrument you opened it from, but you can always select another instrument from the ‘Symbol’ drop-down list.
In this window, you can also define the ‘Volume’ you wish to trade, measured in lots (1 lot = 100,000 units of currency), as well as defining your ‘Stop Loss’ and ‘Take Profit’ levels.
Once these levels are defined, they will appear as horizontal lines on the chart, at the corresponding price levels.
You can also select what type of order you would like to place; ‘Market Execution’ or ‘Pending Order’ (In this case you will need to define a price level for market entry).
MT4 Pending Orders
If you would like to open a position when the current price reaches a specific level, you will need to place a pending order from the ‘New Order’ window.
There are four types of pending orders:
- Buy Stop – an order to open a Buy position at a price higher than when the order was placed;
- Sell Stop – an order to open a Sell position at a price lower than when the order was placed;
- Buy Limit – an order to open a Buy position at a lower price than when the order was placed;
- Sell Limit – an order to open a Sell position at a price higher than when the order was placed.
Modifying a Position on MT4 platform
All your open trades can be seen in the ‘Terminal’ window at the bottom of the screen, under the ‘Trade’ tab.
Double-clicking on an order will open a window where you will be able to modify your ‘Stop Loss’ and ‘Take Profit’ levels.
Closing a Position on MT4 platform
There are two ways to close a trade via the ‘Terminal’ window.
- Right-click on the trade and select ‘Close Order’
- Click the ‘x’ next to ‘Profit’ and click ‘Close’ in the window that opens
One Click Trading on MT4 platform
‘One Click Trading’ is perfect for traders who want faster trading execution as it removes all other steps.
It can be enabled by clicking ‘Tools’ on the toolbar > ‘Options’ > ‘Trade’ > ‘One Click Trading’. Accept the Terms and Conditions and click ‘OK’ in the ‘Options’ window.
There are a few ways to open the One Click Trading panel:
- Click the triangle in the top left of the chart
- Press Alt+T while the desired chart is selected
- Right-click in the chart window and choose ‘One Click Trading’ in the pop-up menu