Brand new to forex trading? Feeling a little lost on your MetaTrader 4 platform? Wondering how, exactly, to open and close trades? Don’t worry! We’ve created this online guide to help you through the process.
Opening A Trade:
- Double click a currency pair from the Market Watch window
- On the Order window that pops up, select the volume (size) of your forex trade. Do note that you can trade anything from a small fraction of a lot to multiple lots
- Set your Stop Loss and Take Profit levels if desired
- Set your order type and open your trade
- If you are placing a Market Execution, you can open your trade simply by clicking Buy By Market or Sell By Market
- If you want to open an order via Instant Execution, pick a currency pair with the suffix -m (e.g. EURGBPm) from the Market Watch window
- If you are using a Pending Order, simply select the type of order you want, your desired price, and an expiration period (if desired), and click Place
Closing A Trade:
If you want to manually close a trade, just follow these steps:
- Right click on your trade in the Terminal window
- Click Close Order in the Order pop-up menu
Alternatively you can simply click on the cross on the right-hand side of your order in the Terminal window.
That’s all there is to it!
Ready to try forex trading on MT4? Open an account and try it now!