How To Place Trades On MetaTrader 4

How To Place Trades On MetaTrader 4

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:

  1. Double click a currency pair from the Market Watch window
  2. 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
  3. Set your Stop Loss and Take Profit levels if desired
  4. Set your order type and open your trade  
    1. If you are placing a Market Execution, you can open your trade simply by clicking Buy By Market or Sell By Market
    2. 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
    3. 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:

  1. Right click on your trade in the Terminal window
  2. 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!