In our previous article ( Types of Forex orders ), we talked about the different types of orders that can be used to operate the market. In this article, you'll learn how to place and manage these orders using the trading platform MT4. This article specifically teaches the following aspects of order management:
- How to place orders?
- How to manage existing orders?
At the end of this article, operators will be able to confidently place different types of orders and manage both pending orders and open operations. But before we begin, let's take a quick look at the MT4 platform and order management window.
Órdeneses placement with MT4 - Order Management Window
There are several ways in which you can place orders / operations through MT4 trading platform.
Method 1: Click the icon "New Order" in the toolbar of the platform to open the MT4 orders.
Window Order MT4 Metatrader 4 platform the broker XM
Method 2: Click the right mouse button on the chart, select ' Trading' and choose the appropriate selection:
Second option for opening orders by clicking the right mouse button on the chart
Method 3: Click the key 'F9' which serves as a shortcut key to open the command window.This is a very fast method and once the trader learns the use of the 'F9' key is much easier and faster to open the command window.
Method 4: And finally, the fourth method is to use 'function One Click Trading ' MT4 (build 600) showing the button Buy / Sell directly in the upper left corner of the chart. To enable this feature, you must click the right mouse button on the chart and then select the " Trading with a single click ", as shown in the picture above. One can also use the key combination Alt + T .When you select this option the first time, you will have to accept the terms and conditions before using this feature. Note that this feature allows you to place orders with just one click and, therefore, should not be used unless you really know what you are doing.
As you probably know, we can place market orders and limit orders. Let 's look at this in more detail below.
Placing market orders with MT4
To place a market order, you can press 'F9' from your keyboard to open the order management.Here, you can select:
- Lot Size (What is a lot?)
- Stop loss
- Take Profit (Take profit)
Finally click ' Buy ' or ' Sell '.
Order MT4 window with a market order ready to be placed
Once the order has been placed, a confirmation message will appear in the window managing orders .
You can also view your order executed in the 'section Terminal ' MT4.
Open operations management
Open operations can be managed so that you can change levels Stop Loss and Take Profit and partially close operations (if the operation is over 0.01 batch).
To manage the open trades, click the right mouse button in the open position in the section 'Terminal' MT4 and select " Modify or delete order 'from the menu. This will open the "window order management ", which allows you to change the levels of stop loss and take profit target.
Window MT4 Order Management
To close an open operation with a market order, click the ' X' next to the open or click the right mouse button on the order and select 'Order Close Order' (which works when the "function enables One Click Trading ") which opens the " window order management "with the option"Close "operation at market price.
How to place pending orders with MT4?
Using limit orders with Metatrader 4
To place pending orders or limit with MT4, follow the same procedure described above and enter the price Input / Stop / Target . To do this, press ' F9 ' change ' Instant Execution' to 'Pending Order ' and complete price levels. Select Buy or Sell Limit or orders Stop.
Order management window to place pending orders
You can also set the expiration time limit orders or leave this setting unchecked to keep open pending limit order without any due time. Following the successful placement of a limit order, the window managing orders will display a confirmation screen, as in the case of market orders.
To change the slope limit order, you can click the right mouse button on the pending order and follow the same procedure mentioned above to manage the open trades.
As you can see, order management is very simple and easy with the MT4 trading platform. With a little practice, traders may be able to manage / placing market orders and limit orders easily.