How to Place an Order on MT4: Step-by-Step Guide


How to Place an Order on MT4

Trading on the MetaTrader 4 (MT4) platform is a popular choice for many traders due to its user-friendly interface and powerful features. One of the essential skills every trader should have is the ability to place an order. Whether you are a beginner or an experienced trader, this step-by-step guide will help you understand how to place an order on MT4.

Table Of Contents

To start placing an order on MT4, you first need to open the ‘New Order’ window. This can be done by right-clicking on the desired currency pair in the ‘Market Watch’ window and selecting ‘New Order’ from the dropdown menu. Alternatively, you can use the keyboard shortcut F9.

Once you have opened the ‘New Order’ window, you will see various fields that need to be filled out. The first field is the ‘Symbol’ field, where you can choose the currency pair you want to trade. Next, you need to select the ‘Volume’ field, which determines the size of your trade. It is essential to consider your risk tolerance and account balance when deciding on the volume.

After selecting the symbol and volume, you can choose the type of order you want to place. There are several order types available on MT4, including market orders, limit orders, and stop orders. Market orders are executed immediately at the current market price, while limit orders are executed at a specified price or better, and stop orders are executed at a specified price or worse.

Once you have selected the order type, you can set additional parameters such as the ‘Stop Loss’ and ‘Take Profit’ levels to manage your risk and potential profit. After entering all the necessary information, you can click on the ‘Sell by Market’ or ‘Buy by Market’ button to place your order. You will receive a confirmation message once your order has been successfully placed.

In conclusion, knowing how to place an order on MT4 is crucial for any trader. By following this step-by-step guide, you can confidently navigate the ‘New Order’ window and execute your trades efficiently.

Basic Features of MT4 Platform

The MT4 platform, also known as MetaTrader 4, is a widely-used trading platform in the forex market. It offers a wide range of features that make it an indispensable tool for both beginner and experienced traders. Here are some of the basic features of the MT4 platform:

1. User-Friendly Interface:

The MT4 platform has a user-friendly interface that is easy to navigate. Traders can easily access various features and tools from the main menu or the toolbar.

2. Customizable Charts:

The platform provides customizable charts that allow traders to analyze price movements and identify patterns. Traders can choose from different timeframes and add various technical indicators to their charts.

3. Multiple Timeframes:

Traders can switch between different timeframes, from 1 minute to 1 month, to analyze price movements from different perspectives.

4. Technical Analysis Tools:

The MT4 platform offers a wide range of technical analysis tools, such as trend lines, Fibonacci retracements, and oscillators. These tools help traders in making informed trading decisions.

5. Market Watch Window:

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The platform provides a market watch window that displays real-time quotes for various financial instruments. Traders can easily monitor the price movements of their favorite assets.

6. Trading Orders:

Traders can place various types of trading orders on the MT4 platform, including market orders, pending orders, and stop orders. This allows them to enter and exit trades at their desired price levels.

7. Expert Advisors:

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The MT4 platform supports the use of Expert Advisors (EAs), which are automated trading systems. Traders can create or install EAs to automate their trading strategies and execute trades automatically.

8. Mobile Trading:

The MT4 platform is available on mobile devices, allowing traders to monitor the market and execute trades on the go.

These are just some of the basic features of the MT4 platform. It offers a wide range of advanced features and tools that make it a powerful platform for Forex trading.

Importance of Order Placement

Order placement is a critical aspect of trading on the MetaTrader 4 (MT4) platform. It involves the process of executing trades by buying or selling a specific financial instrument at a certain price. The importance of order placement cannot be overstated, as it directly impacts the profitability and success of a trader’s trading strategy.

Accurate and timely order placement is vital for several reasons. Firstly, it allows traders to enter and exit the market at the desired price levels. This is crucial for implementing various trading strategies, such as trend following, breakout trading, or range trading. By placing orders at specific prices, traders can take advantage of market movements and potentially capitalize on profitable opportunities.

Secondly, order placement helps to manage risks effectively. Traders can set stop-loss and take-profit levels when placing orders, which automatically close positions at predetermined prices. This allows traders to limit potential losses and secure profits, even when they are not actively monitoring the market. Proper risk management is essential for preserving capital and avoiding significant drawdowns.

Furthermore, order placement enables traders to execute trades quickly and efficiently. The MT4 platform offers various order types, including market orders, limit orders, and stop orders. Each order type serves a specific purpose and allows traders to implement their trading strategies more effectively. With the ability to place orders swiftly, traders can capitalize on time-sensitive market opportunities and react promptly to changing market conditions.

Lastly, order placement helps traders maintain discipline and avoid emotional decision-making. By predefining entry and exit levels through order placement, traders can stick to their trading plan and avoid impulsive trading decisions based on emotions. Following a well-thought-out trading strategy and executing orders accordingly can significantly improve trading performance and consistency over time.

In conclusion, order placement is a fundamental aspect of trading on the MT4 platform. It plays a crucial role in entering and exiting the market at desired price levels, managing risks effectively, executing trades efficiently, and maintaining discipline. Traders should, therefore, strive to master the art of order placement to enhance their trading success.


What is the first step to place an order on MT4?

The first step to place an order on MT4 is to open the ‘Order’ window. This can be done by right-clicking on the chart or by using the keyboard shortcut F9.

How do I select the type of order?

After opening the ‘Order’ window, you can select the type of order by choosing from the options available in the ‘Type’ dropdown menu. The options include market orders, pending orders, stop orders, and limit orders.

What information do I need to enter in the ‘Order’ window?

In the ‘Order’ window, you will need to enter the volume or lot size of the order, the stop loss and take profit levels (if desired), and any additional order comments. You will also need to select the desired level at which to trigger the order.

How do I finalize and place the order?

Once you have entered all the necessary information in the ‘Order’ window, you can finalize and place the order by clicking on the ‘Sell’ or ‘Buy’ button, depending on the direction of the trade. The order will then be executed and opened in the market.

Can I modify or cancel an order after it has been placed?

Yes, you can modify or cancel an order after it has been placed. To do this, you will need to find the order in the ‘Terminal’ window, right-click on it, and select the desired action. You can modify the order’s stop loss and take profit levels, or you can cancel the order altogether.

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