how to trade using mt4
The Most Popular Trading Platform
How to trade forex using MT4?
There are 2 ways to perform a trade using Metatrader4 (MT4):
1. Instant Execution
2. Pending Orders
Below is how an MT4 screen would look like. To execute a trade, double-click on the counter (1) that you want under marketwatch column.
Upon double-clicking, an order box would show up. First set the number of lots to trade (2). To perform a BUY you only need to click on the blue bar (BUY) and to perform a SELL you need to click on the red bar (SELL).(3)
After executing a BUY order, you would then get a confirmation as shown below.
You can also check your executed trades under the “TRADE” tab at the bottom of the MT4 platform. (4)
To place STOP LOSS or TAKE PROFIT then simply double-click on that order (5). On the order box that shows up, choose the ORDER type, in this example MODIFY ORDER (6). There are 2 ways to set Stop Loss and Take Profit prices. You fill in your desired price or you take the level offered by the system (which is COPY AS)(7).
To use the price offered by the system just click on COPY AS as shown above, and that price will be automatically copied into the STOP LOSS slot underneath it. After everything is ok, click on the blue bar which says “Modify #………………….”
However, if you do not wish to use the price offered and want to use your desired price then simply fill in your desired price in the STOP LOSS and TAKE PROFIT slots(7). Click on the blue bar to proceed and confirm.
Our BUY position at 1.1255 now have STOP LOSS level set at 1.1200 and TAKE PROFIT set at 1.1350.
If the desired price is not yet seen, you can place a PENDING ORDER. Double-click on the counter under marketwatch column, then choose TYPE: PENDING ORDER(1), next choose SELL LIMIT or BUY LIMIT (2) and finally set the PRICE(3). After everything is ok, click PLACE.
As can be seen below, you now have 2 orders. One from the instant execution (BUY 1.1255) and the other a pending order BUY LIMIT at 1.1150 (4)
A PENDING ORDER that is not yet filled can also have its STOP LOSS and TAKE PROFIT attached to it. By double-clicking on the PENDING ORDER, an order box will show up. Fill in the STOP LOSS and TAKE PROFIT levels (5), then click MODIFY(6).
Once the STOP LOSS and TAKE PROFIT levels have been placed, you will get a confirmation. Pending order with its STOP LOSS and TAKE PROFIT indicates that when this BUY LIMIT is filled, it will automatically have its STOP LOSS and TAKE PROFIT. (7)