Place New Order in Tools Menu On MetaTrader 4 Forex Platform
A new order to buy or sell a trade can be found on the tools menu within the MetaTrader 4 Platform. The button for placing a new trade transaction is shown below. (Short Cut Keys “F9”)
Placing a New Order
As a trader, once you select the new order button as shown above the following popup window will appear. This popup includes the settings for placing a new trade.
The Following Settings are specified for placing a new order:
- Symbol – Specify the currency pair to be traded.
- Volume – The Number of Lots to be transacted
- Stop Loss – Set Stop Loss, This option can be set after opening the trade, or for pending orders
- Take Profit – Set Take Profit, This option can be set after opening the trade, or for pending orders
- Type: Market Execution or Pending Order
- Sell by Market – Open a Sell Trade
- Buy by Market – Open a Buy Trade
To Buy at current price hit the Buy by Market button
To Sell at current price hit the Sell by Market button
Setting Pending Orders
To Set a pending trade at another price, Change the “Type” option from “Market Execution” to “Pending Order” as shown below.
A menu list will appear and show the following options.
- Buy Limit
- Sell Limit
- Buy Stop
- Sell Stop
These options are shown below:
To learn how to set up these pending orders read the articles:
Once you select the type of pending order to place; then click the “Place” button as shown on the above screenshot to complete the setup.