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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”)

Place New Order in Tools Menu On Metatrader 4 Forex Trading Platform

 

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.

Placing a New Market Order Setup Window on Metatrader 4 Forex Platform

 

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The Following Settings are specified for placing a new order:

  1. Symbol – Specify the currency pair to be traded.
  2. Volume – The Number of Lots to be transacted
  3. Stop Loss – Set Stop Loss, This option can be set after opening the trade, or for pending orders
  4. Take Profit – Set Take Profit, This option can be set after opening the trade, or for pending orders
  5. Type: Market Execution or Pending Order
  6. Sell by Market – Open a Sell Trade
  7. 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.

  1. Buy Limit
  2. Sell Limit
  3. Buy Stop
  4. Sell Stop

These options are shown below:

Setting Pending Orders Window for Buy and Sell Entry and Limit Orders

 

To learn how to set up these pending orders read the articles:

· Setting up Buy Limit and Sell Limit on MetaTrader 4

· Setting up Buy Stop and Sell Stop on MetaTrader 4

 

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.

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