How to Place a New Oil Trading Order in Tools Menu in MT4 Software
A new order to buy or sell a trade can be found on the tools menu that is within the MT4 Platform. The Button key for placing a new trade is displayed below. (Key board Short-Cut Keys "F9")
Placing a New Oil Order
As a oil trader, once you select the new order button key as displayed above the following popup panel will pop-up. This pop up panel includes the settings for placing a new trade.
The Following Settings are specified for placing & setting a new order:
- Quote - Specify the instrument to be traded.
- Volume - The Number of Lots to be transacted
- Stop Loss Crude Oil Order - Set StopLoss Oil Trading Order, This option can be set after opening trade, or for pending oil trading orders
- Take Profit Crude Oil Order - Set Take Profit Oil Trading Order, This option can be set after opening trade, or for pending oil trading orders
- Type: Market Execution or Pending Oil Trading Order
- Sell by Market - Open a Sell Trade
- Buy by Market - Open a Buy Trade
To Buy at current crude oil price hit the Buy by Market button
To Sell at current crude oil price hit the Sell by Market button key
Setting Pending Crude Oil Trading Orders
To Set a pending trade at another oil price, Change the "Type" option from "Market Execution" to "Pending Oil Trading Order" as shown below.
A menu list will appear & illustrate the following options.
- Buy Limit Oil Trading Order
- Sell Limit Oil Trading Order
- Buy Stop Crude Oil Trading Order
- Sell Stop Oil Trading Order
These options are shown below:
To learn how to set up these pending oil orders read lessons:
Setting up Buy Limit Oil Order and Sell Limit Oil Trading Order on MT4
Setting up Buy Stop Oil Trading Order & Sell Stop Oil Trading Order on MT4
Once you choose the type of pending oil trading order to place: then tap and click the "Place" button as shown on the above screenshot to complete the setup.
