In this MetaTrader 4 tutorial you will learn how to…
- Open and close a trade
- Enter a stop loss level
- Enter a take profit level
- Enter a pending order
- Cancel a pending order
This guide assumes that you have opened a chart.
Open a trade in MT4
The fastest way to open the Order window is by using its short cut < F9 >.
You need to take care that the chart of the currency pair you want to trade is active.
Setting up the order in the order window
When the Order window is opened, you can set up the options for your order.
As a result, the order is filled.
How to close a trade
If you want to close a position manually, complete the following:
Open the terminal window
You can open the terminal window by clicking on the Terminal icon on the Standard Toolbar at the top menu (open the toolbar like described above).
Close the trade
1. Click on the trade tab in the terminal window.
2. Right-click on the position you want to close
3. Click on Close Order.
4. Click on the yellow bar with the caption (Close # …)
Afterwards the order should not appear in your terminal anymore.
Every trader needs a trading journal. As a Tradimo user, you qualify for the $30 discount on the Edgewonk trading journal. Simply use the code “ tradimo” during the checkout process to get $30 off. Use this link to get the discount.
Edit an order
If you want to edit an order, you can use a similar approach as above. At first, you need to make sure the Terminal is open and you are in the Trade tab.
- Right-click on the order you want to modify.
- Click on Modify or Delete Order.
In the order window you can now change several parameters, like Comment, Take Profit or Stop Loss.
Enter a stop loss
If you want to enter a stop loss level, you need to click into the parameter field Stop Loss and enter the specific stop loss level you want to give to the order. (Depending on your broker, the stop loss level needs to be a certain amount of pips away from the current price.)
Enter a take profit
If you want to enter a take profit level, you need to click into the parameter field “Take Profit” and enter the specific take profit level you want to give to the order. (Depending on your broker, the Take Profit level needs to be a certain amount of pips away from the current price.)
When you have finished your modifications, you can save the new settings by clicking on the blue button at the bottom (which will only become blue when you change at least one parameter).
Enter a pending order
If you want to enter a pending order, you need to open the Order window as shown above. Afterwards you select Pending Order for the parameter Type. Additional parameters will appear in the window.
Click on Place to commit the pending order.
Example of entering a pending order
As an example, we open a new pending order here with a Sell Stop Entry. When the price drops below the set level, the order will be filled.
Cancel a pending order
If you want to cancel a pending order you need to open the Order window again <F9>.
In the terminal window:
- Right-click on the order which you want to cancel.
- Click on Modify or Delete Order
3. Click on the yellow button Delete.