How to use MetaTrader 4
MetaTrader 4 is the most popular platform used by thousands of traders worldwide. You can use MetaTrader 4 to trade effectively and experience its numerous features for free.
How does Metatrader 4 work?
The key option of every trading app is an ability to open and modify orders on Forex. Below is a brief manual on how to create and change settings of your orders in MetaTrader 4.
a)Create a new order
There are three simple ways on how to create your first order in MT4:
- Right-click on your currency pair in "Market Watch" pop-up window and select "New Trade"
- Right-click on the active chart and choose Trade-New Order
- Click on "New Order" in the toolbar.
When you have already opened your order, first of all you will need to fill out some information:
- Symbol: a corresponding tick chart will pop-up in the left side panel.
- Volume of lot size: 1.0 is always equal to 1 lot, or 100,000 units. Experienced traders usually select smaller volumes
- Take Profit and Stop Loss: are used to minimize risks when you cannot access your account for any personal reasons
- Type, Market Execution or Pending Order: enter the desired entry price here.
- Buy by Market or Sell by Market: choose your preferable trade direction.
b) Modify an existing order
The new window will appear on your screen, where you will be allowed to take profit levels or specify a stop loss in your MT4.
Use "Copy As" buttons to populate both the take profit and stop loss fields with the current price. Since you’ve specified the valid levels, you can enter the trade by clicking on the bar at the bottom of your screen. It will be highlighted only in case you’ve entered valid value for take profit and stop loss; otherwise, the bar will be inactive.
When you successfully specified both stop loss and take profit, they will appear in the chart in the form of horizontal lines at the following levels of price.
A trailing stop can be also added in connection with stop loss order that will allow to move the stop level. To add a trailing, just right-click on the opened position in the "Trade" of your Terminal, choose "Trailing Stop" and the needed stop level.
c) Close orders
A certain trade will be closed when the price reaches the take profit, stop loss or trailing stop level. However, your trade can be also closed any time by choosing the trade in the "Trade" tab and clicking on the "Close Order" option.
Note: the trades can be also closed by opening an opposite position. For example, if the trade is long 100.0 EURUSD that position can be successfully closed by opening a short 100.0 EURUSD position. Sometimes this method is called a stop-and-reverse method.
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