Knowledgebase: MetaTrader 4 Tutorials
New Order
Posted by on 11 July 2014 04:20 PM

To place an order (Sell or Buy), you have to open the “Order” window.

There are several ways how to open the order window:

  • By  pressing the <F9> shortcut keys, the order window will be opened according to the terminal settings.
  • Select a symbol that you want to trade from the  "Market Watch" window on the left side of your terminal and execute the "New Order New Order" command of the menu.
  • By double-clicking on the symbol you want to trade.

After execution the "New Order" command, the window below will appear (that is used for managing trade positions).

new order

 

There are some options that the New Order window allows you to set up:

·Symbol — select a security symbol for which the position is to be opened;

·Volume — specify the trade volume (amount of lots);

·Stop Loss — set the Stop Loss level (optionally);

·Take Profit — set the Take Profit level (optionally);

·Comment — write a comment (optionally). The comment length may not exceed 25 characters. The brokerage company may add a comment not above 6 characters long, or it can completely replace the existing one. After a position has been opened, the comment cannot be changed;

·Type — the execution mode specified by the broker for the given symbol is displayed in this filed on default. You can also choose the "Pending order" in the list here which allows you to go to placing a pending order.

·Enable maximum deviation from quoted price — enable/disable the use of deviation. If a broker re-quotes the price of order execution, the deviation of the new price from the quoted before will be calculated. At that, if the deviation is below or equal to the specified parameter, the order will be executed at the new price without any additional notifying. Otherwise, the broker returns new prices at which the order can be executed;

·Maximum deviation — the value of maximum permissible deviation in pips.

Once you have decided to buy or sell at the current price press the Buy or Sell buttons to open a long or short position. (After filling necessary parts you should click sell or buy button).

Then by clicking the “OK” button which will appear after the command, you will be able to place the order.

 

 

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