MT4 Basics: How to Set Orders

Using MetaTrader 4 (MT4): A Beginner’s Guide to Placing and Managing Trades

Now that your MT4 account is all set up, it’s time to learn how to actually use it!

We get it—at first glance, MT4 might look a bit overwhelming with all its buttons, tabs, and charts. But don’t worry. It’s easier than it looks, and we’ll guide you through each step, nice and easy.

Let’s begin with the basics: how to place and manage trades.

By the end of this lesson, you’ll know how to:

• Place trades using Market Execution

• Set up trades using Pending Orders

• Modify and close existing trades

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🔹 How to Place a Market Order

1. Click the “New Order” button in the toolbar.

2. In the pop-up window:

   • Choose the currency pair you want to trade.

   • Under Order Type, select Market Execution.

   • Enter your position size in the Volume field.

     Reminder: 1.00 = 100,000 units. So 0.05 = 5,000 units.

   • (Optional) Add a note in the Comment field.

3. Click BUY or SELL to open the trade.

✅ Note: Stop loss and take profit fields may be grayed out at this stage to speed up order execution. You can always modify them afterward (we’ll show you how next).

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🔹 How to Place a Pending Order

1. Click “New Order”.

2. Select the currency pair you want to trade.

3. Change Order Type to Pending Order.

4. Choose your order type:

   • Buy Limit: Buy below market price

   • Sell Limit: Sell above market price

   • Buy Stop: Buy above market price

   • Sell Stop: Sell below market price

5. Enter your desired entry price.

6. Specify your position size in the Volume field.

7. Set your Stop Loss and Take Profit levels.

8. (Optional) Set an expiry date for your pending order.

9. Click Place to confirm.

A pop-up will confirm that your order has been placed successfully.

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🔹 How to Modify an Existing Trade

1. Click the Trade tab at the bottom of the MT4 platform to view your open trades.

   Can’t see it? Click View > Terminal in the top menu or press Ctrl + T.

2. Right-click the trade you want to adjust, then select “Modify or Delete Order.”

3. Enter your desired Stop Loss and Take Profit levels.

4. Click Modify to confirm.

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🔹 How to Close a Trade

1. Right-click on the trade you want to close.

2. Select “Close Order.”

3. In the new window, click the yellow button below the Buy/Sell options to close the position.

Once closed, your account balance will update to reflect the profit or loss from that trade.