How To Place An Order Using MT4
MetaTrader4 or MT4 for short is an online electronic trading
platform, most commonly used by Forex traders and Foreign exchange brokers. It
is a widely used Microsoft Windows based application and the perfect tool for
every trader, especially when it comes to mastering the Forex basics.
How To Place An Order Using MT4?
First thing you need to do is open the MetaTrader4 "Order" window. Simply right-click on a currency pair and select "New trade" or just press the F9 key on your keyboard. Once the window has opened in order to prepare the trade order specify the following: symbol, comments, volume, stop loss and take profit, type. Once you do this you can either click on "Sell by Market" or "Buy by Market" buttons to place the trade.
Order Types
• Stop Loss and Take Profit
If the price reaches and unprofitable level the stop loss order is used in order to minimize losses as much as possible. This order is literally always connected to a pending order or an open position. On the other hand, a take profit order is used for closing the trade once the price has reached a certain level or once the profit has reached a certain level.
• Buy Limit
This order is used when the price of a currency pair reaches the specified price, which is logically lower than the current market price. This is basically an instruction to buy a currency pair.
• Sell Limit
Once the price of a currency pair reaches the price you specified or the price that is higher than the one you've specified a sell limit order is used in order to sell that particular currency pair.
• Buy Stop And Sell Stop
Just like the two previously described orders this order becomes a market order once the price you specified is reached. When it comes to grasping Forex basics it's important to realize that here are two types of stop orders, buy stop and sell stop. Buy stop order is used to buy a currency pair, once it's price has reached the specified level or went higher. In both cases, it must be higher than the current market price. A sell stop order is used to sell the currency pair, when it reaches a specified price or a price lower than the specified one.
How To Make Profit?
When it comes to making a profit and generating a steady income from Forex, it's important to grasp Forex basics and get a good understanding of certain aspects of this type of trading. There are basically two ways to make profit, when it comes to Forex. First way consists of opening a buy deal in order to buy a currency pair, in case when bid and/or ask rates are rising and when the price rises after you have opened a deal, you will make profit. The amount of profit you will make depend on how many pip increase occurred. The second way is basically the same thing, except that it's about selling a currency pair when bid or ask rates are falling and when it decreases after you have placed a sell order, you will make profit. You see, its easy!!
How To Place An Order Using MT4?
First thing you need to do is open the MetaTrader4 "Order" window. Simply right-click on a currency pair and select "New trade" or just press the F9 key on your keyboard. Once the window has opened in order to prepare the trade order specify the following: symbol, comments, volume, stop loss and take profit, type. Once you do this you can either click on "Sell by Market" or "Buy by Market" buttons to place the trade.
Order Types
• Stop Loss and Take Profit
If the price reaches and unprofitable level the stop loss order is used in order to minimize losses as much as possible. This order is literally always connected to a pending order or an open position. On the other hand, a take profit order is used for closing the trade once the price has reached a certain level or once the profit has reached a certain level.
• Buy Limit
This order is used when the price of a currency pair reaches the specified price, which is logically lower than the current market price. This is basically an instruction to buy a currency pair.
• Sell Limit
Once the price of a currency pair reaches the price you specified or the price that is higher than the one you've specified a sell limit order is used in order to sell that particular currency pair.
• Buy Stop And Sell Stop
Just like the two previously described orders this order becomes a market order once the price you specified is reached. When it comes to grasping Forex basics it's important to realize that here are two types of stop orders, buy stop and sell stop. Buy stop order is used to buy a currency pair, once it's price has reached the specified level or went higher. In both cases, it must be higher than the current market price. A sell stop order is used to sell the currency pair, when it reaches a specified price or a price lower than the specified one.
How To Make Profit?
When it comes to making a profit and generating a steady income from Forex, it's important to grasp Forex basics and get a good understanding of certain aspects of this type of trading. There are basically two ways to make profit, when it comes to Forex. First way consists of opening a buy deal in order to buy a currency pair, in case when bid and/or ask rates are rising and when the price rises after you have opened a deal, you will make profit. The amount of profit you will make depend on how many pip increase occurred. The second way is basically the same thing, except that it's about selling a currency pair when bid or ask rates are falling and when it decreases after you have placed a sell order, you will make profit. You see, its easy!!
Recommended Brokers
Comments
Post a Comment