MetaTrader 4 (MT4) provides a much easier trading platform that is both beneficial and convenient to use. If you are thinking of using this platform for trading Forex, you may check these important how-to’s when using MT4.
How To Trade In MT4?
MT4 offers a very easy way to open a trade. The simplest way is by using the ‘Order’ window then instantly placing the order into the market. To do this, you must first select your preferred currency pair from the ‘Window’ tab located at the top of the platform. Tap ‘New Window’. Now, you can either click the ‘New Order’ to create a new order or simply press the F9 to open the ‘Order’ window.
How To Enter a Short Position in MT4?
Short selling is when a trader decides to sell because you don’t have a long position. Doing this is also very easy in MT4. You just have to place a sell trade to open a position in the market.
How To Close a Trading Position in MT4?
Knowing how to close a trade is as important as knowing how to open it. If you open a trade, you will eventually close it later on. So, how should you properly close a trade in MT4? It’s so simple! Just follow these steps:
Tap the “Trade” tab located at the “Terminal” window. From there, you will see your open trades. Right-click the order that you want to close and tap ‘Close Order’. An ‘Order’ window will now pop-up. Lastly, tap the ‘Close’ button to close those open trades.
How To Set The Stop Loss in MT4?
In MetaTrader 4, there are fields for Stop Loss and Take Profit at the ‘Order’ window. You can click the up and down arrows to populate the market price. While on the tick chart located on the left side, you will see the proposed stop level and how it is related to the offer prices and the current bid prices.
How To Place Limit Orders in MT4?
Placing a limit order in MT4 only takes a few steps. Enter a target price level right into the field with ‘Take Profit’ shown. Limit orders can also be used to open a position. To be able to do this, change the ‘Type’ field located at the ‘Market Execution’ into ‘Pending Order’. After that, you can choose ‘Sell Limit’, ‘Buy Limit’, or ‘Pending Order Type’ from the dropdown menu.
Changing the Volume of the Trade in MT4
The volume of trade in MT4 mirrors the size of the trade. As mentioned above, opening a trade requires you to specify the value at the ‘Volume’ field at the ‘Order’ window. After opening a trade at the market, you can now add the volume by opening the position or reduce the volume by partly closing your position.
Adding Indices in MT4
Open the window called ‘Market Watch’ or by using the shortcut keys in the keyboard CTRL+M. After that, right-click at the window and choose ‘Symbols’. At the navigation tree, look for the folder ‘Cash Indices’.