Place a New Order on Tools Menu in MT4 Software

A new order to buy or sell a trade can be found on the tools menu that's found in the MetaTrader 4 Platform. The Button for placing a new trade is portrayed below. (Short-Cut Keyboard Keys 'F9')

Placing a New Trade Order

As a trader, once you choose the new order button as shown above the following pop up window will appear. This pop up includes all the parameters for placing new order.

The Following Setting are specified for setting a new order:

1. Quote - Specify instrument to be traded - xauusd.
2. Volume - The Number of Lots to be transacted
3. Stop Loss - Set Stop Loss, This option can be set after opening a trade, or for pending orders
4. TP Order - Set TP Order, This option can be set after opening a trade transaction, or for pending orders
5. Type: Market Execution or Pending Order
6. Sell by Market - Open Sell Trade
7. Buy by Market - Open Buy Trade

To Buy at ruling price hit Buy by Market button

To Sell at ruling price hit Sell by Market button key

Setting Pending Orders

To Set a pending at another price, Change the 'Type' option from 'Market Execution' to "Pending Order" as illustrated below.

A menu list will pop up and show the following options.

1. Buy Limit Order
2. Sell Limit Order
3. Buy Stop Order
4. Sell Stop Order

These options are pictured below:

To learn how to set up these pending orders study the topics:

Setting up Buy Limit Order & Sell Limit Order in MT4

Setting up Buy Stop Order and Sell Stop Order in MT4

Once you choose the type of pending trade order to place: then choose and click the 'Place' button as shown on the above screenshot to complete the setup.