Place a New Order on Tools Menu in MetaTrader 4 Platform
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 key as shown above the following popup window will appear. This pop up includes all the parameters for placing a new trade order.
The Following Setting are specified for setting a new order:
- Quote - Specify the instrument to be traded - xauusd.
- Volume - The Number of Lots to be transacted
- Stop Loss Order - Set Stop Loss Order, This option can be set after opening the trade, or for pending orders
- Take Profit Order - Set Take Profit Order, This option can be set after opening the trade, or for pending orders
- Type: Market Execution or Pending Order
- Sell by Market - Open Sell Trade
- Buy by Market - Open Buy Trade
To Buy at current price hit Buy by Market button
To Sell at current trading price hit Sell by Market button key
Setting Pending Orders
To Set a pending trade at another trading price, Change the 'Type' option from 'Market Execution' to "Pending Order" as pictured below.
A menu list will pop-up & show the following options.
- Buy Limit Order
- Sell Limit Order
- Buy Stop Order
- Sell Stop Order
These options are pictured below:
To learn how to set up these pending orders read the articles:
Setting up Buy Limit Order & Sell Limit Order in MT4
Setting up Buy Stop Order & Sell Stop Order in MT4
Once you choose the type of pending trade order to place: then select and click the 'Place' button as shown on the above screenshot to complete the setup.