How to Add New FX Trade Order in Tools Menu on MT4 Software

You can find a new buy or sell order in the tools menu of the MetaTrader 4 platform. The button to open and place a new trade position is highlighted below. Use shortcut keys F9.

Setting a New FX Trade Order

As a forex trader, once you choose the new order button like is shown above the following pop-up window/panel will appear. This pop-up panel includes the settings for placing a new trade transaction.

The Following Settings are specified for setting up a new order:

Symbol - Specify the forex pair to be transacted.
Volume - No. of Lots to be traded and transacted
Stop Loss - Set StopLoss, This one can be set/put after opening a trade transaction, or for pending orders
TP - Set Take Profit, This one can be set/put after opening and placing a trade transaction, or for pending orders
Type: Market Execution or Pending Order
Sell by Market - Open Sell Trade
Buy by Market - Open a Buy Trade

To execute a purchase at the prevailing rate, utilize the "Buy by Market" option.

To Sell at current price hit Sell by Market button

Setting and Placing Pending Orders

To Set and Place a pending trade order at another price, Change the "Type" option from "Market Execution" to "Pending Order" just as shown below.

A menu list will pop-up and explain the following options.

Buy Limit
Sell Limit
Buy Stop
Sell Stop

The various selections available are presented underneath:

To know how to set-up these pending orders read the articles:

· Setting up Buy Limit and Sell Limit on the MT4

· Setting up Buy Stop and Sell Stop in MT4

After choosing the kind of pending order you want to place, finish the configuration by pressing the Place button, as shown in the example above.

More Courses & Tutorials:

Trade Forex Trading

How to Add New FX Trade Order in Tools Menu on MT4 Software

Setting a New FX Trade Order

Setting and Placing Pending Orders