Opening the Order Window :
The MetaTrader 4 Order window is used to place trades. The Order window can be opened using any of the following methods:
2. Right-click on an active chart and select Trade > New Order; or
3. Click on the "New Order" button in the toolbar, or
4. Press the F9 hot key on the computer keyboard. or
5. Double Click on the pair .
How to close an order?
After opening an order you will see a running order in "Trade" tab. to close the order you have to double click the order then a new window will come . like the image just click close the order, your order will be closed.
Pending Orders
A pending order allows traders to buy and sell securities at a pre-defined price in the future. This type of order is used to execute a trade if price reaches the pre-defined level; the order will not be filled if price does not reach this level. There are four types of pending orders available in MT4
Buy Limit -
A buy order which will be executed from the below price of the running price For a buy limit order, this means placing the order at or below the current market bid.
- Sell Limit -
- A sell order which will be executed from above of running price. To ensure improved price, the order must be placed at or above the current market ask.
- Buy Stop -
- A buy order which will be executed from the above price of the current market
- Sell Stop -
- A Sell order which will be executed from the below price of the running price For a Sell stop order, this means placing the order at or below the current market bid.
Trailing Stop
Trailing stop is a great tool to protect your profit.
Suppose you have opened a buy order in EU at 1.1154 with target of 250 pips target and Stop loss at 1.1090. after some business hour you are in 100 pips profit. But suddenly market moved 150 pips down below and finally hit stop loss that means you got loss.
So must be it will disappoint you. because you got 100 pips profit. So to avoid this one, you can use Trailing stop with 50 points. Trailing stop will move your Stop loss 50 pips up when you are in 50 pips profit. it will continue moving up to your target.
N.B. It will only move your SL when your profit is equal of your trailing point.
To set Trailing stop. Right click in your running order and set trailing stop at your desire target.
Please Check in Demo account first.
Happy Trading.