Now that you’ve set up your MT4 account, it’s time to learn how to use it!

We know, we know. With so many tabs, windows, and buttons, the MT4 platform can look a little bit intimidating if it’s your first time using it.

But don’t worry, it won’t bite! Besides, we’ll be holding your hand through the entire process and go nice and slow.

We’ll start with the basics – setting orders.

By the time you’re done with this lesson, you’ll know how to:

  1. Buy or sell via market execution
  2. Buy or sell via pending order
  3. Modify a trade after it has been entered

Are you ready? Great! Let’s begin!

Entering a Trade via Market Execution

Click the New Order button. You’ll find it in the standard toolbar.

  • A dialogue box should appear. From the drop-down list, select the currency pair you want to trade.
  • Next, select Market Execution in the Order Type drop-down list.
  • Enter the size of the position you want to open. Keep in mind that volume, which indicates the size of your position, is expressed in terms of standard lot sizes. Remember, one standard lot is worth 100,000 units. Hence, if you wish to buy 5,000 units of a certain currency pair, you would enter “0.05” in the volume field.
  • If you have any remarks or notes you would like to include about your trade, you can do so in the comment field. This is optional.
  • Finally, determine whether to BUY or SELL the currency pair. A dialogue box will appear to confirm that your trade has been executed.

You may have noticed that when you choose to buy or sell a pair at market, the stop loss and take profit fields may be disabled. Don’t worry!

These options have only been disabled to help you get in on a trade as fast as possible when the price is already moving.

You can still specify your exit levels by modifying the trade AFTER it has been entered. We’ll teach you all about editing existing orders later on.