Once downloaded, installed and your account has been set up, you can start to trade. Now, how to open and close a trade in MT4? Look at the video below where we explain.
Launch MT4 and make sure you are connected to the internet. At this point you are looking at the live markets and you can open and close a trade in MT4.
There are several ways to open a trade:
At that point a new window will open.
Here, you must select the:
- The Symbol: Which currency are you trading (the currency from the active chart will automatically be selected)
- The Volume: In terms of lot size. 1.0 being equal to 1 lot (100,000 units)
- Stop Loss*: The price where you want your stop loss to be
- Take Profit*: The price where you want to automatically exit the trade when in profit
- Type: Either "Instant Execution" (market order) or "Pending Order" where you can set the desired entry price ("Sell Market" or "Buy Market" for the desired direction)
*If the platform supports this option. If MT4 is downloaded through certain brokers, these fields will be user-definable. Otherwise, these fields will remain blank (but the orders can still be entered later).
You can view the open order in the "Terminal" window and then clicking the "Trade" tab.
If you want to modify an order, for instance to change the take profit; click the "Trade" tab in the "Terminal" window and right click. Then select "Modify or Delete Order."
A new window will open in which you can manually specify or change stop loss and/or take profit levels.
Once you have specified the stop loss and/or take profit values, they will appear on your chart as horizontal lines at their respective price levels.
There are several ways in which to close a trade:
- The stop loss is hit
- The trailing stop is hit
- The take profit is hit
- You manually close it at the current market price
To Manually close a trade you got to the "Trade" tab of the Terminal, right-click and select "Close Order". A new window will appear to prompt you to confirm that the trade should be closed. Click "Close" to close the trade.
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