MetaTrader 4 (MT4) is a popular trading platform liked by millions of traders for its user-friendly features, automation tools, and global support community. However, placing a trade on MT4 can be intimidating, especially for new traders.

Worry not because we are here to help you. In this guide, we will take you through all the steps when placing a trade on MT4. In addition, the guide will include shortcuts and best practices.

Ensure Your MT4 Application Is Ready

To place a trade on MT4, you must make certain you are logged in to either a live or a demo account. Demo accounts are funded with virtual money and are perfect for new traders learning how to open a trade on a positive number on MT4.

Log in to your account using your account number, password, and server credentials. Once logged in, you will see the “market watch” window with all available trading instruments.

You can add more trading symbols or assets by right-clicking the “market watch” window and selecting “symbols” from the context menu.

How to Enter a Trade in MT4

There are two main ways of placing a trade on MT4. The first method is via the “new order” button, and the second is by right-clicking on the chart. If you are using MT4 on your PC, you can press the F9 key to open a position.

§  Instant Execution

As the name suggests, these orders are executed the second you click “buy” or “sell.” All you have to do is specify the lot size, and you are good to go. The order is filled instantly as per current market rates.

Many new traders learning how to place a trade on MT4 use this technique.

§  Pending Orders

This is an order that is set to be executed once certain conditions in the market are met. For instance, you can set an order to activate once the price hits a specific target. You can set a trigger price, sell limit, buy limit, sell stop, and buy stop.

Opening a Trade with Instant Execution

If you are still new to trading and learning how to put a trade on MT4, this is the best approach because it is simple. The first thing you need to do is navigate to the chart of the symbol or asset you want to trade.

Press the F9 key or click “new order” from the toolbar. You will get a pop-up window where you can set the trade parameters. Ensure you select the correct currency pair or asset. Set your trade size or lot under “volume.”

Some new traders who are just discovering how to place a trade on MT4 forget this, but make sure you set a stop-loss level. The main reason is that it will limit losses if the market doesn’t move in your favor. On the flip side, set your take-profit level. This will automatically close the trade if the market moves in your favor.

Review all the parameters, and if they are good, click the “buy” or “sell” button. Your new trade will now appear in the terminal window under the “trade” tab. You can also access it by pressing CTRL + T.