Open Positions in MT4
Opening of a position, or entering the market, is the first buying or selling of a certain amount of the security traded. Position can be opened either by execution of a market order or by automatic triggering of a pending order.
To open a position using a market order, one has to execute the “Tools – New Order” menu command, press the New Order button of the “Standard” toolbar, press F9, or double-click on the symbol name in the “Market Watch” window. One can also execute the “New Order” context menu command of the windows of “Market Watch” and “Terminal – Trade”. At that, the “Order” window will open that is used for managing trade positions.
WHEN OPENING A POSITION, ONE HAS TO
Select a security symbol for which the position is to be opened
Specify the trade volume (amount of lots)
Set the Stop Loss level (optionally)
Set the Take Profit level (optionally)
To place a pending order, one has to open the “Order” window. This can be done by the “Tools – New Order” menu command, the New Order button of the “Standard” toolbar, by pressing of F9, by the “New Order” command of the “Market Watch” and “Terminal – Trade” window context menus, as well as by double-clicking on the symbol name in the “Market Watch” window. “Pending Order” must be selected in the “Type” field of this window.
Further, a security (symbol) must be selected, the volume and values of Stop Loss and Take Profit orders must be specified. If necessary, a comment can be written in the field of the same name. In the “Pending Order” fields one has to:
Select a type of pending order: Buy Limit, Buy Stop, Sell Limit or Sell Stop
Set the price level at which the order must trigger
Set the expiry time of the order. If the order has not triggered by this time, it will be deleted automatically
The “Place” button will send the order to be executed what is performed in two stages. First, the brokerage company places the order after it has been sent. At that, a line containing the number and status of the pending order will appear in the “Terminal – Trade” tab. If the “Show trade levels” option is enabled, levels of the placed pending order (including levels of Stop Loss and Take Profit) will be shown in the chart. At the second stage, if prices correspond with the order provisions, it will be deleted and a trade position will be opened instead of it. The trade position ticket will coincide with the pending order ticket. These changes will be shown in the “Terminal – Trade” window.