To open a foreign exchange position in Metatrader 4 or enter the market means to perform a buying or selling of a certain sum of money. A position is opened both at execution of a market order or a pending order (automated execution).
In order to open a position by means of a market order, you can use several methods: go to “Tools” – “New Order”, double-click on the name of the currency pair in the window “Marker Watch”, press the corresponding button on the tool bar, press the hotkey F9 or choose the command “New order” in the context menu of the windows “Terminal – Trade” and “Market Watch”.
When you open a position in the Metatrader trading terminal, you should fill in the following fields:
- Symbol – select the currency pair you want to trade on;
- Volume – select volume of the trade (the number of lots);
- Stop Loss – set stop loss (optional). If there is 0, it means that Stop Loss is not specified;
- Take Profit – set take profit (optional). If there is 0, it means that Stop Loss is not specified;
- Comment – write some comments to the order. Its length shouldn’t exceed 25 symbols. The company reserves the right to add information to your comment of (length – 6 symbols) or modify your comment. If a position has already been opened, the comment cannot be changed. Adding comment to your order is an obligatory step.
Use maximum deviation from requested price – it allows turning on or turning off deviation. Deviation of new price from requested price is calculated in case when the broker sends new execution price. In this case, when deviation does not exceed the set parameter, the order is executed on new price without notification. Otherwise, the broker returns prices on which the order can be executed.
- Maximum deviation – the permissible deviation of price in points.
When you specify all the necessary data in the, press “Buy” or “Sell”. A signal to open a short or long position will be sent to the broker. If Stop Loss and Take Profit levels are too close to the current price, you will see the following: “Wrong S/L or T/P”. You should move these levels farther friom the current price and repeat your request in the Metatrader 4 window.
A trading position will be opened after the broker has performed the trading operation and placed Stop Loss and Take Profit. Open the tab “Terminal – Trade” and you will see the status bar of the opened position, and the chart will display price levels of opening Stop Loss and Take Profit, if you turn on the option “Show trade levels”.
First of all, to open a position on pending orders, you should place it. If current prices correspond to order conditions, the pending order will be executed automatically, i.e. a new position will be opened, the status bar of the pending order will be deleted on the tab “Terminal – Trade” in the, and a new status bar of the opened position will appear instead. Stop Loss and Take Profit that were attached to the pending order will be automatically attached to the opened position.