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Designed for beginner and experienced traders, MetaTrader 4 (MT4) is a powerful, user-friendly platform for trading foreign exchange (Forex) and other financial markets (asset classes). MT4 offers an easy-to-use interface and a wide range of customisable options accessible through a desktop application, web browser, or mobile App.
To start using MT4 with a Forex broker, registering and opening a demo or live account with your chosen brokerage is necessary (log-in credentials are sent through email upon sign-up). Once sign-up is complete and the platform has been downloaded, you can access technical analysis tools, indicators, and basic automated trading strategies. Along with many traders and investors also concentrating on fundamental analysis, these technically-based trading tools assist traders in analysing market trends and generating trading opportunities in line with their trading strategies.
Orders within your MT4 trading platform are in place to allow traders and investors to communicate their desired positions with their brokerage. If a trader wants to enter long (buy) at the next available market price, that trader simply selects the Market buy function to communicate that want.
There are a handful of ways you can set trading orders in MT4. What follows are simple steps showing how to open the Order Window and how to access the trading orders:
To enter a trade via Market Execution in the MT4 trading platform, open the ‘Order’ window by clicking the ‘New Order’ button in the top toolbar of the platform. First, choose the currency pair (Symbol [assuming you trade currencies]) and set the desired volume you wish to trade. Then click on ‘Type’ and select ‘Market Execution’.
If desired, set the Take Profit and protective Stop-Loss levels prior to executing the trade. The Take-Profit level is the price you want the position closed when/if the target profit has been achieved. The protective Stop-Loss level is the price at which you want the position liquidated when/if the loss has reached the maximum risk tolerance.
After entering the aforementioned input prices, click ‘Sell by Market’ or ‘Buy by Market’ to enter a Sell or Buy position at the current market price.
Altering trading positions is common and is required knowledge for all traders and investors.
To modify a trade, access to the Trading Terminal is necessary. This can be achieved by pressing CTRL+T. Here, traders can view a list of their current positions and make changes to existing trades. For instance, they can adjust the protective Stop-Loss and Take-Profit levels or close the trade altogether.
To modify a particular trade, right-click on the active order and select ‘Modify and Delete’. This will open an Order Window for that specific trading position. You will note that in the ‘Type’ drop-down box, this will now read ‘Modify’, and options are now available to alter both current Stop-Loss and Take-Profit values for the selected trading position.
When making changes, traders should always consider potential risks and rewards. Modifying a trade could mean locking in a profit or limiting potential losses, but it could also mean missing out on a potential gain. It is important to remember this before making any amendments to existing positions.
MT4 is a popular platform for managing and executing trading positions, making setting orders and modifying existing positions easy. It also provides users with various features like research and analysis tools, graphics, and indicators.
By understanding the basics of setting and modifying protective Stop-Loss levels and Take-Profit orders in the MT4 platform, traders can make informed decisions when managing their portfolios and increase the likelihood of successful trades.
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