Place New Order in Tools Menu in MT4 Software
A new order to buy or sell a trade can be found on tools menu within the MT4 Platform. The Button for placing a new trade is shown below. (ShortCut Keyboard Keys "F9")
Placing a New Trade Order
As a trader, once you choose the new order button as shown above following window popup will appear. This panel popup includes all the settings used for opening new trade order.
Following Setting are specified for setting up and placing a new order:
- Symbol - Specify the instrument to be traded.
- Volume - The Number of Lots to be transacted
- Stop Loss Stock Order - Set StopLoss Order, This option can be set after opening a trade, or for pending orders
- TP Stock Order - Set Take Profit Order, This option can be set after opening a trade, or for pending orders
- Type: Market Execution or Pending Order
- Sell by Market - Open a Sell Trade
- Buy by Market - Open a Buy Trade
To Buy at current stock price hit the Buy by Market button
To Sell at current stock price hit Sell by Market button key
Setting Pending Stock Orders
To Set a pending trade order at another price, Change the "Type" option from "Market Execution" to "Pending Order" as shown below.
A menu list will pop-up and show the following options.
- Buy Limit Order
- Sell Limit Order
- Buy Stop Stock Order
- Sell Stop Indices Order
These options are shown below:
To learn how to set-up these pending stock orders read the articles:
Setting up Buy Limit Order and Sell Limit Order on Meta Trader 4
Setting up Buy Stop Indices Order and Sell Stop Indices Order on Meta Trader 4
Once you choose the type of pending stock order to place: then click the "Place" button key as illustrated on the above screenshot to complete the setup.