Forex broker, also known as MT4, is a trading platform that allows individuals to trade in the financial market. It is popularly used by traders worldwide due to its user-friendly interface, advanced charting capabilities, and its ability to support trading robots or Expert Advisors (EAs). However, using MT4 can be daunting for beginners, especially when it comes to placing and managing orders. In this article, we will guide you on how to place and manage orders on Forex broker.
The first step in placing an order on MT4 is opening a chart of the instrument you want to trade. You can do this by right-clicking on the instrument in the Market Watch window and selecting the chart window option. Once the chart has opened, you can then place an order by clicking on Tools and selecting New Order, or by pressing F9 on your keyboard. A window will then appear where you can select the type of order you want to place, such as buy or sell, as well as the size of the trade. You can also set stop loss and take profit levels at this point.
Once you have placed an order, you can view it in the Terminal window, which can be opened by pressing Ctrl and T on your keyboard. This window provides information on your trading account, including open orders, closed orders, account history, and news. You can also modify or delete an order from this window by right-clicking on the order and selecting the modify or delete option.
Another essential tool in managing your orders in MT4 is Trade Management. Trade Management is an EA that automates the process of managing your trades, such as moving stop loss levels, closing partial trades, and trailing your stop loss. To activate Trade Management, go to the Navigator window, select Expert Advisors, and drag and drop Trade Management onto the chart you want to trade.
One of the most crucial aspects of trading is risk management. MT4 offers various risk management tools, such as stop loss and take profit orders. Stop loss orders help to prevent significant losses by closing a trade when the price moves against you. On the other hand, take profit orders helps to lock in profits by closing a trade when the price reaches your desired profit target. It is essential to use both stop loss and take profit levels to protect your trades and minimize your risk.
Finally, it is vital to keep track of your trades through regular monitoring. You can do this by regularly checking the Terminal window and keeping an eye on the price movements on the charts. It is also important to review your trading plan regularly and adjust it as needed to ensure that it remains effective.
In conclusion, placing and managing orders on Forex broker is an essential aspect of trading. By following the guidelines outlined in this article, you can successfully place and manage orders on MT4. Remember to use risk management tools, such as stop loss and take profit orders, and to monitor your trades regularly. With these tips, you will be on your way to becoming a successful trader in no time.