Base 13: The Metatrader Platform
Part 5: Transactions
To open a position, the easiest way is to press F9 on the graph. The order will be executed for the pair displayed by the graph:
Symbol: The pair for which you will trade, you can change it
Volume: The size of the lot, you can modify it. Beware of errors!
Stop Loss: The stop loss level (optional). Leave to zero so as not to put
Take profit: The take profit level (optional). Leave to zero so as not to put
Comment: You can comment on this trade (optional)
Type: Make sure it is "Market Execution" for a direct order
When all these details are correct, click on the "Buy" or "Sale" button.
To open a purchase order on the Metatrader platform, simply press the F9 key. The price right above the blue buy button is the ASK price, so the price you have to pay to buy. Check the lot size in the Volume box. You can enter the level of Stop Loss and Take Profit if you want. However, it is hard to place SL and TP levels with this window since you must enter a level (price) and not a distance in points. It's best not to enter the Stop Loss and Take Profit boxes for the moment. Once your settings are verified, press the blue Buy at Market button to start the purchase order.
Order of Sale
To open a sell order on the Metatrader platform, simply press the F9 key. The price on the left above the red sales button is the BID price, so the price you have to pay to sell. Check the lot size in the Volume box. You can enter the level of Stop Loss and Take Profit if you want. However, it is hard to place SL and TP levels with this window since you must enter a level (price) and not a distance in points. It's best not to enter the Stop Loss and Take Profit boxes for the moment. Once you have checked your settings, press the red Sell to Market button to launch the sell order.
Closing an order
To close an order, select the open position in the trading terminal.
double-click on it. The following box appears:
The Trading sub menu
The Trading submenu is accessible from the context menu of the chart:
By displaying the contextual menu of the graph by clicking at the top of the price,
you will have access to Sell Limit and Buy Stop pending orders:
Stop Loss and Take Profit
The best way, visual this one, is to place your SL and TP levels directly on the graph. Click on the price line and drag it up or down. By dragging the line, you will see a tooltip informing you of the point level and the corresponding amount of money. In the case of a buy position, drag the line up will place a TP while drag the line down will place a SL In the case of a sell position, drag the line up will place a SL while dragging the line down will place a TP.
In the case of a buying position, dragging the line up will place a TP while dragging the line down will place a SL
In the case of a sales position, dragging the line up will place an SL while dragging the line down will place a TP:
A trailing stop is a dynamic stop loss that automatically adjusts as the position moves in your favor. If, for example, you set your trailing stop at 1000 points (100 pips), your trailing stop will start as soon as your position exceeds a gain of 1000 points and will follow your position as often as it will increase in value. If the value of your position goes back, the stop follower will not back down. For a buy position, a trailing stop is below your purchase level. For a sell position, a trailing stop is above your purchase level. Follower stops are used to protect winnings from a winning position, unlike static stop loss which limits losses. To attach a trailing stop to a position, right-click on the position in the terminal, choose Trailing Stop and then the desired distance:
Note that the Trailing Stop will not engage until the distance between it and your position does not exceed the chosen distance. This is why it is recommended to place a stop loss in case the position will chop ipso facto and the trailing stop will not start. Unfortunately, if your broker works with five decimal places, the levels presented in the menu are ten times too small. Indeed, the Metatrader4 platform is still in the Neolithic era of the four decimal places and therefore the levels presented are really in points and not in pips. It is therefore recommended to choose Customize and enter the desired distance yourself. The Clear All option removes trailing stops from all positions.