Meta Trader 4 Basics – How To Place A Trade On MT4/5 For Android - Geeks 'n' Guide — Techs & Business

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October 19, 2018

Meta Trader 4 Basics – How To Place A Trade On MT4/5 For Android

Hello Traders, this is a continuation of our forex training. If you are yet to subscribe to our newsletter, kindly do that now. You can also follow us on Telegram 




Now that you have set up your account, it is time we how to use it. The major aspect of trading forex is actually learning how to place an order but believe, it is actually simple. So let's get rolling.

Also, the post will be discussing two things which are how to add quotes and how to place a trade on MT4.

How To Add Currency Pairs To MT4 Quotes 


In our previous post, I wrote about currency pairs and quotes. So today we will be taking a step to the practicel aspect.

Currency Pairs simply means relating two currencies in respect to one another while Quoted currency is done in relationships to the base currency of a currency pair – read more

So to add currency pairs to our trading platform,
  • Open Your Meta Trader and click on quotes

    Forex quotes
  • Now Click on the Plus icon like the image below
    currency quotes
  • Now at the add symbol window, click on the currency types and finally tap on the currency pairs one after another to add to trading qoutes. 

    currency

How To Place A Trade On Meta Trader 4/5 For Android


There are actually two ways to place a trade on meta Trader,

– Via Market Execution

– Via Pending Order

Opening A Trade Via Market Execution

Trading via market execution means you are opening a order with the current position or value of the asset you are either buying or selling. 

So to do this, 

  • Tap on the currency pair from the Qoutes and click New Order  
    Forex trading
  • Next select market execution from the options value

  • Now enter the lot size you which to trade with.

  • Finally, tap on either buy or sell to open a new position 



Opening A Trade Via Pending Order

The second way of opening a trade in Meta Trader 4 or 5 is via pending orders. Pending orders simply means booking an open position for trade at a specified price.

We have four types of pending orders

Buy Limit: means buying below the actual price at the time

Sell Limit: means selling above the actual price at the time

Buy Stop: means buying below the actual price at the time. For example, You think the market will not reverse, you can go for buy stop.

Sell Stop: means selling above the actual price at the time.


So to open a trade with pending order 
  • Tap on the currency pair from the Qoutes and click New Order  
  • Next select the type of pending order (buy limit, sell limit, buy stop, sell stop) from the options value

  • Now enter the lot size you which to trade with.

  • Finally, tap on either buy or sell to open a new position 

    pending order

Stop Loss And Take Profit

Stop Loss: Price you which to close your trade when losing. It point hits, the opened trade will automatically close. 

Take Profit: Price or point you which to close you trade when gaining. If point hits, the open position will automatically close. 

SL and TP are very important in forex market trading.



NOTE: The red is for stop loss while the green is for take profit

Modifying Trade on Meta Trader

To modify any open or pending order

— long press the open trade and tap on modify order.


That's all about how to open trade on meta traders.

Please, feel free to share this post. Also use the comments section, we will reply you asap. 

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