Opening a position on MT4 is as easy as 1-2-3.

Just press the “New Order” icon on the Standard toolbar so that the Order window will appear.

In the Symbol field, select, from the drop-down list, the financial instrument that you would like to trade. By default, the Symbol field displays the financial instrument of the active chart.

Then, place the size of the trade in the Volume field. The size of the order is measured in lots.

Remember that 1 lot represents 100,000 units of the base currency, where 0.01 represents the smallest position and is equal to just 1000 units of the base currency.

The Stop Loss field allows the trader to set a predefined level on the price chart that closes a losing position. In other words, it ensures a minimum loss as it closes the position.

The Take Profit order is placed to close a profitable position once the market reaches a specific price. As the name suggests, it allows the trader to set a predefined level to lock in profits. In other words, it takes the profit as it closes the position.

Comment is an optional comment that describes the specific trade.
In the Type field, you select the type of execution.
Select Instant Execution if your trading account is Standard or
Market Execution if your trading account is ECN.

Standard execution will either execute the order at the predefined price or send a requote to the trader.

Similarly, in the Market execution, the order will be executed at the best available price.

A third option is Pending Order, which is common for both Standard and ECN accounts.

Obviously, by pressing the Sell button, a sell position will be sent, whereas by pressing the Buy button, a buy position will be sent.

The Enable maximum deviation from the quoted price offers the opportunity to set a number of pips that the execution price may deviate for an Instant Execution mode.

This option is option is not available for Market Execution.