How to Set Different Types of Orders in MetaTrader 4

Introduction

• Focus on setting different types of orders in MetaTrader 4 (MT4) for Forex trading.
• Types of orders covered:
  • Buy Limit Orders
  • Buy Stop Orders
  • Sell Limit Orders
  • Sell Stop Orders
  • Hard Stop Loss
  • Take Profit Orders
• Intended for beginners to MT4 and Forex trading.

Disclaimer

• This video is a demonstration, not a strategy session.
• No focus on making money or winning trades.

Setting Up the Demo Account

• Using a demo account to avoid real financial risk.
• Focus on the EUR/USD trading pair.

Buy Stop Order

• Definition: Activates when price rises above a certain level.
• Example:
  • Current price: 1.20285.
  • Set a Buy Stop order at 1.20390.
• Steps to set:
  1. Click on "New Order" or right-click on the chart and select "Buy Stop."
  2. Enter Lot Size (important).
  3. Change order type to "Pending Order" and select "Buy Stop."
  4. Set price at 1.20390, add Stop Loss, and Take Profit.
  5. Click "Place" to set the order.
• Green dotted line indicates the entry point.
• The trade activates once the price crosses the Buy Stop level.

Sell Stop Order

• Definition: Activates when price drops below a certain level.
• Example:
  • Set a Sell Stop order at 1.20381.
• Steps to set:
  1. Click on "New Order" or right-click and select "Sell Stop."
  2. Enter Lot Size.
  3. Set order type to "Pending Order" and choose "Sell Stop."
  4. Enter price at 1.2030, adjust Stop Loss, and Take Profit accordingly.
  5. Click "Place" to set the order.
• Activates when price drops below the specified Sell Stop level.

Limit Orders

Sell Limit Order

• Definition: Waits for price to rise to a specified level before selling.
• Example:
  • Set a Sell Limit order at 1.20420.
• Steps to set:
  1. Right-click on the chart and select "Sell Limit."
  2. Or go to "New Order" and select "Sell Limit."
  3. Enter the price and click "Place."
• Activates when the price pulls back and reaches the Sell Limit level.

Buy Limit Order

• Definition: Waits for price to fall to a specified level before buying.
• Example:
  • Set a Buy Limit order at 1.2038.
• Steps to set:
  1. Right-click on the chart and select "Buy Limit."
  2. Or go to "New Order" and select "Buy Limit."
  3. Enter the price and click "Place."
• Activates when the price drops and reaches the Buy Limit level.

Setting Stop Loss and Take Profit

• Stop Loss Order: Protects against excessive loss.
  • Drag entry line down to set Stop Loss.
• Take Profit Order: Automatically closes trade at desired profit level.
  • Drag entry line up to set Take Profit.
• Options to edit these levels while in a trade: Click and drag or double-click to enter new values.

Conclusion

• Importance of using different types of orders for effective trading.
• Encouragement to set hard Stop Loss and Take Profit orders.
• Tips for busy traders: set and forget strategy.
• Call to action: Like, subscribe, and leave comments or questions.