Transcript for:
Setting Up Orders in MetaTrader 4

hello everybody and welcome back to my channel in this video i'm going to share with you how to set different types of orders within the metatrader4 platform which is what i use to trade forex in particular we're going to cover how to set buy limit orders and buy stock orders as well as sell limit orders and sell stop orders i'm also going to share how to set a hard stop loss and a take profit order so if you're new to trading forex or you're new to metatrader 4 then this video is definitely going to help you out it's going to give you a good understanding on the different type of orders you can use to day trade or swing trade as well as how to set them i have created a separate video which shares a tutorial on how to use metatrader4 i'll include a link above if you want to check that out if you're brand new to the platform but if you're ready to learn how to set different types of orders then stick with me and let's get to it for this video we're going to be using my demo account in metatrader 4 because obviously i'm going to be getting in and out of a lot of different trades and a quick disclaimer that this isn't going to be a video focusing on strategy so i'm really not interested in trying to make money or trying to win trades in this video so don't follow along with the strategy because there isn't one this is purely a demonstration of the different types of orders that you can use within metatrader4 and to do this we're going to be focusing on the pair euro usd now it's going up to the new york trading session so i'm hoping we're going to get a little bit of volume because we're going to need some movement to help us while we set these orders to get them triggered so the first order we're going to look at is the buy stop order let's have a look at how this works the way a buy stop order works is that you want price to be pushing up activating your order theoretically meaning that it'll carry on pushing up in your direction of the trade let me show you an example so price is currently here at 1.20285 let's say that if price rises up above this candle that we want to set a buy stop order so as price pushes up it activates that order and continues up i'm just going to keep it really simple as a one-to-one just to demonstrate this so price has pushed up and now we are activated in the trade and price continues pushing up into our take profit zone in a nutshell that's how a buy stop works and that's what we're going to set now in metatrader 4. so using the same theory we have this five minute candle that's going to close in just over a minute time so let's say we want to be activated into this trade above the height of this candle i'm gonna use a very simple five pip stop and five pip target just to demonstrate this so we want to set the buy stop at 1.20390 now we know what we want to do let's go into metatrader4 onto your usda now there are a couple of ways that you can use to do this we can click on new order at the top which will load up our order entry window or we can right click on the chart if we go underneath trading it'll actually give us the option to set a buy stop order or click new order so there are a few different ways of doing this i'm going to go into new order here you'd enter in your lot size which is really important i'm not too focused on that at the moment because this is a demonstration but obviously that's a major step not to be forgotten now we want to change this to a pending order because we're not setting this at market we are limiting the order and we want to make sure that underneath type it says buy stop at price means at what price do we want us to be triggered well we know we want this to be triggered at 1.29390 i'm going to just copy that because at the same time we can also set our stop loss for the trade once everything there is ready you can select place this will set the order and also display the dotted lines on the screens that you can see here now the green dotted line is actually the order we've just set and then we've also got our take profit and our stop set there and we also see the row below it's highlighted green because price action is very close to activating hour by stop once the price figure here crosses this point that we have placed our stop at it will automatically set us into the trade but because we've also set our stop loss and take profit theoretically we could walk away now and let the trade do its thing which is really useful if you've got a busy schedule it's quite useful as well because the green dotted line which represents the entry we've set for our buy stop if you click and hold you can actually drag this around and as you can see it'll also drag that stop and take profit level so we can adjust that if we need to but for the sake of this demonstration i'm just going to set that back to 390. and you might be wondering why the price here says three seven now three eight when up here we have the two different figures and that's because if we are buying to go into the market we're going to be looking at the buy price once we have brought into the market our take profit will be looking at the sale price so it's just understanding the relationship between the two and what side of the market we are going to be on so price is pushed up now it's activated our trade so now we have brought into this market and because we have such a small stop and take profit set they are both highlighted now because we are within 10 pips distance of both of those figures so now we're going to be in this trade until price action hits either our stop loss or our take profit order and at which point will we then get out of the trade once the trade has ended it'll then disappear but if you click onto account history below and just under custom period you can just choose to select today that will load up the trade that we were just in so a sell stop order as you can probably imagine is a complete same as a buy stop except for we are selling as the market moves down onto our self-stop so let me give you an example once again using euro usd let's say that we want to get short into this trade if price pushes below this level which is 1.20381 so we could place a sell stop order a pip just below this level here and if i just unlock the next candles you can see that price has not actually activated our order just yet it's just above but now price has pushed down and it would have activated our sell stop and once price continues down it would then activate our take profit order so the theory is the same with the buy stop except for which price is moving down into our cell stop zone so we'll use your usd again i'm going to shift into the one minute time frame this time just to give us a little bit more information for this trade as we're just demonstrating here now price looks like it's already moving down so i'm just going to pick a random point just below the current market price action once again i'm going to select new order got your usd double check the volume which is the lot size and underneath type once again we're going to click pending order and underneath type here instead of the buy stop that we chose last time we're going to select a sell stop order i'm going to enter in the price 1.2030 i'm going to highlight and copy this and put into our stop point here but i'm going to add five pips once again and the same for our take profit but i'm going to take away five pips because obviously we are selling this time once you're happy with all the details same again just select place and this will plot the points onto our chart here so that we can see where our orders are and i'm going to actually shift these so as i said before you can click and hold and drag this so i'm going to just place this just below the low of the previous one minute candle here so now if price continues down past 1.20321 that will activate our sales stock and we will be executed into this trade short and i find that both buy stops and sell stock orders can be extremely useful when you are wanting to get into a position but you don't want to get in at the market value you want to wait for the market to be pushing in your direction it can really be beneficial then it can be a way to jump onto the wave of momentum and hopefully ride that towards your take profit area so price has tapped our sales stop and we are now activated into this trade and once again i have the stop loss set and i have the take profit order set so i could technically walk away if at any point you wanted to alter just your stop loss or your take profit it's super easy to do you can do it in two ways so if you want to adjust your stop you can either click hold and drag just the stop stop-loss level that you've set here on your charts another way to do that is to actually hover over the row and double-click on the figure and that will load up the screen just here where you can then adjust your stop-loss figure or your take profit or you can adjust both of those so it's really easy to edit a trade even when you're in a trade now that we've had a go at the stop orders i'm going to share with you how you set different limit orders so first let's have a look at the sell limit audit with an example the way that a limit order works is that instead of price pushing in your direction to activate your order you're waiting for price to come back where your order is waiting for price to be triggered so for example let's say that we want to set a sell limit order on your usd which means that we want to sell when price reaches a certain point for example when price pulls back to the 50 moving average so we'll set a sell limit order at around about 1.20420 now this order will just sit there and wait for price to come to it if price comes close to our order and crosses this level then it will sell and we will be activated into this trade short so now price has actually crossed our level we are now activated into this trade depending on the spreads it might have stopped us out at this level if not it would have got us out here at take profit but you get the idea of how this works we're waiting for price to come up to a level where our sell limit order will be waiting to be triggered when price crosses that level now that we've looked at the theory let's have a go with metatrader4 for this i'm going to set a sound limit order around about the highs where we've had a lot of these wick rejections just to see if we get a pullback to that level to activate our cell now once again as with the stops there are a number of ways we can set this order we can have a right click on the chart underneath trading you can see cell limit there or you can see it here or we can go the long way which is into the new order box here once again checking the symbol and the position size and underneath type we're going to select pendant order now underneath the type in the pendant order section we're going to select a sell limit order and all we need to do is enter the price at which we want to set our limit order the level at which price will cross to activate our order short so i'm going to put 1.20350 and place that now if price actually comes and crosses this green dotted line that will activate our sell limit order so that will place a short into this trade i've chosen not to enter a stop loss on take profit on this occasion just so you can see how we get into this trade shorts using the sell limit order now although we're at 35 on the buy we're waiting for the cell to hit 35 because that is what we're going to do we're going to sell now the price has crossed the 35 level on the sell side which now activated our sell limit order and now we're short into this trade so now you can simply place your stop loss and you'll take profit and set the trade up ready for it to play out and the final order that i'm going to look at with you now is the buy limit order so i once again it's the same as the sell limit except for this time we're looking to buy i'll just share with you a quick example before we execute one of these on metatrader4 buy limited orders are really useful if a currency pair is already trending up or it's already moving up and you're waiting for it to pull back that would be a great place to set a buy limited order because you're waiting for price to pull back down to activate your buy order and then hopefully it'll continue its upward movement towards your take profit so for example if we wanted to set a buy limit order around about the level that this previous pullback was at so this is at 1.2038 so we could set a buy limit order here and wait for price to move down activating our buy so we're now long in this pair and then after a period of time it would either move to your take profit or your stop loss level so once again to set a buy limit order we can either right click on the chart we can select buy limit or underneath trading choose a buy limit here or we could go on to new order now i'm going to go on to the new order as we have been doing and here underneath type we select pending order now it's already selected here by limit which makes it a bit easier for us all we need to do is enter in the figure which we want to set our buy limit order at so i'm going to set a buy limit order 1.2035 which is just a roundabout a previous point here so if price dips down to test those levels it will activate our buy limit order and it will trigger us into this trade long and this time it's inverse so instead of waiting for the sell side to hit 350 which as you can see has not triggered our order we're waiting for the buy side to hit 350 because we're looking to buy to go long into this trade and these orders can be really useful especially for string traders if you've got a busy lifestyle because if you highlight a point on your charts where you think price could pull back too you could set a buy limit order and you could also set your stop loss and your take profit order and pretty much set it and forget it and walk away and carry on with your routine and let the trade do its thing and now that price action has come down to the buy price or the ask price that has activated our buy limit order so now we're long into this trade and this leads me on to the last two orders to share with you so first one of the most important orders that we must always set is a hard stop loss order and there are two ways to set this when you are into a trade so if i want to set a stop loss quickly the best way to do that is to select my entry which is this dotted green line if i click and hold on to that i can actually drag downwards which will activate my stop loss once i drop it because i am long if i bring this line down this red dotted line that is my stop loss and if you're unsure you can see on the far left side that it says sl for stop loss and it'll say how many pips i'm currently dragging this so i'll set this just below this current candle once i've set my stop loss i can now set my take profit order and the theory is exactly the same so i can click on the dotted green line which is my entry i can hold and drag upwards and on the left hand side you'll see tp for take profits so that is my take profit order and again i can let go of that and that will drop my take profit and set it now those two orders you'll be able to see them in this bottom row here and if you want to edit them at any time you can either click and hold and drag the lines as we did when we set the orders or we can double click on the orders in this bottom row so i can double click here and i can enter in an adjusted stop loss or take profit and that's it it's super easy to set a hard stop loss or a take profit so there's no excuse to not manage the risk on your account trading anymore i hope that you've enjoyed this video a guide on how you can set many different orders that are available to use within metatrader4 it makes trading so much more accessible if you've got a busy lifestyle knowing that you can use these different types of orders which i think are a lot better than just using a standard market order if you've enjoyed the video be sure to hit the like button and don't forget to subscribe if you're not already part of the account if you've got any questions or comments do leave them below and i'll catch you in my next video thanks guys bye