Congrats, you’ve reached Step 5! You’ve made your first deposit and have set up your trading terminals too. All that’s left to do is to place your first trade. Let’s get started:
- Login to the terminal
- Add trading instruments
- Calculate margin
- Check market hours
- Open a trade
- Close a trade
Do you have favorite symbols that you like to trade, like EURUSD? Follow these steps to customize the list of symbols in your Market Watch window in the WebTerminal or Desktop Terminal:
- Right-click anywhere in the Market Watch window.
- Click Symbols, then choose the group of trading instruments that you would like to view.
- Choose a trading instrument and click Show (or Show all if you want to add all available instruments), then close the window.
The trading instrument you've chosen will now be shown in the Market Watch window. If you want to view the chart of the symbol you’ve added, simply drag it to the chart window.
Margin is the amount of money reserved so as to open and maintain a leveraged trading position. Always make sure you have enough money in your account to open a trade.
Before placing your first trade, make sure you understand when the world’s financial markets open and close, and when you can trade.
Open a trade
To place a trade on the Desktop Terminal or WebTerminal:
- Right-click anywhere in the Trade Tab and choose New Order.
- Fill in the required fields:
- Symbol: Choose a trading instrument from the drop down list, which shows the symbols you’ve added to your Market Watch window.
- Type of order: Choose either Market Execution or Pending Order. Pro accounts have access to Instant Execution too.
- Volume: Type the lot size (volume you want to trade) for your order. The minimum and maximum lot size depends on your account type. Click here to read more.
- Trade Type: Choose Buy or Sell as desired.
You will be able to track progress of your trade in the Terminal window.
Close a Trade
There are two ways to close an open trade on the Desktop Terminal or WebTerminal:
- Click the X on the open trade located on the far-right of the Trade Tab.
- Right-click on the open trade in the Trade Tab, and click Close Order.
Please note: closing the trade will not happen automatically, unless in the case of a pending order or stop out.
If you are unable to close a trade as explained above, please follow this link to find out more about why you are unable to close a trade.
That’s it! Now you know how to place forex trade on MetaTrader 4 or MetaTrader 5. Refer to the Terminals section for more detailed information on how to use the trading terminals.