There are a few possible reasons:
You are not logged in
+If you are not logged in to your MetaTrader 4 trading account, the New Order button will be grayed out and you won’t be able to place trades.
To log in:
- Go to File then select Login to Trade Account
- Enter your trading account number, your trading account password and the server.
- You can find your trading account number and server in the Personal Area.
- Click Login.
Once you are logged in, you will be able to click on the New Order button and place trades.
You are incorrectly logged in
+If you log into the MetaTrader platform with your trading account’s investor password or read-only access password, you will be able to see the real-time trading data but will not be able to trade at all.
You can quickly verify this by looking in the Journal tab of your trading terminal for an entry that says “trading has been disabled - investor mode”.
Log in again using your trading account password or change your trading account password if you cannot remember it to resolve the issue.
A minimum first-time deposit is pending to begin trading
+The New Order button will appear grayed and inactive in the MetaTrader 5 trading terminal if the MT5 trading account has not had a successful minimum first-time deposit fully processed. Once this deposit has been processed, the New Order button should become active and you can start using that trading account.