First time using MT4? Don’t worry, we have you covered. Here is a step-by-step guide on how to install, set up and get trading on your MT4 platform.
To install MetaTrader 4 for Windows:
- Double-click on the downloaded installation file.
- Read the License Agreement. If you agree, click the checkbox next to Yes, I agree with all the terms of the license agreement. Click Next.
- Choose the folder where the program will be installed. If you want to use the suggested folder, click Next. If not, click Browse, choose a folder, and click Next.
- In the next window, select a group in the Programs menu. Click Next.
- Click Next to install the MetaTrader trading platform, or click Back if you need to change anything. Now, all you have to do is wait until the program has been installed on your computer.
As soon as the installation of the MetaTrader platform is complete, you can open it by clicking Launch MetaTrader, then clicking Finish.
Having difficulty logging in? Try our troubleshooting guide.
To open a new order, you have three options:
- Click New Order in the toolbar.
- Click F9 on your keyboard.
- In the Market Watch window, right-click on the trading instrument you want to trade and click New order.
- Once you have opened the New Order window, select your preferred symbol, transaction size, Stop Loss (SL) and Take Profit (TP) levels.
- If you want to check the execution type you can find it under Type. Execution type is auto detected based on the instrument you choose and your account type.
- Click Buy or Sell to place the order.
- Double click on the order you want to close in the Trade tab of the Terminal section that runs along the bottom of the platform.
- Click Close Position.
- Alternatively, you can also right click on your order and choose Close Position. Another simple way would be to simply click the x beside your order in the Trade tab.
- That’s it. Your order is now closed.
There are 4 pending order types to choose from in MT4 (Buy Limit, Sell Limit, Buy Stop, and Sell Stop). To close a position you can use Stop Loss and Take Profit.
- Similar to the instructions for market order, you will first need to locate the New Order window.
- Once located, select the Symbol you want to trade in, set your Volume and click on Type to select Pending Order from the dropdown menu.
- An extra Pending Order section will open up. Under Type, select your desired pending order. Set your desired Price and Expiry date if you wish.
- You may also set up TP and SL.
- Click Place to set up your pending order.
Note that if you choose an expiry date that falls during a weekend, your order will expire before the market closes at the end of the current week.
To modify/delete a pending order, follow these steps:
- Right click on the pending order in the Trade tab of the Terminal section.
- Click Modify/Delete.
- If you want to modify, the fields available for modification are Price, SL, TP and Expiration. Once done, click Modify.
- If you want to delete your pending order, simply click on the Delete option
Note: Please follow Stop Levels when setting up Pending orders (including SL and TP).
Did something go wrong? Check out these articles.