What is a pending order/entry order?
Pending or Entry orders are orders to execute a trade at a price that’s different than the current market price. When the price of a currency reaches the specified Price, the pending order is activated and executed.
There are four type of Entry Orders:
Buy Limit – It is an order to buy at a price (“limit price”) that’s lower or better than the current market price. The Buy Limit order is executed if the Ask Price (which represents the price that liquidity providers are willing to buy – “Demand”) on the platform drops to a level that’s equal to or lower than the specified buy limit price.
Sell Limit – It is an order to sell at a price (“limit price”) that’s higher or better than the current market price. The Sell Limit order is executed if the Bid Price (which represents the price that liquidity providers are willing to sell – “supply”) on the platform rises to a level that’s equal to or higher than the specified sell limit price.
Buy Stop – It is an order to buy a currency at a price (“stop price”) that’s higher than the current market price. The Buy Stop order is executed once the Ask price is equal to or greater than the specified “Stop” price.
Sell Stop – It is an order to sell a currency at a price (“stop price”) that’s lower than the current market price. The Sell Stop order is executed once the Bid price is equal to or lower than the specified “Stop” price.
What does maximum deviation mean?
Maximum deviation means that you determine a range of prices, in pips, where your order can be filled. Note: MT4 executes ALL orders as FILL or KILL. Meaning, the entire order will have to be filled at the same price (or within the range of prices if you are using Maximum Deviation) or the order will not be filled.
What does Instant Execution mean?
Instant Execution means that trades are executed as market orders. These orders are filled at the best available price.
How do trailing stops work on MetaTrader 4?
Trailing Stops on MT4 trail your stop by a fixed amount of points (0.1 pip). In addition, the trailing stop will only activate after it has moved in your favour by the number of points set for the trailing stop. Basically once the trailing stop is activated it will automatically move your Stop to breakeven.
For example, setting a trailing stop for 250 points (25 pips) would mean that the trade would need to move 25 pips in your favor before the trailing stop is activated. Then, after the trailing stop is activated, the stop will move 25 pips for every 25 pips the trade moves in your favour.
Finally, it is important to note that the platform must remain on at all times in order for the trailing stop function to work on the MT4 platform.
How can I add a Stop Loss or Take Profit after I placed a trade on MT4?
In order to enter a Stop Loss or Take Profit (Limit) after your trade has executed, follow these steps:
1) From within the Terminal Window, find the trade you want to add a Stop Loss or Limit (Take Profit) to
2) Right click on the trade
3) Choose “Modify or Delete Order”
4) In the Order window, confirm the order number listed in the top left hand corner is the same as the order number in the terminal window for the trade you want to modify
5) You may can manually add a Stop Loss Rate in the window titled Stop Loss and the same for the Take Profit (Limit )
6) When you feel you have correctly modified the Stop Loss or Take Profit (Limit), and the button for Modify is highlighted, you may submit the order modification.
*Please note that if you use select “points” that 1 point = 1/10th of a pip.