Configuring Your Order

1. Check the Trading Symbol

Make sure the instrument displayed matches your intended trade.

2. Set the Contract Size (Volume)

• In standard accounts: Volume 1 = 100 units
• In micro accounts: Volume 1 = 1 unit
• Minimum trading size is 0.01
• Use the dropdown menu or manually type your desired volume

The contract size directly affects your potential profit or loss.

3. Use the Comment Field (Optional)

Add a custom note to identify or label your trade.

Market Execution vs. Pending Orders

• Market Execution: Executes immediately at the current market price
• Pending Orders: Opens a trade when price reaches a specified level

We’ll cover pending order types in a separate tutorial.

Choosing Buy or Sell

• Sell Orders: Open at bid price, close at ask price- Profitable if the market goes down
• Buy Orders: Open at ask price, close at bid price-  Profitable if the market goes up

Once you click Buy or Sell, your order is executed instantly.

Monitoring and Closing Orders

All active trades appear in the Terminal Window > Trade Tab:

• Orders have unique ID numbers
• Sell orders are shown in red, buy orders in blue
• Double-click a trade or right-click to Close Order
• Confirm by selecting the Close button again

Summary

Understanding how to place orders on MT4 is essential for executing trades with precision and speed. With multiple methods and order types, the platform is designed for flexibility and control.Keep building your MT4 skills with PROP365 Academy and get the most out of every trade.