- October 7, 2021
MT4 Basics: Identifying the Different Types of Orders
Orders are certain commands that you provide to your respective platforms when you make a trade. These commands determine the type of trade and the action that you wish to do in the market. Due to this function, all traders including those who are into the MT4 platform need to familiarize themselves with the various types of platform orders and how they are used. This article will help you learn those concepts and we certainly hope that whatever you learn will be useful in the application of your trading plans.
Working with Metatrader 4
MT4 user interface allows a trader to perform different types of orders. For those who are unfamiliar with this platform, it has a specific section called order terminal where you can either prepare for a request or make a request in order to execute your trading operations. At the same time. The said section in the interface also give you the opportunity to control and manipulate some positions that are open in the market.
Technical definition of order
Orders are technically defined as the traders responsibility to perform in the market. Similar to the chess game, orders are the actual moves that you do in order to achieve your goal. These moves are often accompanied by plans that are made based on various observations or findings from sources such as charts, indicators,announcements,news articles and many more.
Different types of Orders
1. Take Profit
This is probably one of the most favorite orders that is being executed by traders as you are already going to take your profit from your accumulated trades. But before being totally happy about what you have previously read, you also need to know that taking your
profit would also mean saying goodbye to your trading account as doing so would signify the closure of your account. In most cases, thi is associated with an open position or a pending order.
2. Stop Loss
With its name, we can say that this type of order is designed to help you save your profit if your moves are already going against your plans. Triggering this type of order would automatically close your position once the security price reaches its limit.
3. Sell Limit
One you place your order under sell limit, you have to expect that
4. Availability of Data
The platform has tons of charts and indicators readily available for traders. This is very important since data is key to success in the forex trading world.
Since forex trading involved depositing real money, it is a must that the broker and platform you choose are secure. This is the main feature of MT4. Whether you are on a computer or mobile phone, they make sure that your account is secure.
Most platforms that are available in the market make sure that their interface is user-friendly. However, some of these platforms sacrifice flexibility which is not the case for MT4. It can run smoothly on both old and new devices of computers and mobile phones because the requirement to run the software is low.