⚠️ Risk warning: CFDs and leveraged forex are complex instruments with a high risk of losing money rapidly. Most retail accounts lose money. This content is education only, not investment advice or a recommendation.
Open a market order
- Open the Order window. Press F9, use Tools → New Order or the New Order button on the Standard toolbar, or double-click a symbol in Market Watch.
- Choose symbol and volume. Check the Symbol and enter the Volume in lots (for example 0.10). Size it from your stop distance first, not from how confident you feel.
- Set Stop Loss and Take Profit. Enter price levels in the Stop Loss and Take Profit fields. Leave a field at 0 if you do not want that level.
- Check the Type. Leave the broker's execution type (Instant Execution or Market Execution). With Instant Execution you can allow a maximum deviation so a small requote fills without asking.
- Sell or Buy. Click Sell or Buy (“Sell by Market” / “Buy by Market” on Market Execution). The position appears in Terminal → Trade; press Ctrl+T if the Terminal window is hidden.
Place a pending order
- Switch the type. In the Order window set Type to “Pending Order”.
- Choose the order kind. MT4 has four: Buy Limit (below the price), Sell Limit (above), Buy Stop (above) and Sell Stop (below).
- Set the price and expiry. Enter the trigger price in “at price”, add Stop Loss and Take Profit, tick Expiry if the order should cancel itself at a set time, then click Place.
Modify, trail and close
- Modify stops or a pending order. In Terminal → Trade, right-click the position or order → “Modify or Delete Order”, change the levels and click Modify. For a pending order the same window has a Delete button.
- Add a trailing stop. Right-click the position → Trailing Stop and pick a distance. It is managed by your terminal, so it only works while MT4 is open and connected.
- Close a position. Right-click the position → Close Order (or double-click it) and click the Close button. To close part of it, enter a smaller Volume first.
- Review closed trades. Closed positions and deleted orders move to the Account History tab; right-click there to choose the period or save a report.
Common problems
- Invalid S/L or T/P
- The stop loss or take profit is on the wrong side of the price or closer than the broker allows. Move it further away and send again.
- Requote
- On Instant Execution the price moved before the broker accepted it. Accept the new price, retry, or allow a small maximum deviation.
- Market is closed
- The symbol is outside its trading hours or it is the weekend. Check the symbol's Specification in Market Watch.
- Not enough money
- Free margin is too low for this volume. Reduce the lot size.
Frequently asked questions
How do I set a stop loss in MT4?
Type it in the Stop Loss field of the Order window, or right-click the open position in Terminal → Trade → “Modify or Delete Order” and set it there.
Why does MT4 say “Invalid S/L or T/P”?
The level is on the wrong side of the market or too close to it. For a buy, the stop must be below the current Bid; for a sell, above the Ask.
Does the MT4 trailing stop work when the platform is closed?
No. It runs in your terminal. A normal stop loss is held on the broker's server and works when MT4 is closed.