How to Add a New Order on the Tools Menu in MT4 Platform Software

A new order to buy or sell a trade position can be located in the tools menu within the MetaTrader 4 Software. The button for placing a new trade is illustrated below. (Keyboard Shortcut Keys "F9")

Placing a New Order

As an XAU/USD trader, selecting the "New Order" button opens a settings window for configuring your trade before execution, as depicted in previous illustrations.

The subsequent parameters are defined for initiating and configuring a new order:

Symbol - Specify the financial instrument to be transacted.
Volume - The No. of Lots to be transacted
StopLoss Order - Set Stop-Loss, This one can be set/placed after placing a trade position, or for pending orders
Take Profit Order - Set TP, This option can be set/placed after placing a trade position, or for pending orders
Type: Market Execution or Pending Order
Sell by Market - Open Sell Trade
Buy by Market - Open a Buy Trade

To Buy at prevailing market price hit the Buy by Market button

To execute a sale at the currently prevailing market rate, utilize the "Sell by Market" button.

Setting Pending Orders

To set and place a pending order at a different price level, switch the "Type" option from "Market Execution" to "Pending Order," as demonstrated in the instructions below.

A menu list will pop up & explain the following options.

Buy Limit
Sell Limit
Buy Stop
Sell Stop

The following examples demonstrate these choices:

To learn and know how to set up these pending trade orders read the guides:

Setting up Buy Limit Order and Sell Limit Order in the MetaTrader 4 Platform

Setting up Buy Stop Order and Sell Stop Order on MT4 Platform Software

Pick your pending order type. Then click "Place" to finish, as in the screenshot.

Examine More Topics & Lessons:

Trade Gold Trading

How to Add a New Order on the Tools Menu in MT4 Platform Software

Placing a New Order

Setting Pending Orders