Using MT4 Android Tablet App (Part 2)

Video Transcript

Using MT4 Android Tablet App (Part 2)

If we go back to the chart window and then select the “New order button” at the top right corner of the screen, we are brought to the trading screen with a currency pair name on top of it. Below the currency pair there is an execution type filed and volume size field. To place trades please choose which type of order you are going to trade.

  1. Instant Execution: A buy or sell order that is executed at the market price.
  2. Buy limit: A pending order to execute a buy position with an entry price below the current market price.
  3. Buy Stop: A pending order to execute a buy position with an entry price above the current market price.
  4. Sell Stop: A pending order to execute a sell position with an entry price below the current market price.
  5. Sell Limit: A pending order to execute a sell position with an entry price above the current market price.
Once you have chosen the order type, please select the volume of the order you want to place in the area below. The keyboard pops up automatically when typing in the volume field. Before placing a trade, please pay attention on fields below Volume size. From the top down you have “Price”, “Stop Loss,” “Take Profit,” and “Expiration” in case of pending orders. In case of Instant execution you would see “Stop Loss,” “Take Profit ” and “Deviation”. The “Price” section is the price at which you want your pending order to execute. It is your entry price. Please remember that whether your entry price goes above or below the spot price depends on the particular pending order you have selected. When you tap on the “Price” section, a keyboard pops up for you to manually input the price at which you want your order to execute.

This same idea is held true for your “Stop Loss” and “Take Profit” sections as well. Simply tap on the area and a keyboard appears. To move your price up or down by one pip tap the “+” or “-“ buttons.

You can also apply “an Expiration” for any pending order that you place. You can do this by tapping on the “Expiration” section and using the 4 columns to set the date correctly. Once all of your parameters are set, please hit the “Place” button and your order will be placed.

If you place an “Instant Execution” order instead of a “Pending order,” you are placing an order to be executed at the market price. In this case you will not see a “Price” area (as your entry price is the spot price), but you will still see the “Stop Loss” and “Take Profit” fields. They function the same here as they would when you are placing a pending order. Simply tap the area and manually input your stop loss and take profit. The “Deviation” area allows you to set your maximum deviation for the trade. Again, you simply tap on the area and set how many pips you would allow your order to deviate from your selected price (in your favor or against you) before you simply do not want the order to execute at all.

At the bottom of this window, you see a red “Sell” button and a blue “Buy” button. Once you tap on one of those buttons, your order will be executed. Instantly you will see the details of your order pop up in the top of the page along with the price you entered the market at.
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