Place New Order in Tools Menu in MetaTrader 5 Platform
A new order to buy or sell a trade can be found on tools menu within the MT5 Platform. Button key for placing a new trade is displayed below. ( Short Cut "F9")
Placing a New Forex Trading Order
As a forex trader, once you select the new order button key as shown above the following popup window will appear. This pop up window includes the settings for placing a new trade order.
The Following Settings are specified for setting up a new order:
- Symbol - Specify the currency pair to be traded.
- Volume - The Number of Lots to be transacted
- Stop Loss - Set Stop Loss, This option can be set after opening the trade, or for pending orders
- Take Profit - Set Take Profit, This option can be set after opening the trade, or for pending orders
- Type: Market Execution or Pending Order
- Sell by Market - Open a Sell Trade
- Buy by Market - Open a Buy Trade
To Buy at current forex trading price hit the Buy by Market button key
To Sell at current forex trading price hit the Sell by Market button key
Setting Pending FX Orders
To Set a pending trade at another price, Change the "Type" option from "Market Execution" to "Pending Order" as shown below.
A menu list will appear & explain the following options.
- Buy Limit
- Sell Limit
- Buy Stop
- Sell Stop
These options are shown below:
To learn how to set up these pending orders read the articles:
· Setting up Buy Limit and Sell Limit in MT5
· Setting up Buy Stop and Sell Stop in MT5
Once you choose the type of pending order to place: then click the "Place" button key as illustrated on the above screen-shot to complete the setup.
