Place New Order on Tools Menu on MetaTrader 4 Crude Oil Trading Platform
A new order to buy or sell a trade can be found on the tools menu that is found in the MT4 Platform. Button key for placing a new trade transaction is displayed below. (ShortCut Keyboard Keys "F9")
Placing a New Crude Oil Trading Order
As a oil trader, once you select the new order button key as illustrated above the following pop up window panel will pop-up. This pop-up window panel includes the settings for placing a new trade order.
The Following Settings are specified for setting & placing a new order:
- Quote - Specify the instrument to be traded - crude oil.
- Volume – The Number of Lots to be transacted
- Stop Loss Crude Oil Order - Set Stop Loss Oil Order, This option can be set after opening the trade, or for the pending oil orders
- Take Profit Crude Oil Order - Set Take Profit Oil Order, This option can be set after opening the trade, or for the pending oil orders
- Type: Market Execution or Pending Oil Trading Order
- Sell by Market – Open a Sell Trade
- Buy by Market – Open a Buy Trade
To Buy at current crude crude oil price hit Buy by Market button
To Sell at current crude crude oil price hit Sell by Market button
Setting Pending Oil Orders
To Set a pending trade at another crude crude oil price, Change the "Type" option from "Market Execution" to "Pending Crude Oil Order" as shown and illustrated below.
A menu list will appear and show the following options.
- Buy Limit Oil Trading Order
- Sell Limit Crude Oil Trading Order
- Buy Stop Oil Trading Order
- Sell Stop Crude Oil Trading Order
These options are shown below:
To learn how to set up these pending crude oil trade orders read the articles:
Setting up Buy Limit Oil Order & Sell Limit Crude Oil Trading Order on MetaTrader 4
Setting up Buy Stop Oil Trading Order and Sell Stop Oil Trading Order in MetaTrader 4
Once you choose the type of pending crude oil trade order to place: then select and click the "Place" button as shown on the above screenshot to complete the setup.
