ENTERING THE MARKET
There are many types of execution types (ways to enter) the market directly through your broker. We use the application called Metatrader 4 OR Metatrader 5 to enter and exit the market.
You can find the applications via the links below
METATRADER 4:
Iphone - CLICK HERE
Android - CLICK HERE
METATRADER 5:
Iphone - CLICK HERE
Android - CLICK HERE
The first step to entering a trade would be to click on the Quotes tab at the bottom left of your Metatrader 4 OR 5 App.
Once you have selected the Quotes tab, the next step is to find the currency pair you are looking to trade. For this demonstration we are going to use EURUSD. Once you have located the EURUSD on your quotes page, you will need to press and hold on the pair to bring up the menu. See image below.
Once you have pressed and held on the currency pair, the menu will appear.
Once the menu appears, you will want to select "Trade".
Once you have selected "trade" the trade order form will appear. There will be another lesson on pending orders and buy/sell stops/limits, but for this we will focus mainly on market execution.
The picture above is a screenshot of the order form for EURUSD. Where it says Market Execution, you will need to make sure that this is selected. (it may say Instant Execution)
Once Market/Instant Execution is selected. you will need to select your Lot size.
You can reduce your trade size by tapping -0.10 and -0.01 and you can increase your lot size by tapping +0.10 and +0.01, or you can tap on the lot size and input manually.
Once you have selected what lot size you wish to use, you will need to input your stop loss and take profit.
Your stop loss goes into the box next to where it says stop loss, and the take profit/target goes into the box next to where it says take profit. You can do this by tapping on the box, and entering the numbers manually, no need to tap + or -.
Once you have done this you can press either press "Sell by Market" or "Buy by Market" depending on the trade you are taking, then your running trade will appear under the "trade" tab.
Closing a Trade
In Order to close a trade, providing your trade has not hit the stoploss or take profit, you will need to hold on the trade you wish to close, then the menu will show like so.
Once this menu appears, select " Close " then the following page will appear...
Here is where you can close your trade, you will need to tap on the orange bar, this will either say " close with loss XX.XX " or " close with profit XX.XX "
Once you have closed your trade, this will show under your history tab.