Open a position, enter on the market or to out an order on the market on metatrader 4, consist of a first buy or sell of a certain amount of a contract. A positions could be open by the execution of a market order or by the automatic start of a pending order.

To open a position on the market, you could for example, select hte menu < Tools - New Order> or push the key < F9 > or also double click on the desisred parity on the market watch window. The following window then appears:

Symbol : select the desired contract
Volume : select the number of desired units
Stop/Loss : enter a level of stop loss (facultative)
Take profit : enter a level on which you want  to take your profits (facultative)
Commentary : enter a commentary (facultative)
Type : select the option ‘immediate execution’
Accept a maximal deviation of the quoted price : the maximum number of pips of gap between the price that you want or the price that you accept to be executed in volatile conditions of the market (facultative)

Once these elements filled in, just click on the button 'Sell' or 'Buy'

Attetion : if the stop loss or take profit is too close from the quoted price at the opening of the position (depending of the broker) the message< Invalid S/L or T/P > is displayed. It is then necessary to change your order.

To close an open positions, select the open positions in the trading terminal by clicking on it. You could :

•  Either make a double click on the desired position
•  Either make a right click on the position and then make a left click on < Close order>

The following screen appears :

Click then on the yellow button < Fixed price. > and not on SELL or BUY ! Indeed, the MT4 platform allows the hedging. This means that you could have at the same time a long position and a short one on the same parity. In consequence, if you are long of 1 unit on the EUR/USD and if you click on sell 1 unit on EUR/USD to close your positions, a new position will be open. You will then have two open positions. Why the hedging so? The hedging allow you to be long on a 4h timeframe and to be short on a 5 minutes timeframe for example.

The following window appear to confirm the execution of your order.

To make a deferred order on metatrader 4, you need first to open the market order window as explained above. Once this step done, in the menu 'type' which is by default on immediate execution, you just have to choose deferred order. Here is what appear :

Type : Buy limit, sell limit, buy stop, sell stop
Price: Indicate your price
Expiration : expiration of your order

Click then on the blue button to put your deferred order on the market.