NoaFX Tutorial

4.6 Placing Market Orders in MT4 Platform

All orders being placed to the broker's exchange have to be submitted via the order dialog box.

The order dialog box can be invoked using 4 different methods;

  • The most common and popular way of triggering this window is by clicking on the button. This button can be found in the Standard Toolbar area.
  • The next method of triggering this window is by pressing the keyboard shortcut for this option. The keyboard shortcut for this function is;
                F9 or Function 9 key
  • The third method of triggering this window is by clicking within the Market Watch window,on the specific instrument/currency pair you would like to trade itself.
    Note that by clicking on that specific item, the specific instrument/currency pair is already pre-selected within the trade window under the Symbol Selector drop down list.
    For all the other above mentioned options, the instrument/currency pair selected will be the instrument/currency pair as that shown in the active charts area before the trade dialog box was triggered.



  • The fourth method and probably the least popular method of triggering this order dialog box is by;
  • Right clicking on the charting area
  • Select Trading
  • Then clicking on New Order


By using any of these four available methods to trigger the order dialog box, we can then specify the parameters of the order being submitted through this window.

Let us explore in further detail of what parameters and controls we have within this Order Dialog box.

The MT4 Order Dialog Box
  • Symbol Selector – The Symbol selector offers you a dropdown list of all the various instruments/currency pairs offered by NoaFX that you can trade on. You can simply choose the security to trade on by selecting it from the drop down list.
  • Volume – In this control, you will specify the Volume or the Lot Size of the order you would like to open. The smallest number of contracts you can purchase is 1,000 units which is 0.01 order size. This is also called a Micro Order.
  • Various sizes of orders

    *Cost Per Pip is the approximate value of how much profit/loss your open positions will experience when the currency pair move a pip. This is the approximate value based on most majors and is subject to change depending on the currency pairs being traded.

  • Stop Loss – Price at which you will close your open position and absorb the floating losses. I.e. For a long position, if you are not willing to tolerate more than 30 pips loss, your stop loss will be your entry price – 30 pips.
  • Exercise:

    Question: If my entry price is 1.3400 for a short position,

    And my maximum tolerable risk is 30 pips,
    What is my stop loss price?

    Answer: For a short position, we will add the risk exposure limit to the

    open price and for a long position, we will subtract the risk
    exposure limit to the open price.

    Therefore; 1.3400 + 0.0030

    = 1.3430 is my stop loss price.

  • Take Profit – Price at which you will close your open position and absorb the floating profits. i.e. For a long position, if you are expecting a profit target of about 60 pips, your take profit price will be your entry price + 60 pips
  • Exercise:

    Question: If my entry price is 1.5940 for a short position,

    And my profit target is 160 pips,
    What is my take profit price?

    Answer: For a short position, we will subtract the profit target to the

    open price and for a long position, we will add the profit target to
    the open price.

    Therefore; 1.5940 - 0.0160

    = 1.5780 is my take profit price

  • Comment – A description holder of any reference you would like to take to remember your trade by. For example, a trade can be described as "Based on Support" or "Hedge Trade for 35155"
    Note: A maximum of 27 characters are allowed for the length of this field.
  • Type – Specifies the type or order you would like to specify this order as. There are basically 2 types of orders;
    • Instant Execution – Orders that are filled immediately, at whatever best price offered by the broker at that moment in time.
    • Pending Order – Orders that are filled at a later time when the desired price level has reached before the order can be filled. (Further details as to what types of Pending Orders there are will be highlighted in later modules)
  • Sell – This button issues the order to be executed as a short or sell order.
  • Buy – This button issues the order to be executed as a long or buy order.
  • Deviation limiter – Given the situation that you are placing an order in an extremely fast moving (volatile) market, there is a possibility that the price offered by the broker could have moved before your order has been filled.

This can result in a situation where you have a re-quote, a situation where the broker asks you again if you would like to place the order again at the new price, or you might get filled at a price that is away from your initial requested price.

This gap between the price that you had originally requested and the price that you have been filled is called slippage.

In order to avoid being filled at prices which are not favourable to you, you can specify that you don't want to be filled beyond a certain number of pips by;

  • Ticking on the check-box "Enable maximum deviation from quoted price"
  • And specify the maximum number of pips you can tolerate

    For example, I can specify that I don't want my orders to be filled if I experience slippage of more than 3 pips. Therefore, if my requested price is 1.5000, I will not get filled should the new price be at 1.4996 or 1.5004. In such situations, you will get a requote.

Note: Contrary to most market beliefs, slippage can be good as well as bad for your order execution. For example, in a fast moving market, the price can move against your favour as well as in your favour.

  • Tick Chart Area – Shows the real-time action of the currency pair/instrument as it happens, tick by tick.

close