Order Types in MT4/MT5
MT4 has 6 order types (2 market + 4 pending). MT5 adds 2 more pending types. Understanding each is essential before you place your first trade.
Market Orders (Instant Execution)
Execute immediately at current ask price. Profit when price rises.
Execute immediately at current bid price. Profit when price falls.
Pending Orders
Placing a Market Order (Step by Step)
Open the Order Window
Press F9, or right-click on any chart → "Trading" → "New Order", or click the "New Order" button in the toolbar. The order dialog box opens.
Set Symbol and Volume
Confirm the correct instrument is selected in the "Symbol" dropdown. Enter your lot size in the "Volume" field. For beginners: 0.01 lots (micro lot) = approximately $0.10/pip on major pairs.
Set Stop Loss and Take Profit (Optional but Recommended)
Enter your stop loss and take profit levels directly in the order window. This is the most reliable way to set them — they'll be attached to the position immediately on execution.
Click Buy or Sell
Click the blue "Buy by Market" button to go long, or the red "Sell by Market" button to go short. The trade executes immediately. You'll see a confirmation dialog with your fill price.
Enable one-click trading by right-clicking on a chart → "One Click Trading." A small panel appears on the chart with Buy/Sell buttons. Click once to execute instantly without a dialog box — useful for scalping. Warning: there's no confirmation dialog. Be careful not to click accidentally.
MT5 adds two more pending order types: Buy Stop Limit (places a Buy Limit when price reaches a trigger price) and Sell Stop Limit. These are advanced orders for specific breakout strategies and not needed by most traders starting out.