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Manual Trader document -- create new order

Create market order

A market order is execute immediately at current market price, which is either the displayed “bid” or “ask” price on your screen. If you are going to buy a currency pair, you will buy at the “ask” price, and if you are going to sell a currency, you will sell at the “bid” price.

  • Sell/Buy: The current real time live quote price of selected pair. The Sell price is the Bid, and the Buy price is the Ask. Click “Sell” to place a short order. Click “Buy” to place a long order.
  • Instrument: Select the pair to trade. Note: only the symbols in Market Watch window in MT4 terminal will be displayed.
  • Order Volume: Input the interested volume to trade. It can be in either Lots or Units. For example, for EURUSD, most 1 lot equals to 100,000 units.
  • Stop Loss: Input the Stop Loss. There are several types to define a stop loss.
    • None: Don't use a stop loss.
    • Price: Use an absolute price as the stop loss. A value of stop loss 1.3500 will set the stop loss as 1.3500.
    • Pips: Use a relative pips as the stop loss. The pips must be greater than zero. Assume the order open price is 1.3800. Setting the pips to 100 will set the stop loss as 1.3700 for a buy order and 1.3900 for a sell order.
    • Pips from market: This is relative pips. The pips can be negative. The pair live price is used to calculate the stop loss. Assume the order open price is 1.3800, but the pair market price is 1.3850. Setting the pips to 100 will set the stop loss as 1.3750 for a buy order and 1.3950 for a sell order.
    • Break even: This is only usable when modify an open trade. This will move the stop loss to break even. Assume the order open price is 1.3800, this will set stop loss to 1.3800.
  • Take Profit: Input the Take Profit. There are several types to define a stop loss.
    • None: Don't use a take profit.
    • TP/SL ratio: Set the take profit as the “ratio” times of the stop loss. Assume the stop loss is 100 pips. Setting the ratio to 2.0 will set the take profit as 200 pips.
    • Price: Use an absolute price as the take profit. A value of take profit 1.3900 will set the stop loss as 1.3900.
    • Pips: Use a relative pips as the take profit. The pips must be greater than zero. Assume the order open price is 1.3800. Setting the pips to 100 will set the take profit as 1.3900 for a buy order and 1.3700 for a sell order.
    • Pips from market: This is relative pips. The pips can be negative. The pair live price is used to calculate the take profit. Assume the order open price is 1.3800, but the pair market price is 1.3850. Setting the pips to 100 will set the take profit as 1.3950 for a buy order and 1.3750 for a sell order.
    • Break even: This is only usable when modify an open trade. This will move the take profit to break even. Assume the order open price is 1.3800, this will set take profit to 1.3800.
  • Trailing Stop: Input the Trailing Stop. There are several types to define a trailing stop. Warning: Manual Trader must be running to make trailing stop working.
    • None: Don't use a trailing stop.
    • After Break Even: Set the trailing stop in pips. The trailing stop only takes effect after the trade is at break event. Assume the order open price is 1.3800, trailing stop is 100 pips. When the pair price is below 1.3900, the trailing stop doesn't take effect. After the pair goes 1.3900 or above, the trailing stop will move the stop loss to proper price.
    • Any: Set the trailing stop in pips. The trailing stop takes effect no matter what the pair live price is.
  • Send button: Send the order to broker server and place the order.
  • More button: A menu will pop up after More button is clicked. There are several commands in the menu.
    • Copy Order: Copy current order in the panel to Windows clipboard.
    • Paste Order: Paste any existing order on Windows clipboard to the order panel.

Create pending order

A pending order is executed at a specific price.

Creating pending order is quite similar to creating market order. Here only lists the differences.

  • Order Quote: Specify the price at which to execute the order. There are several types to define a price.
    • Price: Use an absolute price as the order price.
    • Pips: Use a relative pips as the order price. The pips can be negative. The pips are the distance from market price. Assume the market price is 1.3800 at the time the order is placed, pips 100 for buy order will cause 1.3900 is used, and for sell order 1.3700 is used.
  • Expires: Set the expiration time. There are several types to define the expiration.
    • In: Set the period after which the order will expire.
    • At: Set the exact time to expire.
    • None: Don't use expiration.

Where are the Limit and Stop orders

MetaTrader utilizes the concept limit order and stop order. This is market internal behavior and it's boring to select the order type each time placing a new order. And even worse, new traders usually get confused with the concept of limit and stop order.

To ease our trading and simplify our lives, Manual Trader eliminates the need of selecting the order type and it automatically chooses correct order type for us.

How the pips are used to calculate the price

Using pips to define order price, stop loss, take profit and trailing stop is very convenient. It's important to correctly understand how pips work.

Calculation for order price and take profit

  • For buy order, result price = base price + pips. Base price is either open price, or market price, depending on the selected price type. Pips can be positive only or can be negative, depending on the selected price type.
  • For sell order, result price = base price - pips.

Calculation for stop loss and trailing stop

  • For buy order, result price = base price - pips.
  • For sell order, result price = base price + pips.