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Automate Your Trading With Oanda Metatrader 4
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How do you use MT4 ?
Below is a step-by-step guide on how to access and use MT4.
Create an account
To use Oanda MT4 offering, you’ll first need to create a live account. Once you’ve done that, you can set up a live MT4 account from the My dashboard. There’s more instructions on how to do this on our download MT4 page.
After creating an account, you can download MT4 to your chosen device. Once you have downloaded MT4, you can log in with your credentials.
Open a position
using the order window When you’re ready to place a trade, go to ‘tools’ and click ‘new order’. This will bring up the ‘order’ window. Alternatively, you can press F9 on your keyboard.
Once you’ve done that, you’ll be presented with the order window.
While the order window can seem daunting at first, here’s a quick guide to all the components:
Symbol – this drop-down menu allows you to select which market you would like to trade
Volume – for a CFD account this is the number of contracts you would like to trade
Stop loss – if you want to use a stop to close the trade if it moves against you, enter your desired level here. Stops on MT4 are equivalent to basic stops on the IG platform
Take profit – if you want to use a limit to lock in profits, enter your desired level here
Comment – a small space to leave a comment about a particular trade; or for more advanced trade-management purposes
Type – choose ‘instant execution’ if you want to place your trade the moment you select either ‘buy’ or ‘sell’. Alternatively, select ‘pending order’ if you want to choose the level at which your trade opens
Depending on what type of trade you are placing, you’ll then be faced with the following options:
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