As a trader, you should know how to place pending orders in MT4. Dux Forex signals consist of “pending orders”. This means you need to place an order beforehand and wait until the market touches the order(s) and do its job. This method is best for ensuring that you get in at the right price and avoid slippage. You will also be provided with an SL and 3 TP levels. Most traders use Metatrader 4 as their main platform so we will outline how to place pending orders on Metatrader 4. There are a few ways of placing pending orders but we will show you the easiest and fastest way so that you can react as fast as possible when receiving your forex signals. In this example, you can see that the current market price is at 1.09314 but we will place a Buy Pending Order at 1.09079.
- Open any chart of your choice. (it can be any time frame on any currency pair)
With the cross-air tool, align it with the signals entry price.
- You will see the price on the right side of the chart. As you move the crosshair tool, it will change accordingly.
- Scroll to the “Trading” tab and select “Buy Limit”. (In this case, it was a “Buy Limit” because our pending order is below current market, if our pending order was above current market, then you would need to select “Buy Stop”. )
- You will see the pending order in under the Terminal section. Double click it.
- You will be prompted with the dialog box for this pending order where you will need to input the Stop-Loss and Take Profit. Input these in the correct fields accordingly. In this example, stop-loss was at 1.08959 and take profit was at 1.09281. Then click “Modify”.