How to close a trade on MT4
MetaTrader 4 allows you to take position as follows:
- Click on "new order" at the top left of the MT4 trading platform
- .A window opens with two buttons: BUY and SELL
- Choose the position size you want to trade with in the "volume" section
- Click on BUY or SELL, according to your opinion on the forex market
Once the trading position is opened on your MetaTrader 4 demo account, several solutions are available to you.
Let's first look at the options included in the MT4 forex platform by default!
The "Terminal" shortcut
This shortcut adds an additional window at the bottom of the MT4 forex platform. In the "trade" section of this window, you can find a summary of your trading positions.
This summary includes:
- The opening time
- The type of order (BUY or SELL)
- The volume (position size) in lots
- The symbol of the asset traded
- The stop loss level
- The take profit level
- The current price
- The commission (none on the Admiral.Markets account)
- The swap
- Pending profits or losses
Finally, at the very end of this line, you can see a cross. This cross allows you to close an opened position.
If you have not selected the one-click trading option on the MT4 forex trading platform, a window appears at the first click on the cross asking you to confirm the option. Once you have confirmed it, a single click on the cross closes the current trade on your MetaTrader 4 trading account.
Moreover, a right-click on the summary line of an opened position gives you access to the "Trailing Stop". This stop order allows you to protect profits by enabling a trade to remain open as long as the price is moving in your favor, but closes it if the price changes direction.
Close an order on the MT4 trading chart
This option is very intuitive, as it is only based on the MT4 trading chart. Moreover, it is available by default on the platform.
During a trade, the entry level is shown by a red dotted line. A simple right-click on this red line and you can select the "Close" option, which allows you to close the trade on MetaTrader 4 whether it is in pending profits or losses. You can also select the "Modify" option, which allows you to:
- Modify the stop loss level
- Modify the take profit level
It is also possible to visually set a stop loss and a take profit through a simple click-and-drag on the red line.
In the case of a long position:
- By dragging down, you set the stop loss
- By dragging up, you set the take profit
In the case of a short position:
- By dragging down, you set the take profit
- By dragging up, you set the stop loss
What about the Admiral Markets MetaTrader 4 Supreme Edition tools?
There are other solutions to close a trade with the MetaTrader 4 Supreme Edition!
- The "Admiral Mini Terminal" Expert Advisor (EA)
This EA is mainly used for:
- Fast position opening
- Fast and efficient position management
The "Mini Terminal" allows you to quickly and strategically exit a trade on the MT4 forex platform.
Thanks to this tool, it is possible to predefine:
- A position size
- A stop loss
- A take profit
- A trailing stop
As mentioned before, the last three allows you to close a trade.
There are more advantages to the Admiral Markets EA! Indeed, it can also:
- Close all opened and pending positions on the account with a single click
- Close all open positions on the account with a single click
- Close all pending positions on the account with a single click
- Close all winning positions on the account with a single click
- Close all losing positions on the account with a single click
All these possibilities allow better management of trades and risk in your trading.