How do I place an order?
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Education

As Your global trading partner; GKFX offers a wide range of Educational products.

How do I place an order?

forex tutorial charts

MT4 Overview

The Meta Trader 4 platform provides various functions supporting your selected trading strategy. Different types of placing a trade as well as multiple indicators, trading tools for technical analyses and automated systems help you with your trading.

 

Open an Order

In order to place a position you will need to open the Order Window, e.g. by pressing the F9 button. Select the product symbol (Symbol), the volume (Volume) and the Order Type (Market or Pending Order). The current market rate is shown and you can now decide whether you wish to place a long position (Buy) or a short position (Sell). Before placing the order into the market, you can also specify a Stop Loss and/or Take Profit.
 

 

Attached Orders

An attached order refers to a Stop Loss (SL) or a Take Profit (TP), which are in fact counter orders to execute the main one. If you close out your main position manually, the attached ones will be closed automatically as well. However, if you partially close your position, the attached ones (SL/TP) will remain with the open position.

Closing a Position

To close an open position on Meta Trader 4 you must either attach an order to the position (Stop Loss and/or Take Profit), or right-click on the position viewable in the Trades tab and then choose the Close order option. In the pop-up window click the yellow close button. NOTE: You cannot close out a position by placing a counter-position on the same product. This will only leave you with 2 active orders – one long and one short on the same product.
 

Closing an Order Partially

It is possible to close only a part of the volume of your active order. You will need to follow the same steps as if you would close a position – double-click on the position in the Trade tab and change the volume you wish to close in the Volume box in the pop-up window. This amount will be displayed in the yellow closing button, which can be pressed to partially close out your position.
 

forex tutorial how to close order

Change an Order

Right-clicking on your active order will let you select ‘Modify order’. This will allow you to either adjust or add a Stop Loss or Take Profit level.

forex tutorial how to change order

Market Gapping through Order Level

In volatile market conditions it may be possible for an order to be triggered at a level that is less favourable than the order price you specified. This is known as ‘Gapping’ and in this situation GKFX will endeavour to execute the order at the next available market price available to us.

 

Financing Charges

As mentioned previously, if you have a position open in a CFD at 10pm (London time) you will be subject to financing. If you have simply day traded and have no open positions left open, then you are not subject to any financing. If you are long a CFD then you will incur a financing charge. As you have only put up a fraction of the actual value of the trade then you have ‘effectively borrowed’ the balance. For this we charge a financing charge of 2% above the overnight lending rate for the currency concerned. If you are short a CFD then you may receive financing. You have effectively deposited the entire value of the trade with us and will receive financing which is the overnight lending rate minus 2% (subject to a minimum of 0%). If you have a position where you are long and short the same CFD then these do NOT cancel each other out and you would be liable to both pay and receive financing, losing whatever the difference is. Financing works differently for Foreign Exchange, so please read the section on that to find out how that is applied.

Indicators/Oscillators apply/remove

There are many indicators and oscillators available by default on the Meta Trader 4. Those can be used to support your trading strategy. You can select them through the main menu Insert or drag & drop them from the Navigator window onto the Chart.

In order to remove an indicator, right-click on the Chart and select Indicators List. In the pop-up window highlight the indicator and select Delete before closing the window. It is possible to delete the indicator in the Chart directly. Simply right-click on the indicator and select Delete Indicator.
 

forex tutorial how to delete indicator

Create Templates

Once you personalised the chart with your indicators and colour settings, you can save it as a Template and apply it to any chart whenever necessary.
 

In order to save a Template, do a right-click on the personalised chart and select Template and Save Template. Specify a unique name, which will help you to find the individual template later on (Template > Load Template or select from the list below).
 

forex tutorial how to save template

GKFX Financial Services Ltd,
Bevis Marks House,
24 Bevis Marks, London, EC3A 7JB
P : +44 (0) 20 7186 1212
F : +44 (0) 207 186 1251
Authorised and regulated by the Financial Conduct Authority.
FCA registration number 501320. Registration Number: 6837942.
 

RISK WARNING

All financial products traded on margin carry a high degree of risk to your capital. They are not suited to all investors and you can lose more than your initial deposit. Please ensure that you fully understand the risks involved, and seek independent advice if necessary.See our full Risk Warning and Terms of Business for further details.

Our products are traded on margin and carry a high degree of risk. Losses can exceed your initial deposit.

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