Placing trades may seem simple, but the type of order you choose has a direct impact on execution and strategy. On MetaTrader 4, traders have the ability to place both market and pending orders. While both methods allow you to enter positions, they serve different purposes depending on timing, control, and market conditions. Learning how each one works will help you manage trades more effectively and avoid unnecessary surprises.
A market order tells MetaTrader 4 to execute a trade immediately at the best available price. This means you accept the current market conditions without waiting for a specific price level to be reached.
For example, if EUR/USD is currently trading at 1.1050 and you place a market buy, you are filled at the next available price, which may be slightly higher or lower depending on execution speed and spread. Market orders are often used in fast-moving markets or when entering trades based on momentum.
To place a market order in MetaTrader 4, open the order window using the “New Order” button or press F9. Select the desired symbol, choose the trade size, and make sure “Market Execution” is selected. From there, click Buy or Sell, and the order will be filled almost instantly.
Pending Orders Give You More Control Over Entry
Pending orders are instructions to enter a trade only when the market reaches a certain level. MetaTrader 4 offers four types of pending orders:
- Buy Limit: to buy below the current price
- Sell Limit: to sell above the current price
- Buy Stop: to buy above the current price
- Sell Stop: to sell below the current price
These orders are useful when waiting for price to reach a zone of interest or when looking to catch breakouts or reversals. They allow traders to set trades and walk away without needing to monitor the market constantly.
To place a pending order, open the order window and change the order type from “Market Execution” to “Pending Order.” Choose your desired type, enter the price level, and set expiry if needed.
How MetaTrader 4 Manages These Orders Behind the Scenes
When a market order is submitted, MetaTrader 4 sends the request directly to the broker’s server. The platform tries to fill the order at the best possible price, but during high volatility, slippage can occur.
With pending orders, MetaTrader 4 continuously monitors price until your trigger level is reached. Once it is, the order is converted into a market order. This process usually happens in milliseconds, but in fast markets, slight slippage can still be expected.
For added protection, traders can use the “maximum deviation” setting when placing market orders to limit how far price can move before execution is rejected.
Combining Order Types for Better Strategy Execution
Many traders use both order types in combination. For instance, a trader might enter a trend with a market order and then use pending limit orders to scale into the trade if price pulls back. Others place stop orders to catch breakout movements, while using market orders to exit trades manually when momentum fades.
Understanding when to use each type helps ensure your execution style fits your strategy. It also reduces the likelihood of entering at poor prices or missing trades altogether.
Reviewing Your Orders in the Terminal
Once you place an order, all information is visible in the “Trade” tab at the bottom of MetaTrader 4. Pending orders can be modified or deleted, and active trades can be managed with stop loss or take profit adjustments.
If a pending order is not triggered, it will remain in the system until the market reaches it or until it expires. Traders can choose to set an expiry time or let the order stay active indefinitely.
By knowing how market and pending orders work in MetaTrader 4, you gain better control over your entries and risk. This understanding can lead to more efficient trades and fewer surprises during execution.