How to place pending orders in MT4: automate your entries like a pro

In the fast-paced world of trading, opportunity doesn’t always knock when you’re sitting in front of your screen. Price movements don’t adhere to a 9-to-5 schedule, and some of the best entry points occur in the middle of the night or while you’re away from your desk. This is where the pending order becomes an indispensable tool in your MetaTrader 4 (MT4) arsenal.

A pending order is an instruction to your broker to automatically open a trade at a specific price in the future. Instead of watching the charts tick by tick, you can pre-define your ideal entry level, set it, and forget it. The order will be executed exactly when the market hits your price, ensuring you never miss a beat. Let’s break down how to use them effectively.

Understanding the four types of pending orders

MT4 offers four main types of pending orders, each serving a distinct strategy. They are divided into two categories: Limit Orders and Stop Orders. The key difference lies in where you place them relative to the current market price.

• Buy Limit: An order to buy at a price lower than the current market price. You use this when you believe the price will drop to a certain support level and then bounce back up. You’re essentially hoping to “catch a falling knife” at a discount.
• Sell Limit: An order to sell at a price higher than the current market price. You use this when you believe the price will rise to a certain resistance level and then fall back down. You’re aiming to sell near the top of a predicted rally.
• Buy Stop: An order to buy at a price higher than the current market price. This is a classic breakout strategy. You use it when you believe that if the price rises above a certain resistance level, it will gain momentum and continue to climb.
• Sell Stop: An order to sell at a price lower than the current market price. This is used for downside breakouts. You anticipate that if the price falls below a key support level, it will trigger a sell-off and continue to drop.

An easy way to remember

If you find yourself confused, just remember the function of the order:

• Limit orders are for buying cheaper or selling dearer than the current price. They limit your entry price to a better one.
• Stop orders are for buying dearer or selling cheaper than the current price. They are designed to stop you from missing a breakout.

The table below summarizes the conditions for using each order type:

Step-by-step guide to placing a pending order

Placing a pending order in MT4 is a straightforward process. Follow these steps to set up your next trade :

1. Open the order window: In MT4, click on the “New Order” button on the standard toolbar, or press F9 on your keyboard. You can also right-click on the chart of the asset you wish to trade and select “Trading” -> “New Order.”
2. Select your instrument and volume: In the “Order” window that appears, ensure the correct Symbol (e.g., EURUSD) is selected. Then, choose the Volume (lot size) you wish to trade.
3. Choose ‘Pending Order’: This is the most crucial step. In the “Type” dropdown menu, change the selection from “Instant Execution” (or “Market Execution”) to “Pending Order”. The window will expand to show more options.
4. Pick your order type: From the new dropdown menu that appears, select the type of pending order you need: Buy Limit, Sell Limit, Buy Stop, or Sell Stop.
5. Set your price: In the “At price” field, enter the exact price at which you want the order to be triggered. Double-check this price against the current market to ensure you’ve selected the correct type and level.
6. Set expiry (optional): You can choose when your pending order will expire if not triggered. Options include a specific time, a specific day, or “Good till cancelled” (GTC), which keeps the order active until you manually delete it.
7. Add Stop Loss and Take Profit (crucial for risk management): In the “Stop Loss” and “Take Profit” fields, you can enter the prices at which you want the trade to automatically close to limit losses or secure profits. It’s a best practice to set these levels immediately.
8. Place the Order: Once all details are correct, click the “Place” button. Your pending order will now appear as a horizontal line on your chart and in the “Terminal” window at the bottom of your MT4 screen. You can right-click on it there to modify or delete it at any time before it’s triggered.

By mastering pending orders, you transform from a reactive trader into a proactive strategist. You can now plan your entries with precision, automate your strategy, and ensure you never miss a trading opportunity, day or night.

5 broker reviews for MT4 traders

Choosing the right broker is just as important as mastering your trading tools. Here are reviews of five popular brokers, all of which support the MetaTrader 4 platform.

Exness

Exness is a multi-asset brokerage firm established in 2008 and headquartered in Cyprus. The broker operates under several regulatory frameworks, including licenses from the FCA (UK), CySEC (Cyprus), FSA (Seychelles & South Africa), and other financial authorities.

• Minimum deposit: $10
• Key features: Exness offers unlimited leverage on eligible accounts, making it one of the most flexible brokers for traders seeking maximum exposure. The broker provides access to over 100 currency pairs, including majors, minors, and exotics (e.g., EUR/USD, GBP/JPY, USD/ZAR), plus CFDs on cryptocurrencies, indices, stocks, metals, and energies. Account types include Standard (spreads from 0.3 pips, no commission), Raw Spread (spreads from 0.0 pips with commission from $3.50 per side), Zero Account (spreads from 0.0 pips with commission from $0.2 per side), and Pro Account (spreads from 0.1 pips, no commission).
• Platforms: MetaTrader 4, MetaTrader 5, Exness Terminal (proprietary web-based terminal), and Exness Mobile App.
• Regulation: Multiple regulatory frameworks, including FCA (UK), CySEC (Cyprus), FSCA (South Africa), FSA (Seychelles), and FSC (Mauritius).
• Safety features: Client funds are segregated, negative balance protection is provided across all account types, and SSL protocols with two-factor authentication are implemented.
• Withdrawals: Instant withdrawals with no broker-side fees.
• Best for: Experienced traders seeking high leverage options and those who value instant withdrawals and transparent fee structures.

FxPro

FxPro is a well-established global forex and CFD broker founded in 2006. With over 100,000 active clients and a strong regulatory framework, it has built a reputation for reliability and platform diversity.

• Minimum deposit: $100
• Key features: FxPro offers commission-free trading with competitive spreads starting from 0.5 pips on EUR/USD, or spreads from 0.0 pips with a commission structure depending on account type. The broker provides access to over 280 financial instruments, including 70+ forex pairs, indices, commodities, shares, metals, and futures. A standout feature is the availability of cTrader alongside MetaTrader, offering advanced charting, depth of market, and automated trading capabilities.
• Platforms: MetaTrader 4, MetaTrader 5, cTrader, and FxPro’s proprietary Edge platform (web and mobile). Demo accounts are available for all platforms.
• Account types: Standard (no commission, spreads from 0.5 pips), Raw (spreads from 0.0 pips with commission), and Islamic (swap-free) accounts.
• Regulation: Highly regulated with oversight from FCA (UK), CySEC (Cyprus), FSCA (South Africa), FSA (Seychelles), and SCB (Bahamas).
• Fees: No deposit or withdrawal fees. An inactivity fee applies after 12 months of no trading activity.
• Safety: Client funds are held in segregated accounts with top-tier banks, negative balance protection is provided, and SSL encryption secures all transactions.
• Best for: Experienced traders who value platform diversity and want the flexibility to trade on MT4, MT5, or cTrader. Also suitable for those who prioritize strong regulation and a long track record.

XM Group

XM is one of the most popular brokers globally, serving over 5 million clients. It offers a complete MT4 experience across desktop, web, and mobile. The broker is known for high leverage up to 1:1000 and a wide range of account types, including Micro, Standard, and Zero accounts.

• Minimum deposit: $5
• MT4 support: Yes (MT4, MT5, WebTrader).
• Spreads: From 0.6 pips (Standard) / 0.0 pips with commission (Zero account).
• Instruments: 1,000+, including forex, stocks, commodities, indices, metals, and energies.
• Regulation: CySEC, ASIC, FCA, IFSC.
• Best for: Beginners and high-leverage traders.

HF Markets

HFM (formerly HotForex) is a well-established forex and commodities broker serving more than 180 countries. The brand name of HF Markets Group has been operational since 2010.

• Minimum deposit: $5 (original list shows $5) / $50 (according to some sources)
• Key features: HFM offers favorable trading conditions with spreads from 0 pips and no commissions for account replenishment or bank transfers. The broker provides over 150 tradeable assets, including 50 forex pairs, commodities, indices, over 50 shares, seven cryptocurrency pairs, and bonds. Trading tools include Premium Trader Tools, Autochartist, VPS Hosting, and HPCopy (copy trading feature).
• Platforms: Full range of MetaTrader 4 and MetaTrader 5 platforms (desktop, web trader, mobile apps for iOS/Android, and macOS support).
• Account types: Demo, Standard, ECN/Raw spread, Cent (for beginners), Swap Free (Islamic), and VIP accounts.
• Regulation: Multiple regulators, including FCA (UK), CySEC (Cyprus), FSC (Mauritius), FSA (Seychelles), DFSA (Dubai), and FSCA (South Africa). Tier-1 regulated with negative balance protection.
• Safety score: 10/10 safety score from Traders Union, indicating a high security level.
• Education: Comprehensive research and education section with video tutorials, webinars, podcasts, and daily market analysis led by the HFM Head Markets Analyst.
• Best for: Both beginners and experienced traders who want a well-regulated broker with extensive account options and strong educational resources.

Pepperstone

Pepperstone is a global forex and CFD brokerage founded in 2010 in Melbourne, Australia, serving more than 150,000 clients worldwide.

• Minimum deposit: No set minimum (payment provider minimums may apply)
• Key features: Multiple account options, including Standard (all-in spread pricing, no commission) and Razor (tighter pricing with commission-based structure). The Razor account offers institutional-style pricing with raw spreads from 0.0 pips. Access to diverse asset classes, including forex (major, minor, exotic pairs), global shares, indices, commodities, and cryptocurrencies.
• Platforms: Extensive platform selection including MetaTrader 4, MetaTrader 5, cTrader, TradingView, and the proprietary Pepperstone App. Demo accounts available for 30 days (non-expiring available with a funded live account).
• Regulation: Multiple regulated entities, including ASIC (Australia), FCA (UK), CySEC (Cyprus), DFSA (Dubai), and Securities Commission of The Bahamas.
• Fees: No broker fees for deposits or withdrawals (third-party banking fees may apply). No inactivity fee.
• Leverage: Up to 1:30 for retail clients (ESMA rules), professional clients may access up to 1:500.
• Safety: Client money safeguards and data security controls with a strong regulatory framework.
• Best for: Active traders and scalpers seeking multiple platform choices (including cTrader and TradingView) and institutional-grade pricing options.

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