An instant order is an instruction to open a position at the current market price.
There are many ways to place an instant order in the MT4 terminal:
- Click on the ‘New Order’ button on the ‘Standard’ toolbar
- Select ‘New Order’ from the ‘Tools’ drop-down menu
- Press F9
- Right-click an instrument in the ‘Market Watch’ window and select ‘New Order’
- Double-click an instrument in the ‘Market Watch’ window
- One-click trading
Proceeding with any of the above options will open up the ‘Order’ window. This will let you adjust the parameters of the position you are about to open. The ‘Symbol’ field allows you to change the instrument, while the ‘Volume’ field is where you set the size of the trade (lot). You may also set stop-loss and take-profit levels, while checking the ‘Standard Deviation’ box at the bottom of the ‘Order’ window will allow you to set the pip range that will be available to you if the market price deviates from the price you clicked at so as to avoid requotes at times of high volatility.
You may then click ‘Sell’ to open a short position at the current bid price, or ‘Buy’ to open a long position at the current ask price.