How to open LMFX MT4 account and trade Forex?

How to open LMFX MT4 trading account?

1. Go to LMFX’s Official Website and click on “OPEN LIVE ACCOUNT” button;
2. Complete the registration and submit;
3. Receive login information of your account;
4. Log in to LMFX’s client portal and start the operation.

Once you have opened an account, you can make a deposit and login into your MT4 account.

To install LMFX MT4 trading platform, go to LMFX’s Official Website.

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Conditions of LMFX’s all trading account types

LMFX offers 3 trading account types for its traders.

See the table below for the comparison of trading conditions.

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How to place orders (how to trade Forex)?

Placing an order on the LMFX MT4 platform is very simple, intuitive, and fast. LMFX MT4 offers you several ways to enter orders, which we explain below.

1. Placing an order through Order Window

The first way to enter an order is to find the market that interests us in the Quotes window. Once you have it located, to open, double click on the name of this market, and an order window will appear.

When the order window opens, choose the volume of the transaction in lots (remember: 1 lot is equivalent to 100,000 of the base currency, so proportionally 0.1 lots are 10,000, and 0.01 lot is 1,000 units of the base currency), and whether to apply Stop Loss or Take Profit levels.

You can then enter your trade-in two ways: instantly, or as a pending order (if you’re not sure which one to apply, find out about the differences here). You also have the option of writing a comment on your operation, to keep notes or a journal about each of your positions.

Once you have selected the volume, decide the direction of your operation. If you expect the market to go up, then you go “long” and click the “buy” button. If you expect the market to fall, then you go “short” and click the “sell” button.

Once this is done your order will be entered. From now on your orders will be visible in the “Operations” tab in the Terminal sale.

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2. One click trading

You can do it even faster by using the one-click trading option. To activate it, go to the Tools -> Options menu.

Select the “Operations” tab and check the “One-click operation” option.

Once activated, and having analyzed a market, if you want to enter a trade you can do it from the upper left corner of the chart – where the buy and sell buttons are available, as well as the option to modify the volume.

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3. Trading directly on price charts

Another way to open a position is to right-click on the chart window and select “Trade” and then “New order”, and the new order window will appear.

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How to close orders on LMFX MT4?

To close an open position, click on the “x” of the “Trade” tab in the Terminal window.

Or right-click on the chart’s command line and select “close”.

If you want to close only part of the position, right-click on the open order and select “Modify”. So, in the Type field, select instant execution and choose the part of the position you want to close.

As you can see, opening and closing trades on the LMFX MT4 platform is very intuitive and is literally done with a single click.

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How to setup Stop Loss and Take Profit orders?

As we have explained previously, one of the keys to achieving success in financial markets, in the long term, is prudent risk management. That is why stopping losses (stop loss) and taking profit (take profit) should be an integral part of your trading.

So we will see how to use them on LMFX’s MT4 platform to make sure you know how to control risk and maximize your trading potential.

How to setup Stop Orders and Take Profit Orders on MT4?

1. Setup Stop Loss and Take Profit when placing an order

The first and easiest way to add a Stop Loss or Take Profit to your trade is to do it immediately when you place new orders.

Simply enter your price level in the Stop Loss or Take Profit fields. Remember that the Stop Loss is executed automatically when the market moves against your position (hence the name: stop loss) and the take profit will be executed automatically when the price reaches its target profit. In this way, you can set your Stop Loss level below the current market price and your Take Profit level above the current market price.

It is important to remember that Stop Loss (SL), or Take Profit (SL), are always connected to an open position or a pending order. Both can be adjusted once your trade has been opened. It is a protection to your market position. You can always add it later, but it is highly recommended to always protect your positions.

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2. Drag and drop on price charts to setup pending orders

The easiest way to add SL / TP levels to your already open position is by using the trading line on the chart. Simply drag and drop the trade line up or down to a specific level.

Once you have entered the SL / TP levels, the SL / TP lines will appear on the chart. In this way, the SL / TP levels can be changed simply and quickly.

You can also do it from the bottom of the ‘Terminal’ module. To add or modify TP / SL levels, simply click on your open position or pending order and select ‘Modify or remove order’.

The order modification window will appear and now you can enter or modify the SL / TP by the exact market level or by defining the points that go from the current market price.

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3. Setting up Trailing Stop order

Stop Loss is meant to reduce losses when the market moves against your position, but it can help you close in profits as well.

If this sounds confusing – don’t worry, it is very easy to understand.

Let’s say that you have opened a long position and the market is moving in a favorable direction, so your trade is profitable at the moment. Your original SL, which was placed at a level below your opening price, can now be moved to your opening price (so that it can break even) or above the opening price (thus a profit is guaranteed).

To make this process automatic, a trailing stop can be used. This is a very useful tool for your risk management, especially when price changes are rapid or when you are not able to constantly monitor the market.

Trailing Stop (TS) is always linked to open positions and more importantly, it only works with the computer on. What does it mean? Simply that when the computer is turned off or the Internet connection is lost, the trailing stop stops the change of levels and protects your positions at the last level like a normal Stop Loss. We have improved this issue on LMFX’s advanced platform.

To set a trailing stop, click on the open position in the ‘Terminal’ window and specify the desired pips value of the distance between the TP level and the current price in the Trailing Stop menu.

Once this is done, your Trailing stop is active. This means that if prices change and your trade is profitable, the TS will ensure that the stop loss level follows the price automatically.

Your Trailing Stop can be easily disabled by selecting ‘No’ in the Trailing Stop menu. If you want to quickly deactivate on all open positions, just select ‘Delete all’.

As you can see, LMFX MT4 provides you with several ways to protect your positions in just a few minutes.

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Types of Pending Orders on LMFX MT4

When trading in the financial markets, there are essentially two ways to open a trade.

Instant execution:

Your trade opens immediately at the available price.

Pending order:

Your trade is opened when the market reaches a level previously specified by you.

Over time you will probably realize that you use both types of transactions in your trading. But how exactly do these pending orders work? and why are they necessary?

It is important to always be up to date with the news of the markets and the most significant movements, but good planning is even more so. When you have your own point of view on a particular market, but don’t have time to constantly monitor prices by hand, pending orders are the perfect solution.

Unlike instant execution orders where the operation is entered at the market price at that moment, with pending orders you can establish orders that are opened once the price reaches a relevant level that you have previously chosen. There are four types of pending orders available on LMFX MT4, but we can group them into two large groups: orders that expect to break a certain market level, and orders that expect to recover from a certain market level.

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We can use both buy and sell, so in the end, we have four types of pending orders.

1. Buy Stop

The Buy Stop order allows you to place a buy order above the current market price. This means that if the current market price is € 20 and your Buy Stop price is € 22, along or long position will be opened when the market reaches that price.

2. Sell ​​Stop

The Sell Stop order allows you to place a sell order below the current market price. So if the current market price is € 20 and your Sell Stop price is € 18, a sell or “short” position will be opened when the market reaches that price.

3. Buy Limit

Unlike a Buy Stop, the Buy Limit order allows you to place a buy order below the current market price. This means that if the current market price is € 20 and your Buy Limit price is € 18, then that will open a buy order when the market reaches the € 18 price level.

4. Sell ​​Limit

Finally, the Sell Limit order allows you to place a sell order above the current market price. So if the current market price is € 20 and the established price of the Sell Limit order is € 22, then once the market reaches the price level of € 22, a sell position will be opened in this market.

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Opening Pending Orders on LMFX MT4

You can open a new pending order by double-clicking on the market name in the Market Watch module. Then the new order window will appear and you will be able to select the type of “Pending order”.

Then select the market level where the pending order will be triggered. You should choose the position size based on volume, contract value, or margin. If necessary, you can also set an expiration date. Once these parameters are set, select the type of order depending on whether you want to go long or short or if it will be a stop or limit order, and select the “Enter” button.

As you can see, pending orders are one of the most powerful features of LMFX MT4. They are very useful when you cannot constantly monitor the market, or if the price of an instrument changes quickly and you do not want to miss the opportunity.

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