Trade is disabled in MetaTrader 4

What is causing it

The account is read-only (investor password), the market is closed, or trading is restricted.

Why this happens

MT4 issues two passwords per account. The trader password permits orders; the investor password gives read-only access so that you can show an account to someone without letting them trade it. Logging in with the investor password succeeds, so the platform looks normal and connected, but order entry is switched off. This is the most common reason the buttons are greyed out on an account that is otherwise working perfectly.

The restriction can also come from the broker's side. Accounts pending verification, accounts in a closed-only state, and certain prop firm or funded accounts have trading disabled server-side, and the platform simply reflects that. Because the terminal cannot tell you why the server has restricted the account, this part has to be confirmed with whoever issued the account.

The fix, step by step

1. Log in with the trader password, not the investor password.
2. Check the symbol trading hours and that the market is open.
3. Confirm your account type allows trading and is fully verified with the broker.

How to confirm it is fixed

Log out and back in with the trader password, then check the New Order button is available and that a small test order on an open market is accepted. If the buttons are still greyed out while the market is open and you are certain of the password, the restriction is server-side and your broker or prop firm has to lift it.

Stopping it happening again

Store the trader and investor passwords separately and label them, because they look identical and the platform accepts both. Complete broker verification before you plan to trade, since an unverified account can connect and chart normally while remaining unable to place an order.