Do not worry if you are new to trading forex with a prop firm and you are looking at the MT5 platform and wondering, “now what?” It’s not just you. Learning how to make your first deal can be like taking your first flight. There are a lot of buttons, tabs and charts. However, it’s simple once you break it down.
This tutorial will show you exactly how to place a forex trade on MT5, but not in a technical or dry manner. We’re trying to make things realistic, useful and accessible to beginners. This article is helpful whether you are just starting out with your funded account or have already finished a prop company challenge.
First, Let’s Talk About What You’re Working With
MetaTrader 5 or MT5 is one of the most powerful trading systems available. Prop firms like it because of its many features, which include support for multiple assets, lightning-fast execution, amazing charting tools and more.
What’s cool? After you get the hang of it, MT5 turns into a command center that is seamless and straightforward. But there are a few things to set up before you start pressing buttons and opening positions.
Step 1: Log in to Your Prop Firm Account on MT5
Now that you have downloaded MT5 (either directly from MetaQuotes or through the portal of your prop firm), open it. Your new home base will be a tidy, white workspace when you arrive.
To log in:
- Click File in the top-left corner.
- Select Login to Trade Account.
- Enter your server information, password and account number. Once you are funded or begin a challenge, your prop firm will typically email you these details.
- Hit OK.
You should observe prices flickering in the Market Watch window if everything is connected correctly. That indicates that you are alive and well.
Step 2: Get Your Workspace in Order
Don’t underestimate this stage. Particularly if you’re under pressure to reach the trading goals of your prop firm, a disorganized workspace can hinder your productivity.
Here’s how to get things tidy:
- Close any unnecessary charts: To close the tab at the bottom of the chart, right-click on it and select Close.
- To begin trading, open the pair you wish to trade: Right-click on the pair (such as EURUSD) in the Market Watch panel, then select Chart Window.
- Customize the chart: Whatever fits your style, you can zoom in or out, change the colors, switch to candlesticks, or add indicators.
Pro tip: Click Profiles > Save As to save your layout. This will save you from having to start over each time you launch MT5 forex trading.
Step 3: Analyze Before You Jump In
Before you click “Buy” or “Sell,” pause and examine the chart. Trading without a strategy is certain to fail, particularly when there are strict regulations in place.
Here’s what you might want to check:
- Trend direction: Is the market trending up, down, or going sideways?
- Support and resistance levels: Mark out areas where price has reversed before.
- Indicators: Maybe you use RSI, MACD, or moving averages. Toss them on.
- Timeframes: Zoom out to higher timeframes (H1, H4, D1) to get the bigger picture.
Quick top-down analysis can help you steer clear of stupid trades, such as going long into resistance or shorting into major support. Don’t neglect it.
Step 4: Open the Order Window
Okay, you’ve prepared yourself. It’s time to make the trade.
The simplest way to accomplish this is to right-click on any location on the chart and choose Trading > New Order.
When the order window appears, you will see the following:
- Symbol: This is the currency pair (make sure it’s correct).
- Volume: This is the size of your lot. Calculate the size of your position depending on your stop-loss and risk-per-trade % because prop firms require you to be extremely mindful of your risk tolerance.
- Stop Loss: Adjust this to your trading strategy. Prop firms will not allow you to succeed without a stop, so always utilize one.
- Take Profit: Optional, but helpful if you’ve got a clear target.
- Type: Select Pending Order if you are waiting for the price to hit a specific level, or Market Execution for an order that is placed immediately.
When you are prepared, choose either Buy by Market or Sell by Market, depending on your preference.
And suddenly you’re in the trade.
Step 5: Manage Your Open Position
Your trade is live now, so don’t just leave. You must control it. The key to successful firm trading is discipline and consistency, which extends to trade management.
Here’s what to keep an eye on:
- Stop-loss and take-profit levels: You can drag them on the chart if you want to adjust.
- Trailing stops: If you’re in profit and want to lock in gains, right-click your open trade in the Terminal > Trade tab, then select Trailing Stop.
- News events: Big news drops can throw your trade into chaos, so make sure you know what’s on the calendar.
You can also set alerts in MT5 to ping you when price hits key levels—super handy if you’re managing multiple pairs or stepping away for a bit.
Step 6: Close the Trade (When It’s Time)
When the trade hits your stop or take-profit, it’ll close automatically. But if you want to close manually, here’s how:
- Head to the Terminal window at the bottom (Ctrl+T if it’s not showing).
- Click the Trade tab.
- Find your open position.
- Double-click the trade or right-click and select Close Order.
You’ll see the order window pop up again with a yellow Close button. Click it to exit the trade.
Done. Simple as that.