Placing and Managing Trades in MT5
Learn how to open, manage, and close trades in MT5.
Trading in MetaTrader 5 (MT5) involves selecting an instrument, placing an order, and then managing that order as market conditions change. This article walks through the process step by step.
1. Placing a Trade
To open a new position:
In the Market Watch window, right-click on the instrument you want to trade.
Select New Order.
In the order window, enter the following details:
Symbol: The instrument you wish to trade.
Volume (Lot Size): The number of lots you want to trade.
Order Type: Choose between Market Execution (instant order at current price) or Pending Order (order triggered at a specific price).
Stop-Loss/Take-Profit: Optional levels to automatically close the trade at a target loss or profit.
Click Buy or Sell to place the trade.
2. Order Types in MT5
MT5 supports several order types:
Order Type | Description |
Market Execution | Opens a trade immediately at the best available price. |
Buy Limit | Places a buy order below the current price, triggered when price falls to that level. |
Sell Limit | Places a sell order above the current price, triggered when price rises to that level. |
Buy Stop | Places a buy order above the current price, triggered when price continues rising. |
Sell Stop | Places a sell order below the current price, triggered when price continues falling. |
Understanding order types helps you plan entries more precisely.
3. Adding Stop-Loss and Take-Profit
Risk management is essential. A stop-loss automatically closes a trade to limit losses, while a take-profit locks in gains.
To add or modify:
Go to the Trade tab in the Terminal window.
Right-click the open position and select Modify or Delete Order.
Enter stop-loss and take-profit values or adjust existing ones.
Confirm by clicking Modify.
You can also drag the stop-loss and take-profit lines directly on the chart for quicker adjustments.
4. Managing Open Trades
Once a trade is live, you can:
Modify trade size or exit: Right-click the position in the Trade tab and select Close Order.
Partially close trades: Specify a smaller volume when closing an order.
Monitor P/L: View floating profit/loss in real time in the Trade tab.
5. Creating Price Alerts
Price alerts help you stay informed without constantly monitoring charts. To set one:
Open the Terminal → Alerts tab.
Right-click and choose Create.
Set the instrument, target price, and alert conditions.
MT5 will notify you when the price reaches your defined level.
Alerts can also be set to trigger sound notifications or run external actions.
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