If you’ve recently started trading with a prop firm or you’re planning to take on one of those popular funding challenges, chances are you’ll be using MetaTrader 5 (MT5). It’s the go-to platform for many firms these days, not just because it looks slick and modern but because it’s loaded with tools that give traders an edge. The problem? If you’re brand new to MT5, the platform can feel a little overwhelming at first. Charts, toolbars, menus, and buttons everywhere—it’s like walking into the cockpit of an airplane.
But the good news is, once you can use MT5, you get used to it. You'll be zip-zipping through charts, entering trades, and creating alerts without even sweating about it. And when you're trading on someone else's money, you don't want to be spending time messing around. You have to be a pro right from day one.
Let’s discuss how to become familiar with MT5, step-by-step, and give you a glimpse into how funded traders are able to take advantage of its tools. It's your guide to becoming proficient in MT5 like a prop trading pro.
Why Prop Firms Love MT5
Let's first address briefly why there are so many prop firms forcing traders into MT5.
- Multi-asset support – Prop shops are no longer all about forex. They need traders working on indices, commodities, crypto, and stocks as well. MT5 is designed for that.
- Faster execution – Funded accounts and challenges tend to have very stringent slippage and execution rules. MT5 assists in the aspect of speed and dependability.
- Improved tools for analysis – More indicators, more charting capabilities, and the popular "Depth of Market" feature make MT5 a lot more versatile than MT4.
- Inbuilt risk management – Prop houses are large on risk controls, and MT5 has order types and functionality that simplify adhering to those rules.
So, it's not about having the latest platform—it's about having one that accommodates prop-style trading.
Getting Comfortable with the MT5 Layout
When you launch the MT5 trading platform for the first time, you're presented with a fairly standard-looking trading terminal: chart in the middle, panels on the side, and toolbars at the top. But each panel serves a function, and the quicker you understand what's what, the more seamless your trading process will be.
Here's what you should pay attention to:
- Market Watch (left-hand side): Here, you can view all the instruments. Right-click and you can hide/display symbols, add new symbols, or see their specifications (such as spread and contract size). Funded traders tend to keep this tidy—only pairs or assets they are trading.
- Navigator (left, below Market Watch): This window provides you with instant access to accounts, indicators, Expert Advisors (EAs) and scripts. If you intend on using custom indicators or trading robots, you'll upload them here.
- Chart Window (center): This is where you play. MT5 allows you to keep several charts open, modify timeframes, and insert indicators with minimal clicks. All prop traders have a minimum of two or three charts open simultaneously.
- Toolbars (top): New order buttons to create, changing chart types, zooming, and toggling indicators. Tip: personalize this toolbar to maintain only the most frequently used items—saves your time in live trading.
- Terminal (bottom): This is where you'll be watching trades, account history, notifications, mailbox messages from your broker, and so on.
Consider MT5 as a desk. You prefer your tools tidy so you don't waste time searching around when the time to pull the trigger comes.
Setting Up MT5 Like a Funded Trader
One of the things that distinguishes prop traders from casual traders is the manner in which they organize their workspace. When you're trading firm funds, time and simplicity are paramount. You do not want distractions.
Here's the way the pros work it:
- Clear your Market Watch: Remove stocks you will never trade. If you're trading only GBP/USD and EUR/USD, why look at oil and Tesla stock?
- Make profiles: MT5 allows you to save profiles, which are essentially personalized configurations. You can have a profile for forex scalping, another for swing trading, and another for indices. You can switch between them in seconds.
- Create chart templates: Love having certain moving averages, candle colors, and RSI on the bottom? Save that as a template. Use it next time with one click rather than setting it all up from scratch.
- Hotkeys: This is huge. Prop traders frequently set up hotkeys to streamline order entry. For instance, hitting F9 brings up the New Order window in an instant.
Consider it similar to how you arrange the home screen on your phone—you leave the apps most important to you front and center.
Placing Trades Like a Pro
Okay, now let's discuss what's most important: actually making trades.
The Fastest Way
The fastest method of entering a trade is with one-click trading. Turn it on by right-clicking your chart and turning it on. You will have buy/sell buttons with lot sizes at the top left of the chart. One click, and voilà—you're in. Good for scalpers or speed-thirsty traders.
The Standard Method
Press "F9" or click the "New Order" button on the toolbar. It opens the order window where you can:
- Select lot size
- Set take profit and stop loss
- Choose market or pending orders
For prop traders, this is usually the way to go because you're establishing risk parameters before you ever click buy or sell.
Pending Orders for Discipline
Some prop traders live by pending orders. Rather than trying to chase the market, they anticipate ahead: If price reaches this level, then I'm in. MT5 makes it easy with several pending order options—limit, stop, and stop-limit.