Placing Orders and Managing Trades in MT5

In this section of our training series, we'll be looking at how to place orders and manage trades with examples. If we were to start with opening a trade on gold (represented as XAUUSD), here's how the process follows:

1. Drag the selected asset to the screen,
2. Now the gold chart is displayed on the screen,
3. In attempting a 1-lot buy order, One Click Trading permission screen will appear,
4. After permission, you can execute trades without further confirmation.

Let's take a look at a buy order example. As shown at the bottom, we have opened a 1-lot buy trade at the 2511.84 level.

This is also known as a long position. The trade type is displayed as a buy. You can also see the details like the opening price, volume, and opening price displayed on the screen. Click on the X to close the trade. 

Now, let's take a look at a sell trade example:

1. Click on the sell button and open a sell order for the initially entered volume.
2. To can see the opening price and other details displayed on the screen as well.

Let’s now look at setting Stop Loss and Take Profit by opening a 1-lot buy trade.

1. Click on the order, allowing the trade to automatically close if it reaches a specified loss amount.
2. Directly enter values for Stop Loss and Take Profit in the pop-up window. (eg. Stop Loss at 2500 means the trade will close below this price level)
3. Hover the mouse over the trade to see the estimated loss for the trade. 

Here's how to set the Take Profit order, which should be above the current price:

Set it at 2525 for example, to close with a profit when the price exceeds this threshold.

This positions the trade to close with a $1,303 profit in this scenario. To quickly adjust Stop Loss and Take Profit, you can drag the visible lines on the chart, updating the values automatically. 

Opening a Trade via the New Order Tab

To open a trade via the new order tab, select the product, then set the Stop Loss and Take Profit levels before buying or selling.

If you want to use a Pending Order, you can enter the relevant values through the Pending Order options to place a pending order. 

(pending-order image)

In Short

Managing trades and transactions in MT5 is simple as we have explained. You can use the basic orders such as Stop Loss, and Take Profit. You can also use the New Order tab for pending orders and manage trades by setting risk parameters.