So, you've done your market analysis, figured out what risk management strategies you will apply, and are finally ready to place a new order on your MT5!
How to place a Market Order
To open the new order, follow the instructions below:
Open your MT5 platform, and log in.
Click on the Tools tab.
Click on New Order.
On the Market Watch window, click on the Symbol dropdown list and double-click on the asset you wish to trade (or from the main window, right-click on your asset of choice, and then click New Order).
Enter the amount of Volume you want to trade.
Set your stop-loss and/or take-profit if you want it
(optional) If you like documenting your trades, you can also leave a comment for yourself in the corresponding field.
Select whether you wish to sell (red) or buy (blue) by clicking on the corresponding button.
How to place a Pending Order
A pending order is an order to buy or sell an asset at a pre-determined price in the future.
To set a Pending order, follow these steps after logging into your MT5:
Click on the Tools tab.
Click on New Order.
On the Market Watch window, click on the Symbol dropdown list and double-click on the asset you wish to trade (or from the main window, right-click on your asset of choice, and then click New Order).
Under Type, select Pending Order.
Under the second Type list, select your type of pending order.
Buy Limit: An order to buy an asset, expecting it to appreciate once it reaches a price lower than the current price.
Sell Limit: An order to sell an asset, expecting it to depreciate once it reaches a price higher than the current price.
Buy Stop: An order to buy an asset at a higher price than the current price, expecting the trend to continue moving upwards.
Sell Stop: An order to sell an asset at a price lower than the current price, expecting the trend to continue moving downwards.
Buy Stop Limit: A combination of buy limit and buy stop orders. You set a buy stop limit at a price above the current price, and when achieved, a buy limit order will be placed. This is designed to eliminate slippages.
Sell Stop Limit: A combination of sell limit and sell stop orders. You set a sell stop limit at a price below the current price, and when achieved, a sell limit order will be placed. This is designed to eliminate slippages.
Enter the amount of Volume you want to trade.
Select the Price you wish to trigger the pending order (for buy stop limit or sell stop limit, you should also set a Stop Limit Price).
Set your stop-loss and/or take-profit if you want it.
Select the Expiration of your pending order.
(optional) If you like documenting your trades, you can also leave a comment for yourself in the corresponding field.
Click on Place.
That's all it takes! We wish you the best of luck and happy trading!
💡Tip
You can also apply one-click trading by pushing the F9 button on your keyboard on the main screen of the MT5.