How to Open and Close Trades in MetaTrader 5 (MT5) | A Beginner’s Guide

Introduction

This guide explains how to open and close trades in MetaTrader 5 (MT5), one of the most widely used trading platforms. It covers different ways to place orders, use pending and market executions, enable one-click trading, and manage open positions.

1. Accessing Instruments in Market Watch

Navigate to the Market Watch window on the left side of MT5.
Right-click anywhere inside it and select Show All to display all available instruments.

2. Opening a New Trade

Method 1: From Market Watch

Right-click on the instrument you want to trade.
Select New Order.

Method 2: From Toolbar or Tools Menu

Click on New Order in the toolbar.
Or, go to Tools → New Order.
Both methods open the Order Window.

3. Setting Up Your Order

Choosing Order Type

Market Execution: For instant orders at current price.
Pending Order: For orders triggered when price reaches a specified level.

Selecting Lot Size

Enter the lot size according to your risk and strategy.

Adding Stop-Loss and Take-Profit

Define Stop-Loss (to limit losses).
Define Take-Profit (to lock in profits).

Order Execution Types

Fill or Kill (FOK): Executes the full order immediately or cancels it.
Immediate or Cancel (IOC): Executes as much of the order as possible, cancels the rest.

Adding Comments

Optional: Add notes about the trade for record-keeping.

Once complete, click Buy by Market or Sell by Market to open the position. The order line will also appear on the chart window.

4. Enabling and Using One-Click Trading

Go to Tools → Options → Trade Tab.
Enable the One-Click Trading checkbox.
Read and accept the terms and conditions.
Once enabled, use the Trading tab in Market Watch → select instrument → click Buy or Sell for instant order execution.

5. Closing Trades in MT5

From Toolbox Tab

Open trades are listed in the Trade tab of the Toolbox window (bottom of MT5).
If Toolbox is hidden, go to View → Toolbox.
To close: Click the “X” icon at the end of the trade.

Using Right-Click Options

Right-click on an open position.
Select Close Position.
Trade will be closed immediately.

6. Conclusion

Opening and closing trades in MT5 is straightforward. Traders can use the Market Watch, toolbar, or one-click trading for fast execution, while the Toolbox window makes closing trades simple. With practice, these steps become seamless, allowing traders to focus on strategy and risk management.