Placing a trade is simpler than it looks. This guide explains exactly what to click on MetaTrader 5, how to set a stop loss and take profit, and how to think about your first trade so you start with good habits.
What you need first
- A funded live account, or a free demo account to practise with
- MetaTrader 5 installed, or the web terminal open
- An instrument in mind, a major pair like EURUSD is a common place to start
Placing a trade, step by step
- 1
Open the order window
In MetaTrader 5, find your instrument in Market Watch and open a new order (click ‘New Order’ or press F9).
- 2
Set your volume
Choose your trade size in lots. Smaller sizes mean less risk, start small while you learn (see our guide on lots and position sizing).
- 3
Choose buy or sell
Buy (go long) if you expect the price to rise; sell (go short) if you expect it to fall.
- 4
Add a stop loss
Set a price at which the trade closes automatically if it moves against you. This caps your loss and is the most important step.
- 5
Add a take profit
Set a price at which the trade closes automatically in profit, so you lock in a planned result.
- 6
Confirm the order
Review the details and place the trade. It now appears in your open positions, where you can manage or close it.
Understanding your order
When you buy, you enter at the ask price; when you sell, you enter at the bid. The small gap between them is the spread, the main cost of the trade. Your profit or loss changes as the price moves, and is realised when you close the position or when your stop loss or take profit is hit.
Good habits from trade one
- Always use a stop loss, decide your risk before you enter
- Start with small trade sizes while you’re learning
- Have a reason for the trade, not just a feeling
- Practise on a demo until the process feels routine
- A trade is: pick an instrument, size it, buy or sell, set your stops
- The stop loss is the single most important part, it caps your loss
- You enter at the ask (buy) or bid (sell); the gap is the spread
- Start small and practise on a demo before trading live
This guide is educational only and is not investment advice or a promise of profit. Trading involves significant risk and may result in the loss of your capital.