I have subscribed to a signal on MQL5, however I want to set it to only open 1 trade at a time. Once the trade hits TP or SL, then it can open another. Is there a way I can do this?
I do not think so ... you (your Metatrader) will follow the signal provider.
And this is the instruction about how to subscribe to trading signals -
Forum on trading, automated trading systems and testing trading strategies
Eleni Anna Branou, 2017.11.02 21:08
Below are step by step instructions, of how to subscribe to a MΤ4 signal:
1. Register a MQL5 account: https://www.mql5.com/en/auth_register
2. Open your MT4 platform and go to Menu >> Tools >> Optios and click on the Community tab. There you put your Login and Password of your MQL5 account and click OK.
3. Go to the search area of your MT4 platform, on the upper right corner (where the magnifying glass is), type in the name of the signal you want to subscribe and click Enter.
4. You will see lower, in the Terminal Window of your MT4 platform, the results of your search. Click on the name of the signal you want to subscribe.
5. Click on the green Subscribe for $$ USD button on the right side of your MT4's Terminal Window.
6. Select the payment method and complete payment for your subscription.
7. In the Options >> Signals window that opens, tick the following options:
8. In the Use no more than: ...... of your deposit (95% maximum) field below, put the percentage of your capital, you want to participate in signal's copying.
9. In the Stop if equity is less than: ...... field, put the amount of your capital, you want to preserve, or leave it empty.
10. In the Deviation/Slippage field, select an option and click OK in the Options window to close it.
11. Now you have completed the subscription process and the only thing you need is a VPS (Virtual Hosting) in order to copy the signal 24/7 without having your MT4 platform open all day long.
12. Go to your account details in the Navigator window of your MT4 platform, right click in your account number or name and select the option Register a Virtual Server.
13. In the Virtual Hosting Wizard window that opens, the VPS with the lower Ping, ms value is presented automatically.
14. Select your payment plan for 1, 3, 6 or 12 months and click Next.
15. Tick the: I agree to the virtual hosting service rules and the auto renewal option below (if you want) and click Next.
16. Complete your payment for the VPS Service.
17. In the next window, tick the Migrate signal: account and settings option, click End and you are done.
More information about the Signal Service:
This is the information about where to start to.
My understanding is that if the account's deposit is 1000 and you decide risking 5% this should open new trades using margin up to 50 euro. With a leverage of 1:500 this would allow up to 0.10 lots of total traded volume at a given time.
If the signal provider is having 120 trades so you as a subscriber should have 10 trades too (or error written in the log describing about why some trade was not opened).
And about lot size for subscribers (deal volume):
How to Select a Deal Volume https://www.mql5.com/en/forum/9950/page93#comment_4052813 https://www.mql5.com/en/forum/215636
No, you can't do that as Sergey very well pointed out. You either following a signal (completely) or not.