The currently described trade position setup in MT5 is not going to be better than that of MT4. Each position setup, MT4 style or MT5 style, has it's advantages and disadvantages. I will elaborate if requested, but anyone who has traded live ought to know these. If MT5 is going to be a real step up from MT4 then please don't just change something that traders have had some issues with, but yet also have learned to take advantage of in some trade situations. For the next Meta Trader platform an increase in flexibility is the desired expectation. If possible I would like to see the ability to switch between the position styles,especially if it could be done at any time. This would make MT5 really useful for getting into a trade and scaling in and out easily with the new position style, yet when switched to the MT4 position style would allow for being in a longer term position trade and yet performing day trading in the other direction in the same currency pair, as is allowed by some brokers (eg short 10 minis EUR/USD for a long term position trade and scalping long 5 minis and holding both positions concurrently). Thanks.
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The trading system in MetaTrader 5 differs from that of MetaTrader 4 in its basics. First of all, four types of trade operation execution are supported in MetaTrader 5: Market, Instant, Request and Exchange. Secondly, the new terminal accepts the strict delimitation between the notions of Order, Trade and Position.
Differences between trade positions in MetaTrader 4 and MetaTrader 5
Besides the Buy and Sell market orders, 6 types of pending orders are supported:
Pending Orders in MetaTrader 5 Client Terminal
All these possibilities enable you to flexibly control all trading activities and implement almost any trading strategy.
How Does It Work?
An order to execute a trade with indicated parameters is sent to a broker from the client terminal. The order correctness is checked on the server. Are all the parameters (balance, lot, price, etc.) indicated correctly? If any of parameters does not meet the requirements, the order is rejected. If everything is correct, a trade order is placed to the Order Queue, after which it is sent to a dealer or to the market. An order can be also rejected in the market (stock exchange) or by the dealer.
Trading operations Execution in MetaTrader 5
An order turns into a trade if all its parameters are correct and it has been executed in the market. Depending on the current position for the security, the trade can result in the position increase, decrease or closing.
Example: we've got one position for EURUSD 1 Lot. If another lot is bought, the position will be increased to 2 lots. If 1 lot is sold, the position will be closed. If 0.7 lots are sold, the position will diminish to 0.3 lots.
Fill Policy
Besides common order execution rules set by a broker, trade operation execution policies can be set in MetaTrader 5. These policies allow making trading activities more flexible and setting strict parameters to manage the execution of trade operations.
MetaTrader 5 Fill Policy
With this condition, a trade can be executed only for the indicated volume and at the price equal to or better than that indicated in the order. If the enough security volume is currently unavailable in the market, the order won't be executed.
In this case a trader agrees to have a trade executed for the volume maximally available in the market within the volume specified in the order and at the price equal to or better than that indicated in the order. No additional orders are placed for the deficient volume.
In this case a trader agrees to have a trade executed for the volume maximally available in the market within that specified in the order and at the price equal to or better than that indicated in the order. Besides, an additional order is placed for the deficient volume at the price indicated in the order.