Table of Contents
It’s likely you are utilizing MetaTrader 5 (MT5) if you trade with or are considering trading with a prop company. And to be honest, there’s a reason why it’s the preferred platform for global financed traders. It’s strong, quick and packed with features that make life much simpler when you are trying to balance trades and stick to strict regulations.
However, let’s not mince words: MT5 may initially feel a bit overwhelming. There is a lot going on underneath, and if you don’t know what to look for, you may pass on elements that could help you stay funded and enhance your trade.
Now, let’s examine the main MT5 features that are important for trading prop firm accounts. Without using any jargon or filler, we’ll explain what MT5 offers and how it can help you gain an advantage.
Multi-Asset Capability
Let’s begin with multi-asset trading which is one of the main benefits.
MT5 forex trading is the main function but it’s not the only one. Additionally, the platform allows you to trade CFDs, stocks, commodities, indices, and even futures. This is revolutionary for funded traders who deal with companies that provide access to many markets.
You don’t have to keep an eye on your deals across five separate platforms. Everything is in one location. This results in much more focus and less screen clutter.
And for the companies that assess your performance across asset classes? You’re ready. MT5 takes care of everything.
Lightning-Fast Execution
In the case of trading with a prop company, every second counts. MT5 is renowned for its lightning-fast execution speed and for good reason. It was designed to efficiently and rapidly manage high trade volumes.
For day traders and scalpers, this is a huge deal. Slippage can make or destroy a strategy, particularly if the prop firm is closely monitoring your drawdown. Because of MT5’s execution engine, your trades will be filled as near to your target price as possible.
Less lag. Fewer headaches. More confidence.
Advanced Order Types
This is the point at which MT5 truly shines. You have more than just your standard market and orders that are still waiting.
In MT5, you can use six types of pending orders:
- Buy Stop
- Sell Stop
- Buy Limit
- Sell Limit
- Buy Stop Limit
- Sell Stop Limit
Yes, the last pair may seem excessive, but once you get used to them, you can craft your entries like a pro.
You can establish a Buy Stop Limit if you’re waiting for a breakthrough but only want to get in if the price declines a little before moving further. That’s very beneficial in unstable markets where making a fast entry can backfire.
Prop company traders are aware that accuracy is crucial. You can set trades with far more control and steer clear of impulsive entries with these order types.
Depth of Market (DOM)
The Depth of Market function on MT5 is worth looking at if you’re serious about seeing the finest entrances and exits.
DOM provides you with the volume available at each level as well as the bid and ask prices in real time. This helps you see how liquid the market is and how much pressure there is to buy or sell.
Why does this matter for prop traders?
Since you can observe the actions of the major actors. If a huge wall of sell orders hovers just above your target, it might be time to cash in early. DOM can help you avoid those “what just happened?” situations where the price suddenly changes.
Also, DOM is essential for companies that support high-frequency or scalping tactics.
Built-In Economic Calendar
Many prop companies dislike surprises, and you should not either. For this reason, the integrated economic calendar in MT5 is a very useful tool.
It keeps you informed about important news events, such as interest rate decisions, the NFP, the CPI and so forth, that have the potential to significantly affect the markets. Since all the data is in sync with the time zone of your chart, you can avoid speculating about when an event will occur.
No more hopping between websites or rushing to check Forex Factory in the middle of a trade. Everything is in MT5, exactly where you need it.
This is significant, especially for traders with funds. You could lose all of your money in a single bad news trade. Being ahead of the news makes it easier to plan and trade safely.
Flexible Timeframes and Chart Types
Because of its versatility, MT5 is a favorite among traders. You are not limited to the standard timeframes. There are 21 distinct timeframes available in MT5, ranging from 1 minute to 1 month.
This allows you a great deal of freedom for multiple timeframe research, which is essential for any professional trader, particularly if you are managing prop firm capital and need to provide a strong structure to support your setups.
Also, MT5 offers three chart types:
- Bar Chart
- Candlestick Chart
- Line Chart
Most traders stick with candlesticks but having options is nice, especially when you’re trying to spot patterns or clean up your chart view.
