You have chosen to challenge a prop firm; perhaps you’re fighting for that funded account with The5ers, MyFundedFX, or FTMO. First, congratulations. This is not a challenge for the weak of heart. Time is running out, drawdown regulations are tight, and performance goals are growing large. A tiny edge can have a significant impact in this high-stress situation.
And an edge that’s underappreciated? Your MT5 platform configuration.
Actually, a few improvements made to MetaTrader 5’s internal workings will help you trade more quickly, think more clearly, and maintain control—especially when you should be concentrating all your attention on execution and risk management rather from navigating a confusing UI.
Let’s examine the top MT5 settings so you can dominate your upcoming prop firm task.
Clean Up Your Workspace
Let’s face it, MT5 may quickly get crazy. After opening a few charts and adding some indicators, you’ll find yourself staring at a screen that resembles a Jackson Pollock painting more than a trading terminal.
What to do:
- Close any charts that aren’t being used: Keep it simple.
- Keep just the essentials open: your main trading pair, any connected charts and perhaps one or two more instruments you are keeping an eye on.
- Make use of chart templates: Create one simple chart with your preferred timeframes and indicators, save it as a template and use it anywhere.
Turn off the toolbox and navigator while not in use. Although these panels come in handy, they simply take up screen real estate when you are mid-trade.
Why it matters:
Less visual clutter = clearer decisions. Don’t make prop firm challenges any more stressful with your arrangement.
Set Default Lot Sizes to Match Risk
You should avoid guessing at position size if you are trading a $100,000 challenge and the maximum daily drawdown is 5%.
How to fix it:
- Go to Tools > Options > Trade
- Set your default lot size, stop loss and take profit levels
You should utilize a position size calculator outside of MT5 to determine your typical lot sizes if you are utilizing a fixed percentage risk model. Then, set the most popular lot size as your default.
Bonus tip:
It is possible to install EAs or trade management scripts that automatically choose lot sizes based on your risk percentage and stop loss. This is a lifesaver in rapid markets.
One-Click Trading: Turn It On
This is an obvious choice. using just one click, you can place market orders using one-click trading, eliminating the need for a confirmation window or second guessing.
Turn it on:
- Right-click anywhere on a chart
- Click “One Click Trading”
- Accept the disclaimer (the “don’t blame us if you click by accident” one)
Your chart will now include a little box for placing quick buys or sells.
Word of caution:
This is quick yet harsh, so proceed with caution. As mentioned in the preceding step, make sure your default lot size is set correctly to prevent fat-fingered mishaps.
Hotkeys: Speed Without the Stress
In a challenging setting, every second counts, particularly when you are responding to news or scalping. You can save valuable execution time by configuring hotkeys.
Set it up:
Unfortunately, MT5 trading platform does not support custom hotkeys for trade entries by default. However, you may still accomplish the following:
Learn built-in shortcuts like:
- F9: Open new order window
- Ctrl+M: Open Market Watch
- Ctrl+T: Open/close the Terminal
- Ctrl+N: Navigator
Use third-party scripts or plugins to attach hotkeys to specific actions, such as “set breakeven” or “close all trades.”
Pro tip:
If speed is important to you, think considering getting a programmable keypad or mouse (like the Elgato Stream Deck). Assign one button to perform tasks like “buy market” or “close position.”
Auto Save Your Workspaces
Imagine doing all of your morning deals, taking a vacation and then returning to a terminal that is blank. All of your setups, drawings and charts are lost since MT5 crashed.
Yes, that is the stuff of nightmares.
Fix it now:
- Go to File > Profiles
- Save your present setup as a named profile
- The next time you launch, MT5 will automatically load this
Additionally, you can make several profiles for other methods such as trend trading, news events, etc.
Tweak the Chart Appearance
See, you will spend hours looking at these charts. Let’s make them visually pleasant.
Here’s how:
Right-click on the chart > Properties
Under the Colors tab, choose:
- Background: Black or dark gray is easier on the eyes
- Bar Up/Down and Bull/Bear Candle: Red and green work wonderfully to make them stand out.
- Under Common, disable “Chart on foreground” and enable “Show OHLC” if you like seeing price details
Small touch, big impact:
You will be able to identify setups more quickly if your charts are easy to read. And that can mean the difference between reaching your profit goal and falling short of it.
Set Up Custom Timeframes (If needed)
Many prop companies don’t give any attention about the periods you utilize, but you should. MT5 allows you to construct unique timeframes, such as 2-minute or 8-hour charts, that are not supported by MT4.
How to do it:
- Use the built-in “PeriodConverter” script
- Open Navigator > Scripts
- Drag PeriodConverter onto the chart
Choose the base timeframe and multiplier (e.g., 1-minute x 2 = 2-minute chart)
When to use it:
There are some tactics that simply work better during specific periods. If the 12-minute chart is the best fit for your plan, don’t allow default settings limit you.
