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Preparing to Place Your Trade

To begin trading on Deriv MT5, the first step is to select your trading instrument. You can easily do this from the Market Watch window, which provides a list of all available instruments. If you need a refresher on utilizing Market Watch, be sure to check out Lesson 3 of our beginner course.
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Choosing Your Order Type

Next, you'll need to select the type of order that fits your trading strategy:

• Market Order: If you want to execute a trade quickly at the current market price, a market order is your best option. This order type prioritizes speed of execution.
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• Pending Order: If you have a specific price target in mind, you may want to place a pending order. This type allows you to set your entry price and will only execute once that price is reached.

For further details on the various order types, refer back to Lesson 4 of our beginner course.
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Setting Your Trade Parameters

Once you've selected your order type, the next step is to specify the volume you wish to trade. This refers to the quantity of the asset you are buying or selling. After determining the volume, it's highly recommended to set your Take Profit and Stop Loss levels.

• Take Profit: This order automatically closes your position at a predetermined profit level, securing your gains.
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• Stop Loss: This order closes your position at a specified loss level, helping to protect your capital from excessive losses.

By implementing these risk management tools, you can take greater control over your trading outcomes.
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Methods for Executing Trades on Deriv MT5

There are several methods for executing trades on the Deriv MT5 platform, each designed for different trading styles:

1. Market Watch:
   
   • Double-click on the desired instrument in the Market Watch window. This action opens the ‘New Order’ window, where you can set your order type, volume, and direction, as well as any Stop Loss and Take Profit levels.
2. Trading Tab:
   
   • For quicker trades, use the ‘Trading tab’ in the Market Watch window. This feature allows you to trade any instrument with just one click. For additional details on this, refer to Lesson 3 on Market Watch from our beginner course.
3. Toolbar:
   
   • The Deriv MT5 Toolbar includes a always accessible ‘New Order’ button. Clicking this button opens the ‘New Order’ window, allowing you to place any type of order.
4. Chart Trading:
   
   • If you prefer a visual approach, Deriv MT5 enables one-click trading directly from the chart. To activate this feature, right-click on the chart for the instrument you’d like to trade and select ‘One-Click Trading,’ or click on the second icon in the upper-left corner of the chart. This will display a small trading panel on the chart showing the current Bid and Ask prices, allowing for swift market order execution. Be aware that you will need to accept certain terms and conditions the first time you use this feature.
5. Keyboard Shortcut:
   
   • You can also quickly open an order by pressing F9 on your keyboard.
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Conclusion

By following these steps, you’ll be well on your way to placing your first trade on Deriv MT5. Familiarizing yourself with the trading methods and parameters will empower you to execute trades confidently. In the next lesson, we will explore the toolbox in Deriv MT5 that offers various functions to help you manage, monitor, and evaluate your trading activities and performance. Happy trading!

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