Get trading with Deriv MT5: Tool Box part 1
Welcome back to our course on Deriv MT5! In this lesson, we'll explore the Deriv MT5 toolbox, a powerful feature designed to help you manage, monitor, and review your trading activities effectively. Understanding the tools available to you will enhance your trading experience and decision-making.
Overview of the Toolbox
The toolbox in Deriv MT5 is essential for traders, offering a variety of tools and information that support informed trading decisions. Each tab within the toolbox serves a distinct purpose and provides unique functionalities.
The Trade Tab
Let’s start with the Trade Tab. This vital section displays critical information regarding your trading positions, including open trades, pending orders, and account details such as:
- Symbol: Indicates the trading instrument for your open trade or pending order.
- Ticket: A unique identifier for each order or position.
- Time: Shows when the position was opened or the pending order was placed.
- Type: Displays whether the order is a Buy, Sell, Buy Stop, Sell Stop, and more.
- Volume: Refers to the size of your trade specified in lots or units.
- Price: Indicates the current price at which your trade is open or the target price for pending orders.
- Stop Loss (S/L): Displays your stop-loss level if set; remains empty if none is assigned.
- Take Profit (T/P): Shows the take-profit level if you've set one; otherwise, this field is also left empty.
- Current Price: Reflects the ongoing market price of your instrument.
- Value: Represents the market value of your position, calculated based on current prices and contract size.
- Swap: Indicates any overnight financing fee that may apply for holding the position.
- Profit: Shows the floating profit or loss for your open position.
- Change: Reflects the percentage change in asset value since the position was entered.
- Comment: An optional note that can be added to your order, limited to 31 characters.
Modifying Positions and Deposits
In the Trade Tab, you can modify or close positions or pending orders directly by right-clicking on the order and selecting "Modify or Delete." Alternatively, double-clicking an order will open the order details window for adjustments. To close a position with one click, simply click the ‘X’ button at the far right end of the order row.
Furthermore, you have the option to make deposits to your Deriv MT5 trading account directly from the Trade tab. Click the ‘+’ button at the far right of your account information row to open the Deriv Cashier, where you can securely deposit funds using your preferred payment method.
By customizing the information displayed in the Trade Tab, you can optimize your trading experience. Right-clicking on any column header allows you to access the ‘Columns’ menu, where you can add or remove columns based on what information is most relevant to your trading strategy.
Conclusion
In this first part of our lesson on the Deriv MT5 toolbox, we explored the Trade Tab and its various features that help you manage your trading activity. Understanding this tool is vital for effective trading and maximizing your success in the market.
Stay tuned for the next lesson, where we will dive deeper into other functionalities within the Deriv MT5 toolbox! Happy trading!
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Get trading with Deriv MT5: Tool Box part 1
Welcome back to our course on Deriv MT5! In this lesson, we'll explore the Deriv MT5 toolbox, a powerful feature designed to help you manage, monitor, and review your trading activities effectively. Understanding the tools available to you will enhance your trading experience and decision-making.
Overview of the Toolbox
The toolbox in Deriv MT5 is essential for traders, offering a variety of tools and information that support informed trading decisions. Each tab within the toolbox serves a distinct purpose and provides unique functionalities.
The Trade Tab
Let’s start with the Trade Tab. This vital section displays critical information regarding your trading positions, including open trades, pending orders, and account details such as:
- Symbol: Indicates the trading instrument for your open trade or pending order.
- Ticket: A unique identifier for each order or position.
- Time: Shows when the position was opened or the pending order was placed.
- Type: Displays whether the order is a Buy, Sell, Buy Stop, Sell Stop, and more.
- Volume: Refers to the size of your trade specified in lots or units.
- Price: Indicates the current price at which your trade is open or the target price for pending orders.
- Stop Loss (S/L): Displays your stop-loss level if set; remains empty if none is assigned.
- Take Profit (T/P): Shows the take-profit level if you've set one; otherwise, this field is also left empty.
- Current Price: Reflects the ongoing market price of your instrument.
- Value: Represents the market value of your position, calculated based on current prices and contract size.
- Swap: Indicates any overnight financing fee that may apply for holding the position.
- Profit: Shows the floating profit or loss for your open position.
- Change: Reflects the percentage change in asset value since the position was entered.
- Comment: An optional note that can be added to your order, limited to 31 characters.
Modifying Positions and Deposits
In the Trade Tab, you can modify or close positions or pending orders directly by right-clicking on the order and selecting "Modify or Delete." Alternatively, double-clicking an order will open the order details window for adjustments. To close a position with one click, simply click the ‘X’ button at the far right end of the order row.
Furthermore, you have the option to make deposits to your Deriv MT5 trading account directly from the Trade tab. Click the ‘+’ button at the far right of your account information row to open the Deriv Cashier, where you can securely deposit funds using your preferred payment method.
By customizing the information displayed in the Trade Tab, you can optimize your trading experience. Right-clicking on any column header allows you to access the ‘Columns’ menu, where you can add or remove columns based on what information is most relevant to your trading strategy.
Conclusion
In this first part of our lesson on the Deriv MT5 toolbox, we explored the Trade Tab and its various features that help you manage your trading activity. Understanding this tool is vital for effective trading and maximizing your success in the market.
Stay tuned for the next lesson, where we will dive deeper into other functionalities within the Deriv MT5 toolbox! Happy trading!
Quiz
What information does the Trade Tab display?
How can you modify or close an open position in the Trade Tab?
What is the function of the ‘+’ button in the Trade Tab?
Trade with confidence
