Traders place a premium on speed when it comes to execution.
Fortunately, activating and employing one click trading is straightforward.
Before traders can use one click trading, activation is typically necessary.
This is accomplished by selecting Tools, Options and then Trade tab in the opening window. Check one click trading, as illustrated in figure 1.A.
A disclaimer window will appear when activating one click trading for the first time. Traders are urged to read this carefully before accepting the Terms and Conditions.
After one click trading is operational you have the ability to execute market positions with specified trade volume, with a single click.
A market order is a buy/sell instruction executed immediately at current market prices. Provided the market traded is liquid, the order is generally instantaneous. However, traders are urged to bear in mind market orders come without additional confirmation, meaning It’s instant. Opening positions through one click trading is often desirable for day trading and scalping trading strategies – the only input required is trade volume.
To trade, head over to the Market Watch window. Select View and click the Market Watch tab. Here you’re presented with a list of active financial instruments. Trading from this area involves right-clicking the desired market and selecting New Order, as shown in figure 1.B. This, of course, is time consuming.
In its place, traders can select the Trading tab at the bottom of Market Watch to enable a one click view of available markets (see figure 1.C). Traders are able to view volume selection, current session high/lows and bid/ask price levels (sell/buy values). Bid values are levels at which traders sell, while ask prices display values available to buy.
If you trade only a handful of markets, MT5 offers a handy function of overlaying the one click trading menu directly on a chart (right-click your traded chart and select One Click Trading alt+t). Figure 1.D illustrates the EUR/USD H1 chart with one click trading enabled. Other currency pairs and trading instruments also offer this function.
With one click, provided trade volume is recorded, an order can be instantly routed to forex brokers. Longer-term traders, those that swing trade or position trade, seldom use this function as limit orders are generally the preferred medium of execution. A limit order (often referred to as a pending order) is a buy/sell instruction to execute an order at a specified price. Buy limit entry orders are set beneath current market price, while sell limit entry orders are fixed above.
Figure 1.E has EUR/USD breaking out of a rising wedge pattern (note the candlesticks have been compressing upwards), signalling sellers may have the upper hand, with a downside target plotted around 1.0748 (take-profit target measured by taking the base value and adding it to the breakout point – yellow arrows). As you can see, a one click sell order was placed with a 1.00 lot value.
While the one click function box lacks the option of setting take-profit levels and stop-loss orders (sometimes referred to as stop orders), it’s straightforward once the trade is active. Simply right-click the open positions in the trading terminal and select Modify and Delete. Doing so opens a fresh order window (see figure 1.F), enabling you to determine stop-loss levels and take-profit points.
However, a more effective way to achieve this, often overlooked by many, is by simply left-clicking the entry line and dragging it up/down, depending on trade direction (drag and drop). When moving a level, a tooltip appears displaying potential profit (or loss) in points and the deposit currency.
Once set, MT5 also permits additional modification of the said orders by left-clicking and dragging the line to the desired level.
To liquidate a position, use the trading panel (or trading terminal) and click the x tab in the profit column, as shown in figure 1.G. This will immediately close the selected position at market. An alternative is simply right-clicking the entry order line on the price chart and hitting close.
Intuitive Trading on FP Market’s MetaTrader 5 Platform
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Why not give one click trading a test drive on an FP Market’s demo account, a trading account which offers access to simulated trading conditions identical to the live market.
The information contained in this material is intended for general advice only. It does not take into account your investment objectives, financial situation or particular needs. FP Markets has made every effort to ensure the accuracy of the information as at the date of publication. FP Markets does not give any warranty or representation as to the material. Examples included in this material are for illustrative purposes only. To the extent permitted by law, FP Markets and its employees shall not be liable for any loss or damage arising in any way (including by way of negligence) from or in connection with any information provided in or omitted from this material. Features of the FP Markets products including applicable fees and charges are outlined in the Product Disclosure Statements available from FP Markets website, www.fpmarkets.com and should be considered before deciding to deal in those products. Derivatives carry a risk warning; losses can exceed your initial payment. FP Markets recommends that you seek independent advice. First Prudential Markets Pty Ltd trading as FP Markets ABN 16 112 600 281, Australian Financial Services License Number 286354.