I mean all this time I trade using cTrader (desktop platform), where the risk calculation is all there on the New Order dialog box. I don’t have to open separate tools such as forex calculator to do the risk calculation. Just simply drag and drop SL and TP level, input lot size / or the percentage of risk its all auto calculated, then hit the order button
How is the most convenient workflow to do this on MT5? right before placing a position, not by modifying a position.
Yes, that’s excellent. cTrader does have its admirers, and I’m not aware that MT5 offers that without downloading a tool.
Yea, I’m aware of that. It doesn’t have to be on the same level of convenience.
I’m in situation where the only allowed trading platform is MT5. So I need to know how everybody make it less hassle in executing trades with proper risk management in MT5.
I do it the hard way. Follow ATR as a sign post, use PSAR last bobble as a S/L and them move my S/L manually to my risk point. I don’t set a TP while I’m on site and following the trades. I’ve practised that for over a year and now it becomes second nature - no hassle at all.
My style of trading is to cut losses before they reach the S/L Hoping that the trade will reverse in my favour is against the odds, and a psychological fear of losing and causing pain that many traders suffer from. I also hate losing but I hate losing big, more so. There’s always a better trade awaiting.
So why putting a S/L if you cut them early?
A lot of price movement could occur between my 30 minute check ups. I also use the S/L to move it to breakeven, on winning trades.
IMO, Intraday traders who just set S/L and T/P might need to consider that they are not reaping the benefits of money management. I would make exceptions on high volatility pairs e.g. GBP/USD on the London session breakout because I don’t want to suffer a heart attack watching the retracements. Set the S/L and T/P and walk away from the screen.
All in all, it’s what suits your trading style best. There is no right or wrong way. If it works for you, carry on.
Finally I got the solution by installing EA from the mql5 market. Its a free utility and do the job just well