You've started or are going to start a prop company and someone informs you that MetaTrader 5 will be used for execution. The blank look begins. Don't worry about it. MT5 may seem like both a boon and a bit of a beast if you're just starting out in trading, especially with the extra strain of operating under a prop firm's regulations. However, it's a fantastic platform with a ton of tools and assistance designed just for new traders like you, after you get the hang of it.
From the perspective of a prop company trader, let's talk about the ecosystem of resources, training, and support available for becoming proficient in MetaTrader 5 (MT5).
Why MetaTrader 5 Is the Go-To for Prop Firms
With its ability to manage a wide range of asset classes including forex, futures, and CFDs, MT5 is a robust and adaptable tool. It's simpler for businesses that oversee hundreds or even thousands of sponsored traders to maintain everyone on a single and highly configurable platform. Additionally, it offers integrated risk management tools which are essential for businesses that keep an eye on performance around-the-clock.
Getting Started: The First Time You Open MT5
After completing the MetaTrader 5 download and logging into the server of your prop business, the platform opens. Introducing information overload. Market Watch, Terminal, Navigator, Charts, etc. What's all of this?
Let’s simplify:
- Market Watch: Shows you all available tradable instruments and their prices.
- Navigator: Where you’ll find your accounts, indicators, expert advisors (aka bots), and scripts.
- Terminal: Think of it as your command center. This is where you see your trades, history, alerts, and mailbox.
- Charts: The beating heart of trading. You’ll likely stare at these more than your phone.
What should be done first? Make it your own. There is no one-size-fits-all platform like MT5. Prop traders frequently modify layouts, hotkeys, and chart templates to fit their workflow. To avoid having to start over every time, you may store profiles and templates.
Built-in Help and Guides
A rather good built-in help guide is actually included with MT5.
To view a comprehensive manual, just press F1 on your keyboard or navigate to Help > Help Topics. Because it is searchable, you may enter phrases like custom indicators, strategy tester, or pending order and receive rather thorough answers.
- How to place orders
- How indicators work
- Using the Strategy Tester
- Creating alerts and notifications
Don’t sleep on this resource. Even experienced traders reference it from time to time.
Official MetaTrader 5 Community (MQL5.com)
If the help guide is MT5’s instruction manual then MQL5.com is its bustling town square.
You’ll find:
- Thousands of free and paid indicators: From RSI variations to totally custom market scanners.
- Expert Advisors (EAs): Automated bots that trade for you. Some work better than others, but it’s a rabbit hole worth exploring—especially if your prop firm allows automation.
- Scripts and utilities: Quick tools like closing all trades at once or calculating position sizes.
- Forums: Got a question? Chances are, someone’s already asked it—and got an answer.
- Jobs section: If you’ve got an idea for an indicator or EA but can’t code, hire a freelancer here to build it.
MQL5.com is the resource that many prop firm traders rely on to improve their MT5 setup. It functions almost like a cheat code to get MT5 to do what you want it to.
YouTube: The Unsung Hero of MT5 Education
Tons of prop traders, educators, and ex-developers post step-by-step walkthroughs on everything from installing custom indicators to optimizing bots using MT5’s Strategy Tester.
Some solid YouTube channels to check out include:
- TraderNick – great for general strategy tutorials
- The5ers – geared specifically toward prop firm trading
- ForexSignals TV – more educational but still useful
Search for stuff like:
- MT5 beginner tutorial
- How to install indicators MT5
- Using MT5 strategy tester
And you’ll find hundreds of short and to-the-point videos that can speed up your learning curve dramatically.
Discord and Prop Firm Communities
Prop trading can be a lonely game but it doesn’t have to be. Most prop firms these days run active Discord servers or private Slack groups where traders connect, swap strategies, and discuss MetaTrader 5 setups.
If your firm doesn’t have a community channel, find third-party ones. Try searching:
- Prop firm Discord MT5
- Forex Discord for funded traders
- MT5 strategy rooms
You'll discover how other people are utilizing MT5 to swing trade, scalp, or even create bespoke dashboards, in addition to receiving assistance when you run into problems.
Pro tip: Request to view other people's templates. Many traders are glad to share their chart layouts which some have been honing for months.
Learning to Code (Don’t Panic, Just Basics)
You don't have to master MQL5, the coding language used by MT5 but knowing the fundamentals can make all the difference.
Why?
Because it lets you:
- Tweak existing indicators or scripts to match your style.
- Create alerts when conditions are met (e.g., RSI crosses 30 AND price breaks support).
- Automate boring tasks—like setting stop-losses based on ATR.
Beginner lessons are available on MQL5.com and you can also check out YouTube or Udemy free courses. You can outperform other traders even if you can only alter a few lines of code.