Trading in a prop firm environment is not an easy task. You’ve got rules to abide by, stringent drawdown limits, and sometimes tight time periods to demonstrate your edge. So what’s the secret sauce that is able to provide you with an edge without getting you into trouble or burning out? Automation. Specifically, automating your order types in MT5 can optimize your trading, avoid emotional errors, and enable you to hit those profit targets with accuracy.
If you’ve ever caught yourself missing trades because you waited too long or entered too soon—you already understand how important timing is. And in prop firm challenges, every pip matters. So let’s get into how you can automate order types in MetaTrader 5 (MT5) like a pro prop trader and take one step closer to that funded account.
What Do We Mean by “Order Types”?
You get different types of orders in MT5.
Market Orders: Buy or sell at the current market price.
Pending Orders:
- Buy Limit / Sell Limit: Buy below the market or sell above it.
- Buy Stop / Sell Stop: Buy above the market or sell below it.
- Stop Limit Orders: A combination of stop and limit, where a stop triggers a limit order.
These are the tools that you use to enter and leave the market, and they each serve a purpose based on your strategy. Automating them means that you’re instructing MT5 on what to do, how, and when—without having to be stuck in front of your screen.
Why Automate Orders in Prop Firm Challenges?
Prop challenges are about discipline and consistency. Most companies like FTMO, MyFundedFX, or The5ers have regulations regarding:
- Daily and max drawdowns
- Profit targets
- Minimum trading days
- Risk per trade
Manual trading gets emotional—hesitation, revenge trading, FOMO—name it. Automation takes out a large chunk of that. It assists you to:
- Stay in your plan
- Manage risk with cutting-edge accuracy
- Trade in your sleep (or your day job)
- Avoid fat-finger mistakes
Let’s be real: a small error on a funded firm challenge can lose you the whole thing. Why take the risk?
Tools You’ll Need to Automate Orders in MT5
MT5 is quite solid and you do not have to be a programming genius to automate it. The following are the primary tools you will use:
Expert Advisors (EAs)
These are script or trading bots that are coded in MQL5 (MetaQuotes Language 5). You will either create one from scratch or download an existing one from the MetaTrader Market or MQL5 community.
EAs can:
- Enter and exit trades as per rules you program
- Dynamic adjustment of stop-losses or taking profit
- Trail stops in automatic mode
- Set pending orders at some condition
Scripts
Consider these as one-off tools. They don’t run constantly like EAs do—they just perform a specific task once. As an example, you may have a script that orders many pending orders at pre-set levels.
Custom Indicators
Sometimes, you’ll want to base your trades off something more specific-say a moving average crossover or a breakout. Custom indicators can work in tandem with EAs to help signal trade setups and even trigger order placement.
Setting Up Your First Automated Order Strategy in MT5
All right, all right, let’s dive in. Here is a step-by-step way to automate your order types in MT5 without going full mad scientist mode.
Step 1: Define Your Strategy (Don’t Skip This!)
Automation only succeeds if you’ve got a good game plan. Ask yourself:
- What market conditions am I shooting for (trending, ranging)?
- What order type best suits me (limit, stop, stop-limit)?
- What’s my entry/exit strategy?
- How will I handle risk (fixed SL/TP, trailing stops, partial closes)?
Write it all out. Be explicit. Your EA or script is only as good as the blue print behind it.
Step 2: Select or Construct an EA
If you don’t like coding, don’t worry—there are plenty of EAs available. Choose ones where you can set up:
- Order types
- Entry conditions (price, indicator signals, time of day)
- SL/TP levels
- Break-even or trailing options
- Lot size based on account percentage
Pro Tip: Don’t just grab a free EA and go live. Test it in Strategy Tester and on a demo account first. Some EAs are garbage, others are gold—you won’t know until you test.
Step 3: Use Parameters to Set Order Types
Once your EA is loaded onto a chart:
- Open the “Inputs” tab.
- Set the order type: Market, Buy Limit, Sell Stop, etc.
- Adjust price offsets if you’re using pending orders.
- Add SL, TP, and trailing stop values.
Let’s say you want to place a Buy Limit 20 pips below the current price whenever RSI drops below 30. A well-built EA can handle that with ease.
Step 4: Monitor with Alerts and Logging
Automation doesn’t mean you go blind. Your EA should log every trade and ideally send you alerts (email, push notifications, etc.). This helps you:
- Track performance
- Spot bugs or unexpected behavior
- Understand when your orders trigger—even when you’re not sitting at your station
Step 5: Backtest, Forward Test, Repeat
Where most traders fail. They automate something and just hope it works straight out of the box. Don’t omit this step.
Utilize Strategy Tester in MT5:
- Execute your EA for at least 6 months of history.
- Test it on varying market conditions.
- Check for slippage, missed trades, or drawdown spikes.
After that, forward test it on demo for a few weeks before going live with a prop challenge.
