Every trader has this ultimate goal in mind – to get more profit from the financial market. MetaTrader 5 has its own terms and process apart from another trading platform, even with its sibling, The MetaTrader 4. Therefore, if you want to operate the MT5 platform effectively, you need to gain knowledge about it and understand how it works, especially its trade functions.
Orders in MetaTrader 5 are those trade operation requests that trading servers receive. It is made according to the requirements of the trading platform. When creating orders, you need to make sure that the request is correct or it will refuse to appear on the platform as a form of order. Pending orders are another type of order performed in MetaTrader 5. It commits to a trading operation that can only pursue under certain conditions. These pending orders often have time restrictions towards their action known as an expiration date.
The pending orders are just waiting for either their execution or cancellation. Before these orders go on, it can be modified or canceled. Through the OrderSend function in MetaTrader 5, you can place, cancel, or modify the orders. If in case the order gets canceled, has reached its expiration time, or gets executed, the pending order will be moved to the history of the order. Both executed orders and canceled orders will be found in the History tab located at the client terminal. Those orders who are already in history cannot be modified.
Deals in MetaTrader 5 are the result of the order that has been executed. Every deal comes from a particular order but it doesn’t mean a single order equals a single deal. One order can result in a set of deals. For example, there is an order to purchase 10 lots but it can be carried out with a string of deals and partial filing. You will always see the deals in the trading history and you will not be able to modify them. At the ‘History’ tab, you will find the deals properly displayed.
Positions are the contracts in MT5 that are either sold or bought. A long position can be formed when buys are anticipated for a price increase. As for the short position, it is the result of selling an asset, thinking that the price will decrease. In every account and the financial instrument used, only one position is possible. In every symbol in MetaTrader 5, no matter the time, only one open position can be used – either a long position or a short position.
But, it is important to note that position volume can increase due to a new trading operation going in the same direction. This means that the volume of long positions will increase when a new buy gets available and will decrease for a sell deal. If the commitments go zero because of a trading operation then the position will automatically get closed.