Am I the only one who doesn't understand the new MT5 order system?

Trades for same instrument are put "together" so I no longer have a view over the different entries and whether the various entries are in profit, so I could take partial profit.

If I set a tp, its for the WHOLE order, so if I set a tp thinking I want to take partial profit on one of the lots, EVERYTHING gets closed and I end up with a loss.

So I think, okay, I will use sell limit orders to take profit on different lots. Well, what if there is a tp and it gets triggered, the sell limits are still there so could easily end up entering short unintentionally.

Am I missing some hidden brilliance here?

come on people I know you got experience trading with mt5, give your 2 cents

as long as the sum of the size of the limit orders doesn't exceed the size of your big order, you should be fine
MT5 has only one position per pair at any given moment
So each filled sell limit should reduce the size of your long until its all done
Positions are always netted

...if that was the question

Say i use the TP order for the position, I set a tp. This tp will then apply to the whole position, even if the position entry price is changed, I believe.

So say I am long 10 lots eurusd

price goes against me, I see a scalping opportunity, enter with another 10 lots, with intention of exiting after five pips. So I set a limit sell order because of course the system wont allow me (unlike mt4) to handle this position "on its own" - no it has to be merged with the previous position.

Say the tp was triggered, tp being different from a sell order. The sell order (the only way to set a "tp" for only a PART of the position (the ten lots), is still in the system!

If that gets triggered, all of a sudden I am short.

Or maybe I just dont get it

why should the sell limit not getting filled because it's lower than the TP of your initial order?
you got long at 1.2500 with a TP @1.2525
price comes back to 1.2480 and you long again same size
your average price now is 1.2490 with a TP still @1.2525
now you set the sell limit @1.2485 with half of the total position size
if that gets triggered, 50% of your long position gets closed

if you set a tp, it overrides everything and takes profit for THE WHOLE position, even if it is a loss in total.

So say you added to a position and the average entry price was increased, the tp is still there, and it doesnt care about that other part of your position which was only meant as a scalp.

Tp doesnt care about any of your other orders either, like the sell limit you set as a manual tp for that extra part of the position.

Tp doesnt care about anything and only messes things up especially if it gets triggered and your sell limit is still in place so all of a sudden you are short which was never part of the plan!

I like mt4 better. If I enter three positions on gu I can clearly see how the three trades are doing, and if I want to take profit after just one pip on one of them I KNOW AND I SEE in the order history that I made 10 bucks by doing that.

In the mt5 order system, if I do something like that, history will say I just realized a loss, even though it was a smart move (I entered and sold higher than I entered at), just to mess with your head.

In mt4, if I have three trades on in gu, one short and two long positions, I can have three different tps.
I cant do that on mt5 because there is only ONE tp allowed and if you go short one lot it doesnt care, you are still long one lot in sum and mt5 does not care that you want to scalp by going short one lot and covering it after a few pips.

And the worst part is, since you have no other option, as you cannot set several tps, you have to use limit orders instead (sell limit orders as tps for long positions) and if a tp OR A STOP (please understand this, I would usually have a set SL for the entire position just in case) gets triggered THE SELL LIMITS IN THE SYSTEM ARE NOT CANCELED (as they would under an OCO order system) and THIS IS A PROBLEM because then you risk getting stopped out while away and forced to enter the market on a position that was never planned for (still while away).

So you no longer have the opportunity to leave your computer because mt5 order system does not care if you lose money and does not care if you enter positions that were never planned for!!

Doesnt make any sense to me

Yep, thats why the majority simply ignore mt5 and stick with mt4. mt4 order management is waaaaay easier to understand plus it allows you to scalp currency dips without messing with your original position. mt5 is a one position trading system.

It's not that difficult really once you accept the difference between MT4 and MT5 is that a single position exists at anytime and Orders merely adjust the position they don't become separate trades.

So a single TP & SL only.

To increase or decrease the position size you place another order. You don't have to use Limits you can use Stop orders to adjust the position size.

So if you manually want to have more than one TP or SL you need to setup orders that will in effect close part fo the position.

You can also use an EA to manage your position and orders.

In defence of MT5 I would say that once you get used to it then it is fine. The ability to create panels with buttons on to crontrol your EA and positions at a single click is fantastic and the speed of MT5 especially in order processing leaves Mt4 in the dust.

Here's the most outlandish thing I have noticed yet about the idiotic mt5 platform:

Say you have a position (long) in eurusd. With a stoploss, of course, and a tp. You also have a limit order to add to your position at a particular price.

You go on a small trip or whatever.

When you get back, you are met with the shocking sight of an empty account.
Why? Didnt you have a stop? NO!! That was conveniently removed the moment your limit order was filled.


People, is this even remotely ACCEPTABLE?

Are you not outright angry??

Imagine your account being blown because the brand new mt5 can't handle a frickin stoploss!!