You know already that being part of a prop firm challenge demands efficiency and discipline and the capacity to perform under pressure, more than being a super smart trader. Face it, much of that success rests in how well you can set up your trading platform.
MetaTrader 5 (MT5) enters the fray in this case. It’s no wonder, by the way, that it’s one of the most-used trading platforms among prop firms globally. It’s fast, stable, and chock-full of tools to provide you with a serious advantage—if you know how to use them.
Let’s walk you through how to set up MT5 for prop firm tasks, step by step.
Step 1: Download and Install MT5
You have to install MT5 on your machine. Prop firms offer their own version of the platform with their own trading servers, so it’s really better to download MT5 from your prop firm’s portal.
In this way, you’re sure to have the proper server pre-set up, and you won’t spend time trying to figure out connection settings.
If your firm doesn’t provide a customized download link, you can just grab the generic MT5 version from MetaQuotes’ website. Once you’ve downloaded the installer:
- Launch the setup executable.
- Follow along and let it install.
When complete, open up MetaTrader 5, and you’ll see a default setup with a few charts already open.
A bit messy to start with, but don’t fret—we’ll tidy that up later.
Step 2: Connect to Your Prop Firm Account
When MT5 opens, you’ll see a login prompt. If not, go to File > Login to Trade Account. You’ll need three pieces of information:
- Your account number (provided by the prop firm)
- Your password
- The server name (for example, “YourPropFirm-Demo” or “YourPropFirm-Live”)
Once you’ve entered those and clicked Login, you should have your account balance appear in the Navigator window under “Accounts.” With everything properly hooked up, you’ll see live data flow represented as green/red bars in the bottom-right part of MT5.
If you see Invalid Account or No Connection, double-check your server name—it’s likely the culprit.
Step 3: Clean Up the Workspace
Now that you are logged in, it is time to clean your MT5 workspace.
MT5 will open a lot of charts that you do not need by default. Close them all by clicking the small “X” at the top of each chart window. Then, default your workspace by going to File > Profiles > Save As, and name your layout something like Prop Setup.
This is your new beginning—a personal layout that you can personalize to fit your trading plan.
Step 4: Insert the Pairs and Instruments You Will Trade
A best prop firm typically limits what you may trade. Some companies, for example, restrict indices or some exotic currency pairs. So, before you open up your charts, make sure you only insert the instruments that you can trade.
Here’s how to do it:
- Open the Market Watch window (Ctrl+M if it’s already minimized).
- Right-click in there and choose Symbols.
- Browse their categories (Forex, Indices, Commodities, Crypto, etc.).
- Click Show Symbol on all the instruments you will be trading.
They appear in your Market Watch window once added. That is your live watchlist.
Step 5: Organize and Set Up Your Charts
Charts are the pulse of trading. You’re a scalper, swing trader, or algo strategist, the way you set up your charts can make a huge difference.
This is an easy but efficient setup for prop trading challenges:
- Main Trading Chart: Your main timeframe (e.g., 15M, 30M, or 1H) for entry and exit points.
- Higher Timeframe Chart: A larger picture perspective (4H or Daily) to get a general market direction.
- Execution Chart: A lower timeframe (1M or 5M) for micro-tweaking entries.
How to open a new chart:
- Right-click a symbol in Market Watch.
- Choose Chart Window.
- Change the timeframe by clicking the toolbar buttons (M1, M5, H1, D1, etc.).
You can even drag symbols from the Market Watch window onto a chart to rapidly change instruments—whiz convenient during volatile markets.
Step 6: Use Templates and Indicators
This is where MT5 truly stands out—you can customize your charts completely to meet your strategy.
If you trade price action, keep your charts simple: a couple of moving averages, perhaps RSI, and neat candlesticks. For algo or technical traders, you may like more advanced configurations such as Bollinger Bands, MACD, or bespoke indicators.
To add an indicator:
- Navigate to Insert > Indicators, then select your chosen tool.
- Tweak its parameters (i.e., 14-period RSI, 50/200 EMA).
- Click OK, and it’ll show up on your chart.
After you’ve got your dream configuration, save it as a Template so you won’t have to redo it each time:
Right-click the chart → Template > Save Template → give it a name like MyStrategy.tpl.
You can now apply that configuration to any new chart in seconds.
Step 7: Set Up One-Click Trading
Time is of the essence in prop firm challenges—especially when every pip is precious. MT5’s one-click trading function enables you to get in or out of trades at the touch of a button.
Here’s how to turn it on:
- Click the little triangle at the top-left corner of a chart.
- Check One-Click Trading.
- Accept the warning.
You will now have a quick Buy and Sell buttons on your chart, as well as lot size options.
Just be cautious—you can inadvertently place a trade if you click too quickly. So, you might as well get used to it with small lot sizes first.