If you’ve just landed a prop firm account, first of all huge congratulations! That’s a big deal; you’ve shown you’re up for the task. It’s now time to put that into action. But before you are able to start taking the trades and bringing home all those profitable returns, you have got to set up your MetaTrader 5 account.
If you’re new to MT5 or prop firm setups, don’t worry, it’s really not rocket science. Let’s go over everything from installation to setting up charts, adding your trading tools, pretty much everything you’ll need to feel at home on the platform. Let’s discuss.
Step 1: Downloading and Installation of MetaTrader 5
Most prop firms will provide you with exact instructions or a download link once your account is approved, and this is for making sure that you connect to the correct server, so use their link if they provide one.
If not, MT5 trading platform can still be downloaded from MetaQuotes’ official website: just choose your version. It’s available for Windows, macOS, Android, and iOS.
Download; then, do a normal installation by:
- Windows: Open the .exe file and follow the on-screen directions.
- macOS: Drag the MT5 app to your Applications folder.
- Mobile: You can just download it from Google Play or the App Store.
Once it’s installed, you’re halfway there.
Step 2: Logging in to Your Prop Firm Account
Logging in to your funded or demo account. When your best prop firm sends you your credentials, you’ll typically get:
- Your Login ID (Account Number)
- Your password
- The server name (specific for the prop firm’s broker connection)
Open MT5 and click on File → Login to Trade Account. A window will pop up asking for these details.
Pro Tip: If you can’t find the right server, just type one keyword from your prop firm name in the server field and wait a few seconds; MT5 will search it.
Once everything’s entered, hit “OK.” If all goes well, you’ll see data starting to flow on your charts and your account balance displayed in the “Navigator” or “Trade” tab at the bottom.
You’re in!
Step 3: Choosing the Right Account Type and Settings
Different prop firms have different account types, such as raw spread, standard, or ECN. Know your account type; it dictates the execution of your trades and the kind of spread you will get.
Once logged in, consult your account parameters:
- The level of leverage can be, for example, 1:100 or 1:200
- Commission, if any
- Spread type (fixed or variable)
- Margin requirements
These can normally be found under Account Details, or by right-clicking on your account in the “Navigator” panel.
If you are trading under challenge or funded conditions, make sure to recheck your maximum daily loss and overall drawdown limits. Most prop traders overlook this and end up blowing their accounts before they even get started.
Step 4: Setting Up Your Market Watch and Symbols
MT5 only shows a few instruments by default, but your prop firm may offer dozens or even hundreds of tradable assets.
To make things cleaner and quicker,
Go to View → Market Watch or press Ctrl+M.
Right-click anywhere in the Market Watch window and select Show All to display all available pairs and instruments.
Alternatively, you can right-click again and select Symbols to manually choose the assets.
This may sound like a simple step, but it’s important, especially if you are only trading certain pairs during your evaluation. You don’t want clutter distracting you from your strategy.
Step 5: Setting Up Charts and Timeframes
Now that your platform’s connected, it’s time to make it yours.
MT5 provides a lot of space for personalizing your vision of the market. First, open the chart of your favorite currency pair or any other instrument:
- Right-click on the pair in Market Watch
- Select Chart Window
Then, follow your fancy and change:
- Switch Timeframes: You can toggle from 1-minute to 1-month charts on the top toolbar.
- Change Chart Type: Whether you prefer candlesticks, bars, or lines-all that matters is your comfort.
- Zoom In/Out: Use the + or – icons to adjust.
- Grid and Colors: Right-click → Properties → Colors according to your preferred style.
If you will spend hours on end staring at these charts, then it will pay to make them easy on your eyes. For most traders, dark backgrounds with bright-colored candles work best and are easier on the eyes.
Step 6: Adding Indicators and Tools
Indicators are a trader’s best friend—when used wisely. MT5 has dozens of them built into the program, and you’ll be able to add custom indicators or Expert Advisors later if your prop firm allows it.
To add an indicator:
- Go to Insert → Indicators.
- Select either Trend, Oscillators, Volumes, or Custom.
- Change settings if any and click OK.
If using a custom indicator-perhaps your personal RSI setup or a prop-approved tool-simply drag the .ex5 or .mq5 file into the Indicators folder under MQL5 in the MT5 directory. Then restart the platform.
Quick Note: Most prop firms do not allow automated trading or EAs during challenges. Always check their rules before attaching one.