At AllStars Trader (AST) we use the MetaTrader 5 (MT5) platform. This is a development of the MT4 platform which became the leading forex trading venue. MT5 is optimised for more asset classes so is perfect for AST where we offer a range of traditional assets, including commodities, forex, stocks and cryptocurrencies, along with our unique ADRIX™ sports player based alternative assets.
The first step is to get a login to the platform – please watch this video so we can get you set-up and able to access our unique AllStars Trader sport stocks based CFDs. You can access the AST MT5 via smartphone, tablet or desktop – simply check the IT requirements and compatibility with your device and you are good to go.
MT5 is a very powerful tool so you need to understand the basics and make sure you have a clear trading strategy. The platform then offers you everything from trading robots, trading signals through to copy trading.
So, let’s look at the first step and learn how to place an order.
The easiest way is to click on Tools on the Menu bar. Then select New Order then on the Market Watch window, double click on the asset you wish to trade.
If you know the player or asset you want, you can right click on the asset using the AST Player code (or by searching for the player by name) and then select New Order.
Finally, if you go into the chart of your favourite asset you can just click F9.
When any of the above options are applied, the Order Screen will crop up . The screen will have a tick chart on its left side and customisable order details on the proper . The tick chart displays the bid and ask prices, and thus, the real-time spreads (the difference between the bid and ask prices).
Now, you need to input and check the details of the trade you want to make:
- Symbol – this is the asset you wish to trade, such as ADRIX™ Player Code [Raheem Sterling- FBRSING4.EUR.2021] EURUSD currency pair.
- Type – choose between order types for example Market Execution and Pending Order. The default setting is Market Execution. The is an order (execution) to buy or sell an asset at the current price. The orders are going to be executed in real-time.
- You can change this to a Pending Order. A pending order is an order to shop for or sell an asset at a particular price within the future. MT5 offers you several different pending order types:
- Sell Stop.
- Buy Limit.
- Sell Limit.
- Buy Stop Limit.
- Sell Stop Limit.
This helps you decide the quantity you wish to trade of your chosen asset. On a typical account 1 lot size is equally 100,000 units, which usually means 1 pip movement is going to be about 10 US dollars (USD) on most assets.
Stop Loss / Take Profit
You can apply a Stop Loss and Take Profit orders on all your trades. Stop loss orders can help you curb your maximum loss when the price of an asset you trade moves against you. On the other hand, take profit orders allow you to book profits when the price of the asset moves in your favour.
At this point you can indicate additional conditions related to the filling of the order:
Fill or Kill – is the default setting and means that an order can be executed for the specified volume. If this is not possible the trade is killed
Immediate or Cancel – the maximum amount of fill is taken and the rest of the order is cancelled
Return – this is used with market and limit and stop limit orders. If the order is partially filled the rest of the order is kept open
Comment – you’ll add any notes regarding a trade in the comment section. This is a very good idea so you can track your trading.
So, you can place trades, but this is just the technical process. Whether you make or lose on your trades will depend on the strategy you adopt – and whether you stick to the strategy. Trading is based on understanding risk.
You may have trades which you are very confident in, but you will also understand that no trade is without risk. For example, if you have followed Cristiano Ronaldo’s performance during the recently concluded European Championships, you will know that even this great player has had high and low points. If you put all your money on Ronaldo, he may still have a bad spell and you will lose. It is therefore important to spread trades and hedge risk.
The great news is that all ADRIX™ sport stocks are uncorrelated to main market moves, so if you decide to invest in EURUSD (Euro Dollar) and then buy Harry Kane, if global markets lose value and EURUSD drops, this will not affect Harry’s price. You can watch this video to see how you can concurrently trade in traditional financial instruments and our alternative assets.
ADRIX™ Alt-Asset Indices are the first new financial trading product for many years. They work for everyone regardless of age, because most people have more interest in sports stars rather than company spreadsheets.
Advances in data interrogation have opened up this new investment class and Millennial and GenZ traders are the ones who understand the world has changed and alt-assets are going to be part of future trading. Visit AllStars Trader to sign up for a Live Account or read our blog to learn more about our assets.