MetaTrader 5 (MT5) is a popular trading platform among forex traders due to its advanced features, including the ability to view profit or loss as points. This feature is particularly useful for traders who use a point-based trading system, as it allows them to track their performance in terms of points rather than the dollar amount, as the former can be more emotionally loaded.
To view profit or loss as points in MT5, traders must first open the “Trade” tab, which displays their open positions. From there, they can right-click on any hover over “Profit” from the context menu. This will open a sub menu that allows traders to choose to view profit as either “Money” or “Points”.
Bear in mind, if you want to view your profit as pips, all you must do is divide the point value by ten. This calculation has to be performed manually in your head of course, but luckily dividing anything by ten is simply enough.
One of the key benefits of viewing profit or loss as points is that it can help traders maintain consistency in their trading strategy. By focusing on the number of points gained or lost, rather than the dollar amount, traders can ensure that they are sticking to their strategy and not being swayed by short-term fluctuations in the market.
Additionally, viewing profit or loss as points can help traders identify patterns and trends in their trading performance. By tracking their performance in terms of points, traders can see if they are consistently making gains or losses over time and adjust their strategy accordingly.
By following the simple steps outlined above, traders can easily view Profits as “Points” in their Trade tab and start using this feature to their advantage. Whether you are a seasoned trader or just starting out, incorporating this feature into your trading strategy can help you stay on track and achieve your trading goals.
