Words to Know
Trading has a lot of special words. Here is every word you will meet in TradeHookX, explained the way you would explain it to a 10-year-old - with a real example.
In simple words
You do not need to learn these by heart. Come back to this page whenever a word on another page is new.The basics
| Word | What it means | Example |
|---|---|---|
| TradingView | A website with price charts. You (or your strategy) watch the chart there. | Your gold chart on tradingview.com |
| Alert | A message TradingView sends when something happens on your chart. | "Price crossed the moving average - buy!" |
| Webhook | The address an alert is sent to. Yours is https://app.tradehookx.com/webhook. | Like a postbox address for alerts |
| Signal | One alert after TradeHookX received it - an instruction to trade. | buy 0.01 XAUUSD |
| MetaTrader 5 (MT5) | The trading app your broker gives you. Trades really happen here. | The MT5 app on your PC or phone |
| Broker | The company that holds your trading money. | Exness, HFM, Vantage... |
| Account number / login | The number of your MT5 account at the broker. | #61200345 |
| Server | Which computer of the broker your account lives on - shown on the MT5 login screen. | Exness-MT5Real8 |
| Demo / Live | Demo = pretend money for practice. Live = real money. | Always test on demo first |
Terminals
| Word | What it means | Example |
|---|---|---|
| Terminal | One MT5 account connected to TradeHookX. Each terminal uses one license. | Your Exness demo is one terminal |
| Local terminal | MT5 running on YOUR computer or VPS. It only trades while that computer is on. | MT5 on your laptop |
| Cloud terminal | MT5 running on OUR servers, 24/7. You do not need a computer at all. (Advanced / Professional) | Trades even when your laptop is closed |
| EA (Expert Advisor) | A small robot program inside MT5 that receives signals and presses the buttons for you. | TradeHookX_EA.ex5 |
| License key | A secret code that connects one terminal to your account. Never share it - it can trade on your account. | TB-1A2B3C4D-... |
| Heartbeat | A little "I am alive" message the EA sends every 30 seconds. No heartbeat = something is wrong. | "Just now" under the card |
| Kill switch | An emergency button that blocks every signal on one terminal. | Red "Killed" button |
| Hedging account | An account that can hold a buy and a sell on the same symbol at the same time. Needed for most copy trading. | Most brokers by default |
| Netting account | An account that keeps only ONE position per symbol - a new sell first reduces your buy. | Some brokers / exchange accounts |
| Cent account (USC) | An account counted in cents. 1,000 USC = $10. | HFM cent accounts |
Trades
| Word | What it means | Example |
|---|---|---|
| Symbol | The thing you trade. | XAUUSD (gold), EURUSD, US100 |
| Symbol mapping | A translation when your broker uses another name. | TradingView XAUUSD → broker GOLD |
| Buy / Long | You win if the price goes UP. | buy gold at 2,000 |
| Sell / Short | You win if the price goes DOWN. | sell gold at 2,000 |
| Position | A trade that is open right now. | Your open 0.10 gold buy |
| Ticket | The unique number MT5 gives every position. | Ticket 2594701300 |
| Lot | How big the trade is. 0.01 is the smallest normal size (a "micro lot"). | 0.01 lot gold |
| Pip | A small step of price. On EURUSD 1 pip = 0.0001. On gold, crypto and indexes TradeHookX counts pips differently - see the Alert Builder hints. | 30 pips stop loss |
| Stop loss (SL) | A price where the trade closes by itself to stop a bigger loss. | Buy at 2,000, SL 1,990 |
| Take profit (TP) | A price where the trade closes by itself to keep the profit. | Buy at 2,000, TP 2,030 |
| Breakeven | Move the stop loss to your entry price once you are in profit - then you cannot lose on that trade. | SL moved to 2,000 |
| Trailing stop | A stop loss that follows the price as it moves your way. | Always 20 pips behind price |
| Pending order | An order that waits for a price. Limit = wait for a better price, Stop = wait for a breakout. | Buy limit at 1,980 |
| Partial close | Close only part of a position. | Close 0.04 of a 0.10 buy |
| Magic number | A number stamped on a trade so the robot knows which strategy or copy group it belongs to. A close with magic 5151 only touches trades with magic 5151. | magic 5151 |
| Strategy tag | A 3-letter tag that lets one terminal accept only the alerts of one strategy. | GLD |
Copy trading
| Word | What it means | Example |
|---|---|---|
| Leader | A trader whose trades other people copy. (Professional plan) | Sarah, the gold trader |
| Follower | Someone who copies a leader. (Advanced / Professional) | You copying Sarah |
| Copy group | One strategy of a leader that you can follow. A leader can have several groups. | "Gold Liquidity Pro" |
| Alerts group | A copy group where the leader trades with TradingView alerts. | Every alert carries the group magic |
| Manual trading group | A copy group where the leader clicks buy/sell by hand in MT5 (PC or phone). | Hand trades are copied |
| Lot multiplier | How much bigger or smaller your copies are than the leader's trades. | 0.5 = half the leader's size |
| Profit share | The % of your copied profit you pay the leader - only when you made money. | 20% of a $100 profit = $20 |
| Billing period | The week or month an invoice covers. It ends at the Friday market close (17:00 New York). | Friday to Friday |
| Invoice | The bill for one period with one leader. | $4.20 due by Sunday |
| Statement | All your invoices from one leader on one billing date, shown together. | Pay them in one go |
| Carried trade | A copied trade still open at the Friday close - it is billed on the NEXT invoice when it closes. | Opened Thursday, closed Monday |
| Payout | Money sent to a leader (USDT wallet or bank) after a follower paid. | $47.42 to the leader's bank |
Account and money
| Word | What it means | Example |
|---|---|---|
| Plan | Starter, Advanced or Professional - decides what you can do. | Advanced |
| Free trial | 7 days to try everything with 1 terminal, 1 copy group and 1 copied trade. | Starts when you sign up |
| Extra group | A paid add-on so one terminal can follow (or lead) more than one group. | +$7.90 / month on Advanced |
| Wallet credit | TradeHookX money you earn by inviting people. Pays your subscription; cannot be withdrawn. | $5 per friend |
| Partner | A leader with 100+ followers who earns 5% on the subscriptions of followers they brought. | Partner commission |
| Grace period | A few extra days after your plan ends before things are switched off. | 3 days monthly, 7 days annual |
Still unsure about a word? Open a support ticket - we are happy to explain.