How to Use MetaTrader 5?

MetaTrader 5.5 is the most recent version of the high-end trading software developed by MetaQuotes. Excellent trading capabilities, fundamental and technical analysis of markets, as well as automated trading make it a great platform for traders with experience.

Are you new to trading? You don’t have to worry about it You can begin trading with MT5 without any prior knowledge. This is a step-by-step guide to installing the MT5, configure it and start the first trading session. Let’s go!

MetaTrader 5, commonly referred to as MT5 is a no-cost trading platform created by MetaQuotes Software Corp. in 2010. It offers everything you require to trade on the financial markets.

The MT5 software can be downloaded and used for free (MT5 download)
MT5 is completely customizable and user-friendly.
MT5 provides free software to automate trading.
MT5 lets you hedge positions.

MetaTrader 5 Vs MetaTrader 4

MetaTrader 5 is the direct successor to the incredibly well-known MetaTrader 4, but it isn’t a replacement for the old platform since it’s different. It is the first thing to note that MT5 is an asset-based trading platform that supports multiple assets, in contrast to MT4 is mostly used for Forex traders. The MT5 platform lets you trade on all financial markets, which includes Forex and stocks, indices commodities, metals and even cryptocurrency via CFDs.

Additionally, MT5 has more trading features than MT4. MT5 has 38 indicators for technical trading, whereas MT4 offers 30. MT5 provides 44 graphic objects which is the 31 available in MT4. MT5 includes 21 timeframes and MT4 has just 9. Additionally there is only MT5 comes with an integrated Economic Calendar which allows traders to track important financial announcements and predict price movements.

How do I use MT5?

When you open your MT5 terminal, you’ll get a start screen comprised in six different windows.

Its Main Menu is situated at the high-end of the display. It allows you to change between accounts, select the most preferred MT5 language, change the current toolbars, include indicators and other objects on your graphs, read the MT5 user’s guide, etc.

The Toolbar window is a small area with buttons or shortcuts to the most commonly used commands used to control graphs and other technical indicator. There are three types of toolbars: Standard, Line Studies, and Timeframes.

The Charts window shows the value of the chosen assets. There are four charts windows in default, but there is the possibility of opening up to 100 charts a simultaneously. You can trade directly from charts and also use any indicators that draw tools that are based on them.

Market Watch window Market Watch window contains a listing of the traded instruments, along with their prices for Bid and Ask and daily changes. (%). Ask price is the price where the buyer is willing to buy and bid price is the price at which buyers are in a position to buy.

The Navigator window gives you rapid acces to the Live as well as Demo accounts Expert Advisors, indicators, Expert Accounts markets, scripts signals, VPS.

In addition, the Terminal window lets you manipulate trade positions that you have opened close, close, or modify them. News, calendar, account history, alerts, etc. are also organized inside this section.

How to open a new position in MT5?

To view an order, simply click New Order from the Toolbar located at on the right side of your screen. You will then see an Order window. The next step is to create an order in according to your preferences by using the below options.

The symbol: Choose the instrument you would like to make the position open.
Type: Select Instant Execution if you wish to make the trade available immediately at the current rate. Alternately, choose Pending Order if you’d like to trade only when the price reaches a specific threshold.
Volume: Choose the volume of trade in lots (when you trade Forex, 1.00 lot is equivalent 1100 000 currency units).
Make Profit and Stop Loss: Set the appropriate level for executing the trade (once the instrument is at this point, your trade will close automatically). It is not required.
Fill policy: Select either Fill or Kill when would like a transaction to be executed in the specific quantity. Alternately, choose Immediate or Cancel when you wish to complete a transaction using the maximum volume available on the market within the timeframe stipulated within the transaction.
Comment: Write a note about your trade. It’s not mandatory.

After you’ve completed the settings, create an order in your preferred direction. If you believe the price will increase then click Buy. If you believe the price to fall you can select Sell. Your trade has been successfully completed!

How do you monitor and alter your MT5 position

To keep track of your open positions as well as to monitor your pending orders, click the Trade tab of the Terminal window located at the lower right on the display. All trades you make will be displayed on this page.

You are also able to modify your position and modify Stop Loss and Take Profit levels. Right-click on the position , or an order in pending that you wish to modify and choose Modify or delete. Double-click on your order. After that, you can edit the Stop Loss and Take Profit amounts within the window that opens. Then, click the large Modify button and confirm your modifications.

How do you close a trade in MT5?

To close your position, click the Trade tab within the Terminal window located at the lower right of your screen. Right-click the position you’d like to close and choose Close Position. You may also click the small button on the left.

Be aware that a position can be closed automatically when the price crosses that Stop Loss, or Take Profit levels.

How do you trade stocks using the MT5

Trading stocks with MT5 is similar to trading in other instrument. To create an order, simply click New Order on the Toolbar and select a stock you wish to trade. The next step is to make an order on the window for orders. Check out Section “How do I open my position using the MT5” (see earlier) for the full information. After you’ve completed the configurations, you can open an order in the desired direction. If you believe that the price of the stock will rise then click Buy. If you believe that the price will fall then select Sell. The trade is now completed!

Algorithmic trading MT5

Algorithmic trading (also known as Algo Trading or Automated Trading) is a method to execute orders with pre-programmed, automated trading instructions. For MT5, such applications are referred to as Expert Advisors or EAs. Algorithmic trading assists in removing emotion from trading and to stick to the selected strategy even when stressed or tired.