Trading in financial markets can be an exciting and rewarding experience but also overwhelming for beginners. With so many platforms and tools available, it can be challenging and overwhelming to know where to start, and that’s where meta trader 5 or MT5 comes in. This trading platform has gained popularity among traders of all levels for its user-friendly interface, advanced charting capabilities, and various technical analysis tools. In this beginner’s guide, you can take a closer look and learn how to use it to confidently navigate the markets. Whether you’re a seasoned trader or a complete newbie, this guide will provide the information you need to get started and take your trading to the next level. So, dive in and discover more about it.
What Is MT5?
MT5 is a trading platform designed for forex and other financial markets. It was developed by MetaQuotes Software and was released in 2010 as the successor to the popular MetaTrader 4 (MT4) platform. It is a multi-asset platform, which means it can trade various financial instruments, including forex, stocks, commodities, and cryptocurrencies.
What Are the Key Features of This Platform?
It connects traders to their preferred financial markets through a broker. Traders can access the platform via their desktop, mobile or web browser. Once logged in, traders can view real-time market data, place trades, and manage their positions. Some of the key features of this platform are given below:
Advanced charting: It has advanced charting capabilities, including displaying multiple timeframes, indicators, and drawing tools. It also offers 21 different timeframes, making it easier for traders to analyse the markets.
Technical analysis: It provides various technical analysis tools, including 38 built-in indicators, 22 analytical objects, and customisable indicators.
Order types: It offers a variety of order types, including trailing stop orders, market orders, stop orders and limit orders. Furthermore, online traders can utilise pending orders to enter the market at a specific price level.
Expert advisors (EAs): It allows traders to use EAs to automate their trading strategies. EAs are algorithms that can be programmed to execute trades based on specific criteria.
How to Get Started With It?
To get started with it, you must find a broker that offers the platform. Once you select a broker, you can download the platform from their website or any other website providing the software. After installing the platform, you must create a new account with your broker. Then, you can log in to the platform and start trading.
How to Navigate This Platform?
The meta trader 5 platform is divided into several sections. The main sections include the market watch, charting window, and trade terminal.
Market watch: It displays real-time quotes for the financial instruments you are interested in trading. You can add or remove instruments from the market watch by right-clicking on the window and selecting “Symbols.”
Charting window: It lets you view price charts for your trading instruments. You can add multiple charts to the charting window by right-clicking on the window and selecting “New Chart.” You can customise the charts by adding indicators, changing the timeframe, and using drawing tools.
Trading terminal: It is where you can place, modify, and close trades. You can access it by clicking on the “Trade” tab at the bottom of the platform. The trading terminal lets you view your open trades, modify existing trades, and place new trades.
Meta trader 5 is a powerful trading platform that offers various features and tools for traders of all levels. As a beginner, it is crucial to take the time to learn how to use the platform and its features to your advantage. By doing so, you can develop effective trading strategies and improve your chances of success in the markets.