MetaTrader 5.5 is the newest 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? Do not worry 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 also referred to as MT5 is a no-cost trading platform that was developed by MetaQuotes Software Corp. in the year 2010. It gives you everything you require to trade in the financial market.
It Download and install it for no cost.
MT5 is completely customizable and user-friendly.
MT5 offers free software to use 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 does not replace the earlier platform since it’s different. The first is that MT5 is an all-asset trading platform unlike MT4 is mostly used to Forex traders. The MT5 platform lets you trade in all financial markets, which includes Forex and stocks, indices commodities, metals, and even cryptocurrency through CFDs.
Additionally, MT5 has more trading features than MT4. MT5 has 38 indicators of technical nature, while MT4 includes 30. MT5 provides 44 graphic objects which is the 31 available in MT4. MT5 offers 21 timeframes and MT4 has just 9. Furthermore there is only MT5 includes an Economic Calendar which helps traders keep track of important financial announcements as well as forecast 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 lets you switch between accounts, select the most preferred MT5 language, change the toolbars currently in use, add indicators and other objects in your chart, read the MT5 user’s guide, etc.
The Toolbar window is a small area with buttons or shortcuts to the most frequently used commands to manage graphs and other technical indicator. There are three types of toolbars: Standard, Line Studies, and Timeframes.
The Charts window shows the price of chosen assets. There are four window for charting in default, but there is the possibility of opening up to 100 charts a at the same time. You can trade directly from charts and also use any indicator that is drawn using them.
Market Watch window Market Watch window contains a listing of the traded instruments as well as their prices for Bid and Ask as well as their daily change. (%). Ask price is the price at which a buyer is willing to buy and bid price is the price at which buyers are willing to purchase.
The Navigator window allows easy accessibility to all your Live as well as Demo accounts indicator, Expert Advisors markets, scripts signals, VPS.
The Terminal window lets you manipulate your trade positions , open closing, closing, and changing them. News, calendar, account history, alerts, etc. can also be grouped together within this tab.
How to open a new position in MT5?
To view an order, simply click New Order in the Toolbar located at near the bottom of the page. Then you will be able to see your Order window. You must make an order exactly as you wish with the below options.
The symbol: Choose the instrument you would like to make the position open.
Type: Select Instant Execution when you want to make the trade available immediately at the current rate. Alternately, choose Pending Order if you wish to make a trade once the price reaches a specific threshold.
Volume: Choose the amount of trade you want to make in lots (when you trade Forex, 1.00 lot is equivalent one hundred thousand units).
Make Profit and Stop Loss: Select the appropriate level for executing an exchange (once the instrument is at this level, the trade will close automatically). This is an option.
Fill policy: Select either Fill or Kill when wish to have a deal executed only in the designated quantity. Or, you can choose Immediate or Cancel in order to make a trade using the maximum volume available in the market , within the limits stipulated on the purchase.
Comment: Write a note about your trade. It’s not mandatory.
Once you’ve finished with the settings, create an order with the desired direction. If you believe that the price will rise Click Buy. If you believe the price to fall then select Sell. Your trade has been successfully completed!
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How do you monitor and alter your MT5 position
To keep track of your open positions as well as waiting orders, go to the Trade tab within the Terminal window located at the lower right on the display. Your trades will be displayed on this page.
You may also alter your position, and also add or modify Stop Loss and Take Profit levels. Right-click on the position , or an order in pending that you wish to edit , and then select Modify or delete. Simply double-click your order. After that, you can edit the Stop Loss and Take Profit amounts within the window that opens. Hit the large Modify button in order to verify your modifications.
How do I close a trade in MT5?
To end your position, you must open the Trade tab within the Terminal window located at the lower right on the display. Click on the position that you wish to close and choose Close Position. You can also click the tiny button on the left.
A position will be automatically closed if the price is at that Stop Loss, or Take Profit levels.
How do you trade stocks using the MT5
The trading of stocks on MT5 is similar to trading other instrument. To create an order, simply click New Order on the Toolbar and select a stock you wish to trade. You must make an order on the window for orders. Check out Section “How do I open my position using the MT5” (see the previous section) for the full information. After you’ve completed the settings, create an order with the desired direction. If you believe that the price of the stock will increase Click Buy. If you believe the price to fall you can select Sell. Your trade has been successfully completed!
Algorithmic trading MT5
Algorithmic trading (also known as Algo Trading or Automated Trading) is a method that executes orders by using pre-programmed and automated trading instruction. When MT5 is used, these software programs are known as Expert Advisors, or EAs. Algorithmic trading assists in removing the emotions that accompany trading and to stick to the selected strategy even when stressed or tired.