Learn Bitcoin Software - Meta Trader 5 Bitcoin Platform
The best Bitcoin software online to learn Bitcoin trading with is the MetaTrader 5 platform software. This is one of the most commonly used online platform. It is used to also trade FX Currencies, Stock Index, Oil and CFDs, precious metals such as Silver and Bitcoin and now Cryptocurrencies such as Bitcoin.
This platform is provided by most of the online brokers. This is also because it's a software that is easy to use.
In this tutorial we shall explain to you using examples the MetaTrader 5 platform trading interface and show traders how to navigate this software & how to trade with it. The MetaTrader 5 platform trading inter-face is shown below:
Bitcoin Trading Software - MT4 Software Platform Workspace
The above screen shot shows the MetaTrader 5 platform interface where several chart toolbars and chart windows are illustrated.
Once you've downloaded this Bitcoin software from your online Bitcoin broker's web site you'll then need to learn how to navigate this platform before you can begin trading Bitcoin bitcoin online trading.
Online BTCUSD Trading Software - ==22==MT4 Workspace
From the above screen shot of this Bitcoin software there are several chart tool bars as well as chart windows.
You can download this online Bitcoin software from your online broker's website and after you download this software, then you will need to learn and get to know one or two things about this Bitcoin crypto trade software:
The first thing you need to learn is how to install this Bitcoin software after you download it. For example illustration if you download the MetaTrader 5, you'll need to go to an online Bitcoin broker website first, register for a practice account then after you register and sign up for a demo trade account you'll be provided with a link where to download the MetaTrader 5 platform.
Once you download this Bitcoin software, assuming you do not know much about computers, Open your Web Browser >>> Go to tools at the left top corner of your browser next to "file", "edit", "view" click on tools, select download file location, (short-cut: once you launch your web browser click key board keys CTRL+J or CTRL+ Y), a download window will pop-up with links to downloaded items. ==22==SelectChoose the trading platform which you've just downloaded.
Installing MetaTrader 5 platform
To setup this software after you have downloaded, open the download from the location you downloaded, from there an installation pop up wizard appears & all you have to do is to follow the installation setup guideline instructions. After installation of the platform, the platform will run mechanically/automatically like just any other software.
You can open the MetaTrader 5 platform from the start menu >>> Programs or from the desktop shortcut that appears as a desktop icon tagged MT5 after installation.
Demo BTCUSD Account Registering and Log-in
To open a Bitcoin account on MT5 just click on "file" & then on "open an account".
To sign in to a trading account just click on "file" at the top right corner and then press sign-in from the drop down menu that appears.
Once you login to the Bitcoin platform software you'll ==22==getgain access to trading charts and other technical analysis tools such as indicators that you will then use to analyze BTCUSD price movement and to place BTCUSD trades within the market through this online platform while connected to your Bitcoin broker's servers.
Bitcoin Trading Software - Menu Bar and Tool-Bars
Menu Bar on MT5 for Navigating within the MetaTrader 5 Platform
Menu bar is used to operate & navigate this online software from single panel. From this panel you can set how to view the chart tool bars, the Bitcoin charts, data windows and even use the "file" menu tab to open a Bitcoin practice account - and also login to your Bitcoin account.
Fromm the menu bar you can click the "view tab" next to file tab at the top left corner & choose chart tool-bars like in the above shown screen-shot, these menu bars can be used to set-up the Bitcoin charts, trading indicators, chart timeframes, and others things like drawing trend lines & Fib retracement levels and Fibonacci extension levels.
Now that we have looked at the MetaTrader 5 chart toolbar and menu bar, we shall explain to you the main work-space inter-face of the MT5 BTCUSD online software.
MT5 Platform Workspace
MarketWatch Window - This market-watch window is used to display a stream of Bitcoin prices that is obtained from your broker. In this "marketwatch" window you can right-click anywhere on this window panel to select and choose "show all" trading instruments or hide the ones you're not interested in and save some bandwidth at same time. No need to have prices for 50 currency pairs if you're only interested Bitcoin cryptocurrency. On the MetaTrader 5 platform Bitcoin cryptocurrency is provided for trading with other alongside other online currencies such as EURUSD and GBPUSD. Bitcoin is traded against the US Dollar & it is denoted using the trading symbol BTCUSD.
To Find Bitcoin or BTCUSD currency pair for trading once you right click inside the market watch panel panel and then select & choose ==22==the "Show All" instruments, then look for Bitcoin or BTCUSD, open the Bitcoin chart and then right-click again on the market watch panel and this time specify "Hide All" so as to hide all the other financial instruments that you won't be trading.
Data Panel - Use this data window to setup indicators, EAs and scripts, you can click any of these menu sub items & expand/collapse the technical indicators or EAs used for automated trading so as to select and choose these items and put them on the Bitcoin charts.
Charts Panel - This is where the Bitcoin price moves will be plotted in the format of a graph or what is commonly known as a Bitcoin chart in trading.
Charts Tab - This tab is used for navigation from one currency pair chart to another currency pair chart and it is easy to use and navigate, or if you are trading the cryptocurrency Bitcoin, this tab will be used to navigate from one chart to the other chart, just flip through the charts tab - charts tab is not shown above but if you open two or more charts then you can switch from one charts tab to another - this charts tab can be accessed just below each chart and is marked ''BTCUSD" just below the BTCUSD charts work-space.
Terminal - This terminal window is used to display and show a statement of your Bitcoin trades, profits and losses which you've made on your live Bitcoin account or demo Bitcoin account. To enlarge this window ==22==and view the open trades, just hover the mouse pointer on the terminal tool bar until the cursor changes, click and hold down mouse button and then move cursor upwards (shortcut press CTRL+T keyboard keys).
Connection bars - These connection bars are used to show and display the software connectivity to the internet, red bars mean no internet ==22==connectivityconnection, green bars show that there is internet connection.
Bitcoin Charts - These Bitcoin charts displays the exchange prices for the cryptocurrency BTCUSD that ==22==you--areyou're currently trading so that to show if the price is going upward or down.
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