Bitcoin Platform MT5 Setup for Windows - Bitcoin Platform MetaTrader 5 Platform
Can I Trade Bitcoin with MetaTrader 5? - Bitcoin Trading Platform MetaTrader 5
If you want to learn how to set-up the MT5 platform this bitcoin guide explains the step by step guide on how to setup MT5 for beginners with example - Bitcoin Get to Know Your MetaTrader 5 Platform - Get to Know Your MT5 Trading Platform.
The following example below shows the main MT5 platform interface. As a beginner bitcoin trader trying to learn how to execute orders in the online bitcoin market, the main bitcoin tool for trading the market is the MT5 platform software. This is the software which you will connect to your bitcoin broker with & execute bitcoin transactions & monitor your bitcoin trading account balance.
The MT5 software for trading bitcoin is provided for free by bitcoin brokers. This MT5 software looks like the example below:
Learn MetaTrader 5 Platform
The Main Areas of this MT5 platform as shown above are:
- Navigation Menus
- Toolbars
- Chart Window
- Navigator
- Market Watch
- Terminal
- Connection Bars
For this MT5 Setup tutorial we shall look at a brief introduction for each of these:
1. MetaTrader 5 Navigation Menus Get to Know Your MetaTrader 5 Platform
The MT5 navigation menus are:
- File
- View
- Insert
- Charts
- Tools
- Window
- Help
These MetaTrader 5 menus are the main navigation menus which can be used to navigate the MT5 platform software. As a bitcoin beginner you can start by clicking on any of these MT5 platform navigation menus to familiarize yourself with the various button keys that are arranged as sub-menus within these navigation menus.
These MT5 platform navigation menus will be explained & covered in details in the next MetaTrader 5 setup tutorials about navigation menus - Get to Know Your MT5 Trading Platform.
2. MetaTrader 5 Tool-Bars MT5 Setup
The MT5 toolbars are used to manipulate bitcoin charts, either by placing technical bitcoin indicators, line studies, change bitcoin chart time frames and load an MT4 template from a list of saved templates on the MT5 platform.
These MT5 tool-bars will be discussed on other MT5 setup tutorials that will outline each button on this tool bar and how to add & customize these MT5 tool bars - Bitcoin MetaTrader 5 Platform Setup Guide.
3. MetaTrader 5 Chart Window Panel MetaTrader 5 Setup
MetaTrader 5 Chart Window is the main area where bitcoin charts are displayed & trader can analyze the bitcoin trend direction of a bitcoin chart whether up or down, place bitcoin indicators for technical analysis and even place trading orders from these bitcoin charts - Get to Know Your MT5 Trading Platform.
5. MetaTrader 5 Navigator MT5 Setup
MT5 Navigator will contain information about bitcoin accounts, whether practice account or real account, this window will also have a list of all the MetaTrader 5 technical indicators as well as Expert Advisors and scripts.
A trader can select which MetaTrader 5 bitcoin trading account to log in by expanding the Accounts menu, select a chart technical indicator by expanding the MT5 indicator menu or select an Automated Expert-Advisor by expanding MetaTrader 5 EA menu - Get to Know Your MT5 Trading Platform.
5. MetaTrader 5 Market Watch MetaTrader 5 Setup
MetaTrader 5 Market watch is used to show streaming quotes for quotes. This can list as many quotes provided by your Bitcoin broker or a few chosen by a bitcoin trader. To save inter-net band width, right click inside the market watch window and choose "Hide All", so as to hide the currencies that you're not transacting & save on inter-net band width.
6. MetaTrader 5 Terminal MetaTrader 5 Setup
This is window panel that is like the bank account trade area for your bitcoin trade transactions, on this panel you can view your balance, profit and losses statement, equity, margin used also retrieve a copy of all your bitcoin trades transactions history.
This will also list all open trades & calculate all the profit & loss in real-time as the currencies move up or down.
7. MetaTrader 5 Connection Bar MT5 Setup
Red bars are for no connection, green bars show that there is connection to the servers and trade orders can be placed. These MT5 connection bars should always be green when one logged into their practice account or live account.
These main areas form the MT5 Platform Setup tutorial and will be the main areas to be covered in detail in next learn MetaTrader 5 platform tutorials. For now it is best to download MetaTrader 5 software and familiarize yourself with the MetaTrader 5forex trading software interface.
Why MetaTrader 5 Bitcoin Software is Required for Placing Trade Transactions with Brokers
MetaTrader 5 software is the software that's used to access the bitcoin market & interpret these currencies using technical analysis. There are various reasons why a trader requires to use a good bitcoin trading platform. A good bitcoin software can determine if a as a trader you make profit or not.
So why does a trader need a good platform:
To connect to the Trading Server:
To place a trading order when trading online a trader needs to use a platform that will connect to the trading servers of their bitcoin broker and allow them to open and close orders. Good bitcoin platforms will connect with ease to the brokers' servers and allow traders to place trading orders at any time from their desktop computer PC.
To analyze bitcoin charts and currencies using technical analysis
To place a buy or sell order one needs to first interpret the direction of a quote. This is why all good bitcoin platforms provide technical tools such as price charts, technical indicators & various different time frames from which trader can interpret price moves using the chart timeframes of their choice.
MetaTrader 5 BTCUSD Trading Software Setup
From the above MetaTrader 5 platform inter-face, the summary of all data required by a trader is provided on this MT5 interface
- Connection - connectivity to the broker servers
- Charts - price charts that display prices
- Tool bars - tool bars to add tools and technical analysis technical indicators
- Market Watch - for displaying available financial instruments
- Data window panel - provides account information and other technical indicator data
- Exchange rates - shows current market price of a trading symbol
- Menu bar - Shows all menu items on the MetaTrader 5 platform
MetaTrader 5 BTCUSD Trading Software Setup
