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