MT5 Platform - MT5 Platforms - MetaTrader 5 Softwares
MT5 Charts - MT5 Platform Trading & Orders
If you want to learn how to set-up the MetaTrader 5 this tutorial explains the step by step tutorial on how to setup MetaTrader 5 for beginners with example - Gold Get to Know Your MetaTrader 5 Platform - Get to Know Your MT5 Platform.
The following example below shows the main MetaTrader 5 inter-face. As a beginner trying to learn how to execute orders in online market, the main tool for transacting the market is the MT5 software platform. This is the software that you'll connect to your broker with & execute transactions and monitor your equity balance.
The MT5 platform for trading gold is provided for free by gold brokers. This MetaTrader 5 platform looks like the example below:
Learn MT5 Platform Software
Main Areas of this MT5 platform as shown above are:
- Navigation Menus
- Tool-Bars
- Chart Window
- Navigator
- Market Watch
- Terminal
- Connection Bars
For this MT5 Setup guide we shall look at a brief introduction for each of these:
1. MetaTrader 5 Navigation Menus Get to Know Your MT5 Platform
The MT5 navigation menus are:
- File Menu
- View Tab
- Insert Menu
- Charts Menu
- Tools Menu
- Window Tab
- Help Menu
These MetaTrader 5 menus are main navigation menus that can be used to navigate the MT5 software software. As a beginner you can begin by clicking any of these MT5 navigation menus to familiarize yourself with various buttons which are arranged as sub menus within these navigation menus.
These MT5 software navigation menus will be described and discussed in details in the next MetaTrader 5 setup guides about navigation menus - Get to Learn Your MetaTrader 5 Software.
2. MetaTrader 5 Tool-Bars MetaTrader 5 Setup
The MT5 tool-bars are used to manipulate charts, either by placing indicators, line studies, change chart timeframes and load an MetaTrader 4 template from a listing of saved templates in the MT5 software platform.
These MetaTrader 5 tool bars will be discussed on other MT5 setup tutorials which will outline each button on this tool bar and how to add and customize these MT5 tool bars - Gold Meta Trader 5 Platform Setup Lesson.
3. MT5 Chart Window Panel MetaTrader 5 Setup
MT5 Chart Panel is the main area where charts are portrayed & one can analyze the trend direction of a chart whether up/down, place indicators for technical analysis & even place trade orders from these charts - Get to Know Your MT5 Software.
5. MetaTrader 5 Navigator MetaTrader 5 Setup
MT5 Navigator will contain information about accounts, whether practice trading account or live account, this window will also have a list of all the MT5 technical indicators as well as Expert-Advisors & scripts.
A trader can select which MetaTrader 5 gold account to sign in by expanding the Accounts menu, select a chart indicator by expanding the MetaTrader 5 indicator menu or select an Automated Expert Advisor by expanding the MT5 Expert-Advisor menu - Get to Know Your MT5 Software.
5. MetaTrader 5 Market Watch MT5 Setup
MT5 Market watch is used to show streaming quotes for quotes. This can list as many trading symbols provided by your online broker or a few selected by a trader. To save internet bandwidth, right-click inside the market watch window panel and select 'Hide All', to hide the currencies that you're not transacting & save on internet band width.
6. MetaTrader 5 Terminal MT5 Setup
This is the panel that's like the bank account trade area for your trades, on this window you can view your equity balance, profit & losses statement, equity, margin used and also generate a copy of all your trade transactions transaction history.
This also will list all open trade transactions & calculate all the profit and loss in real-time as the currencies move up/down.
7. MT5 Connection Bar MT5 Setup
Red bars are for no connection, green bars show that there's connectivity to the servers & trade orders can be set. These MT5 connection bars should always be green when one logged into their practice trading account or real 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 software tutorials. For now it's best to download MetaTrader 5 platform and familiarize yourself with the MetaTrader 5gold software interface.
Why MT5 Platform is Required for Opening Transactions with Brokers
MT5 platform is the software which's used to access the market & analyze these currencies using technical analysis. There are various reasons why one requires to use a good platform. A good 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 Server:
To place a order when trading online a trader needs to use a software which will connect to the servers of their broker & allow them to open & close orders. Good softwares will connect with ease to the brokers' servers and allow traders to place orders at any time from their computer.
To analyze charts & currencies using technical analysis
To open buy or sell order a trader needs to first interpret direction of a symbol. This is why all good platforms provide technical analysis tools for example price charts, technical indicators and various different time frames from which one can analyze price moves using time frames of their choice.
MetaTrader 5 Software Setup
From the above MT5 software interface, the summary of all information required by a trader is provided on this MT5 interface
- Connection - connection to the broker servers
- Charts - price charts that show prices
- Toolbars - tool bars to add tools & technical analysis indicators
- Market Watch - for displaying available financial instruments
- Data panel - provides account information & other indicator data
- Exchange rates - shows current market price of a trading symbol
- Menu bar - Shows all menu items on the MT5 platform
MT5 Platform Setup
