How Do You Use MT5 Learn Forex Platform Guide?
How Do You Use MT5 Learn Forex Trading Software Tutorial?
To start forex trading with the MetaTrader 5 software, you need to follow steps listed below:
Forex Account MetaTrader 5 Download
Setup MetaTrader 5 Forex Platform on Your PC. Open a Forex trading account on the MT5 platform. Log in to the MT5 Forex Trading Account with your forex account sign in details Open Charts and place Forex Trades using the MT5 Platform.
Forex Account MetaTrader 5 Download
After you Download MetaTrader 5 Forex Platform from your forex broker you'll then need to open a MetaTrader 5 Forex Trading Account to trade with.
How Do You Open a Demo Account using MT5?
- Download MetaTrader 5 Platform - MT5 Platform.
- Install MetaTrader 5 Platform.
- Open MT5 Platform.
- Enter the Log in Details: Account Name & Password for the Demo Trade Account
- Open Forex Charts & start practice trading.
- If you don't have a practice forex trading account you can register for a demo trade account using the File menu, Click New Practice Account Registration and enter your details and sign up for an MT5 forex trading account.
How Do You Open a Real Trading Account in MT5?
- Download MetaTrader 5 Forex Platform
- Install MetaTrader 5 Forex Platform on your PC.
- Open MetaTrader 5 Forex Platform on your PC.
- Click on the File Menu and Choose Open an Account.
- Select The Real Trading Account Option.
- Fill in the real forex account opening form.
- Enter you forex account login credentials for the Demo practice account.
- Trade Forex instruments from the free MT5 charts provided.
How Do You Start Trading on MT5?
The following screen shot below shows the main MT5 platform inter-face. As a beginner trader trying to learn how to execute forex orders in the online forex market, the main tool for trading the online forex market is the MetaTrader 5 platform software. This is the software that you will connect to your online forex broker and execute forex trades and monitor your forex trading account balance from this forex MT5 platform software.
The MT5 platform is provided for free through the various Forex broker web sites. This MetaTrader 5 platform looks like the examples below:
How Do You Use MT5 Learn Forex Platform Tutorial?
Main Areas of this MetaTrader 5 software as illustrated above are:
- Navigation Menus
- Toolbars
- Chart Window
- Navigator Window
- Market Watch Window
- Terminal Window
- Connection Bars
For this MetaTrader 5 tutorial we shall look at a brief introduction for each of these how to use MetaTrader 5 tutorials:
1. Navigation Menus
The navigation menus are:
- File
- View
- Insert
- Charts
- Tools
- Window
- Help
These are main navigation menus that can be used to navigate MetaTrader 5 platform. As a forex beginner you can start by just clicking any of these navigation menus to familiarize yourself with various buttons that are arranged as sub-menus within these navigation menus.
These navigation menus will be discussed and described in details in the next MetaTrader 5 guide for novice traders about navigation menus.
2. Toolbars
This how to trade on MT5 explains the tool bars are used to manipulate charts, either by placing indicators, line studies, change forex chart time frames and load an MT5 template from a list of saved templates.
These MetaTrader 5 forex tool bars will be discussed on other how to use MT5 forex trading courses which will outline each button key on this tool bar and how to add & customize these tool bars.
3. Chart Window Panel
This is the main area where forex charts are displayed and a trader can analyze the trend direction of a forex chart whether up or down, place MT5 indicators on MT5 forex charts for technical analysis & even place orders from these forex charts.
4. Navigator
Navigator MT5 tutorial will contain information about forex accounts, whether practice MT5 forex account or real MT5 forex trading account, this window will also have a list of all the MT5 indicators as well as Expert-Advisors & scripts.
A trader can select which forex account to login to by expanding the Accounts menu, choose an technical indicator by expanding the indicator menu or choose an EA by expanding the Expert Advisor menu.
5. Market Watch
Market watch forex trading MT5 tutorial - Market watch is used to show streaming quotes for forex instruments. This panel can list as many quotes provided by your Forex broker or a few that are selected by a trader. To save internet band width, right click inside the market watch window and select "Hide All", so as to hide the forex instruments that you are not trading and save on internet band width.
6. Terminal
This is window that's like the bank account trade area for your forex trades, on this window you can view your forex trading account balance, forex profit & losses statement, forex trading equity, forex margin used also retrieve a copy of all your forex trading transactions history.
This will also list all open forex trades and calculate all the profit and loss in real-time as the forex instruments move upward or downward.
7. Connection Bar
Red bars are for no connectivity, green bars show that there is connection to the servers & forex trade orders can be placed. These connection bars should always be green when one is logged into their MT5 demo forex account or MT5 live forex trading account.
These main areas form the MT5 Platform interface & will be the main areas to be covered in detail in next learn forex MT5 platform tutorials. For now it is best to download MetaTrader 5 platform & familiarize yourself with the software interface.
Why Forex Platform is Required for Placing Quote Trade trade transactions with Brokers
Forex trading platform is the software that is used to access the forex market & interpret these forex instruments using technical analysis forex charts. There are various reasons why a trader requires to use a good forex platform. A good forex software can ascertain if a as a trader you make profit or not.
So why does a Forex Trading trader need a good Platform:
To connect to the Trading Server:
To open order a trader needs to use a forex software which will connect to the trading servers of their broker & allow them to open & close trading orders. Good forex trading softwares will connect with ease to the brokers' servers & allow forex traders to place orders at any time from desktop computer.
To analyze forex charts and forex instruments using technical analysis
To open a buy or sell order a trader needs to first interpret direction of a forex instrument. This is why all good forex platforms provide technical forex trading tools such as forex price charts, technical indicators & various different chart time frames from which a trader can analyze FX trading price moves using chart time-frames of their choice.
How Do You Use MT5 Learn Forex Trading Software Guide?
From the above MT5 platform inter-face, summary of all information required by a trader is provided on this MetaTrader 5 software interface
- Connection - connectivity to the broker servers
- Charts - forex price graphs that display forex prices
- Tool bars - toolbars to add technical analysis tools & technical analysis technical indicators
- Market Watch - for displaying available forex instruments
- Data window - provides account data & other indicator data
- Exchange rates - shows current market forex price of a forex instrument
- Menu bar - Shows all menu items on the platforms
How Do You Use MT5 Guide
How Do You Use MT5 Learn Forex Platform Tutorial?
