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 MT5 software, you need to follow steps listed below:
Forex Trading Account MT5 Download
Install MetaTrader 5 Platform on Your PC. Open a Forex account in MT5 software. Log in to MT5 Forex Account with your forex account login credentials Open Charts and place Forex Trades using the MT5 Platform.
Forex Account MetaTrader 5 Download
After you Download MT5 Platform from your forex broker you will then need to open a MT5 Forex Account to trade with.
How Do You Open a Demo Account using MetaTrader 5?
- Download MT5 Platform - MT5 Platform.
- Setup MT5 Platform.
- Open the MetaTrader 5 Platform.
- Enter the Log in Details: Account Name & Password for the Demo Trade Account
- Open Forex Charts & start practice trading.
- If you do not have a practice forex 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 account.
How Do You Open a Real Trading Account in MetaTrader 5?
- Download MetaTrader 5 Platform
- Setup MetaTrader 5 Platform on your PC.
- Open the MetaTrader 5 Platform on your PC.
- Click on the File Menu and Select Open an Account.
- Choose The Real Trading Account Option.
- Fill in the real forex account opening form.
- Enter you forex account login details for the Demo practice account.
- Trade Forex instruments from the free MT5 charts provided.
How Do You Start Trading on MetaTrader 5?
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 MT5 software software. This is the software which you will connect to your online forex broker and execute forex trade transactions & monitor your forex account balance from this forex MT5 platform software.
The MT5 platform is provided for free through the various Forex broker websites. This MT5 software looks like the example 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 MT5 tutorial we shall look at a brief introduction for each of these how to use MetaTrader 5 lessons:
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 the MT5 software. As a forex beginner trader you can begin by just clicking any of these navigation menus to familiarize yourself with the 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 MT5 guide for novice traders about navigation menus.
2. Toolbars
This how to trade in MetaTrader 5 explains the tool bars are used to manipulate trading charts, either by placing indicators, line studies, change forex chart time frames and load an MT5 template from a list of saved templates.
These MT5 forex tool bars will be discussed on other how to use MetaTrader 5 forex guides which will outline each button on this tool-bar & how to add and customize these toolbars.
3. Chart Window Panel
This is the main area where forex charts are displayed and a trader can interpret the trend direction of a forex chart whether up or down, place MT5 indicators in MetaTrader 5 forex charts for technical analysis and even place orders from these forex trading charts.
4. Navigator
Navigator MT5 tutorial will contain information about forex accounts, whether demo MT5 forex account or real MT5 forex account, this window will also have a list of all the MT5 technical indicators as well as Expert Advisors & scripts.
A trader can choose which forex account to login to by expanding the Accounts menu, select an technical indicator by expanding the indicator menu or choose an EA by expanding the Expert Advisor menu.
5. Market Watch
Market watch MT5 forex 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 inter-net bandwidth, right click inside the market watch window and select 'Hide All', so as to hide the forex instruments that you are not trading & save on inter-net bandwidth.
6. Terminal
This is window that is like the bank account trade area for your forex trade transactions, on this window you can view your forex account balance, forex profit and losses statement, forex equity, forex margin used also retrieve a copy of all your forex transactions history.
This will also list all open forex trade transactions & calculate all the profit & loss in realtime as a forex instruments move upward or downwards.
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 practice forex account or MetaTrader 5 live forex account.
These main areas form the MT5 Forex Platform interface & will be the main areas to be covered in detail in the next learn forex MT5 platform tutorials. For now it is best to download MT5 software and familiarize yourself with the software interface.
Why Forex Platform is Required for Placing Symbol Trade trades with Brokers
Forex trading platform is software that is used to access the forex market and 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 platform can determine if a as a trader you make a profit or not.
So why does a Forex Trading trader need a good Platform:
To connect to the Trading Server:
To place order a trader needs to use a forex platform that will connect to the trading servers of their broker & allow them to open & close trading orders. Good forex platforms 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 trading instruments using technical analysis
To open a buy or sell order one needs to first interpret direction of a forex instrument. This is why all good forex platforms provide technical forex tools such as forex price charts, trading indicators & various different chart time frames from which a trader can analyze FX price moves using the chart timeframes of their choice.
How Do You Use MT5 Learn Forex Trading Software Tutorial?
From above MetaTrader 5 platform inter-face, summary of all information required by a trader is provided on this MT5 platform interface
- Connection - connectivity to the broker servers
- Charts - forex price graphs that display forex prices
- Toolbars - tool bars to add technical analysis tools & technical analysis technical indicators
- Market Watch - for displaying available forex trading instruments
- Data window - provides account data & other indicator data
- Exchange rates - shows current market forex price of a forex trading 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?
