How to Use MetaTrader 5 Platform Software for Beginner Traders
How Can You Open Trades with MT5?
If you want to learn how to setup MT5 software this tutorial explains the step-by-step course on how to setup MT5 for beginner traders with illustrations - Forex Get to Know Your MT5 Software - Get to Know Your MetaTrader 5 Software.
The following example below indicates the main MetaTrader 5 inter-face. As a beginner trader trying to learn how to execute orders in online trading market, the main tool for trading the market is the MT5 software. This is the trading platform which you as a trader will connect to your broker with & execute transactions and monitor your equity balance.
The MT5 for trading forex is provided for free by brokers. This MT5 resembles the exemplifications displayed below:
Learn MT5 Software Platform
Main Areas of this MetaTrader 5 as shown above are:
- Navigation Menus
- Toolbars
- Chart Window Panel
- Navigator
- Market Watch
- Terminal
- Connection Bars
For this MetaTrader 5 Setup course we shall look at a brief introduction for each of these:
1. MetaTrader 5 Navigation Menus Get to Know Your MetaTrader 5 Software Platform
The MT5 navigating menus are:
- File Menu
- View Menu
- Insert Menu
- Charts Menu
- Tools Menu
- Window Menu
- Help Menu
These MT5 menus are the main navigation menus which can be used to navigate MetaTrader 5 software. As a beginner you as a trader can start by just pressing any of these MT5 software navigation menus to accustom yourself with the different buttons that are arranged as submenus within the +
These MetaTrader 5 software navigation menus will be elaborated and discussed on details in the next MetaTrader 5 setup tutorials about navigating menus - Get to Learn Your MT5 Trade Platform.
2. MetaTrader 5 Tool Bars MetaTrader 5 Setup
The MT5 toolbars are used to manipulate charts, either by setting indicators, line studies, change chart time frames and load an MT4 template from a list of saved templates in the MT5 software.
These MetaTrader 5 toolbars will be discussed on other MetaTrader 5 setup tutorials which will outline each button on this tool-bar & how to add & customize these MetaTrader 5 toolbars - Forex MT5 Platform Software Setup Lesson.
3. MetaTrader 5 Chart Window Panel MT5 Setup
MetaTrader 5 Chart Panel is the main area where charts are highlighted and trader can analyze the trend direction of a chart whether up or down, place and set indicators for trading analysis & even open orders from these charts - Get to Know Your MetaTrader 5 Trade Platform.
5. MT5 Navigator MetaTrader 5 Setup
MetaTrader 5 Navigator will contain data about accounts, whether practice account or real account, this window will also have a list of all MetaTrader 5 indicators & also EAs(Expert Advisors) and scripts.
One can choose which MetaTrader 5 account to login and sign in by expanding the Accounts menu, select and choose a chart trading indicator by expanding MetaTrader 5 indicator menu or choose an Automated EA by expanding MT5 Automated Expert Advisor menu - Get to Know Your MetaTrader 5 Trade Platform.
5. MT5 Market Watch MT5 Setup
MT5 Market Watch is used to show streaming quotes for forex currency pairs. This can listing as many symbols provided by your broker or a few selected by the trader. To save inter net band width, right click inside the market-watch panel & choose 'Hide All', to hide the currencies that you're not transacting and save on internet bandwidth.
6. MT5 Terminal MetaTrader 5 Setup
This is window that's like the bank account trade area for your forex currency transactions, on this window you as a trader can view your trading equity balance, profit & losses statement, equity, margin used & also generate a copy of all your trades history.
This also will listing all open trades and calculate all the profit & loss on real time as a currencies move upwards or down.
7. MT5 Connection Bar MetaTrader 5 Setup
Red bars are for no connection, green bars show that there's connection to the servers & orders can be set. These MT5 connection status bars should always be in green when one is signed in and logged in to their demo trade account or real account.
These main areas form MetaTrader 5 Software Platform Setup guide and will be the main areas to be covered & discussed on detail in the next learn MT5 guides. For now it's best to download MT5 & familiarize yourself with MT5 trading software inter-face.
Why MT5 Forex Software is Required for Placing Trade Positions with Brokers
MT5 is the software which is used to access the currency market & interpret these currencies using technical analysis. There are different grounds why one requires to use a good platform. A good software can determine if a as a fx trader you earn a profit or not.
So why does a fx trader need a good platform:
To connect to the trading Server:
To place and open a trade order when trading online a trader needs to use a software that will connect to the servers of their broker & allow them to open & close orders. Good platforms will connect with ease to the online brokers' servers and allow traders to place trade orders at any time from desktop computer.
To analyze charts and currencies using technical analysis
To place and open buy or sell order one needs to first analyze the direction of a forex currency pair. This is why all good softwares provide technical tools like charts, indicators and various different time frame from which a trader can interpret price movements using the chart time frames of their choice.
MetaTrader 5 Software/Platform Setup
From above MT5 inter-face, summary of all info required by a trader is provided on this MetaTrader 5 interface
- Connection - connectivity to the broker servers
- Charts - price charts which display the prices
- Toolbars - tool-bars to add tools & analysis trading indicators
- Market Watch - for displaying available financial trading instruments
- Data panel - provides account information & other trading indicator data
- Exchange rates - displays the ruling market price of a forex pair
- Menu bar - Shows all menu items on MT5 software
MT5 Setup
Study More Lessons and Tutorials & Topics:
- Mobile XAU/USD Platforms
- Displaying Trade Instruments in MT4 Trading
- How to Use MT4 DeMarks Projected Range Indicator
- How to Install MT4 Forex Trade Platform Software Training Course
- Triple Exponential Average XAU/USD Indicator Technical Analysis
- Stock Index Trading Systems for Stock Index Analysis
- How to Choose & Select a XAU/USD MA to Trade XAU/USD with
- Brokers with Minimum Deposit FX Trading Accounts
