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