Introduction to MT5 Interface
The following screenshot 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 transacting the forex market is the MT5 software software. This MT5 platform is the software which you will connect to your broker with and execute forex trades & monitor your forex MT5 account balance from this MT5 software.
The MT5 Software software is provided for free through the various broker sites. This MT5 software resembles the forex example below:
Main Areas of this MT5 software as illustrated above are:
- MetaTrader 5 Navigation Menus
- Tool Bars
- MT5 Chart Window
- MetaTrader 5 Navigator Window
- MetaTrader 5 Market Watch Window
- MetaTrader 5 Terminal
- MetaTrader 5 Connection Bars
For this MT5 tutorial we shall look at a brief introduction for each of these learn forex MT5 Platform:
1. Navigation Menus
The MT5 navigation menus are:
- File Menu
- View Tab
- Insert Tab
- Charts Tab
- Tools Tab
- Window Tab
- Help Tab
These are the main MT5 navigation menus which can be used to navigate the MT5 software. As a beginner trader you can start by just clicking any of these MT5 navigation menus to familiarize yourself with the various MT5 buttons that are arranged as MT5 sub menus within these MT5 navigation menus.
These MT5 navigation menus will be discussed in details in the next MetaTrader 5 tutorials about navigation menus.
2. Tool-Bars
The MT5 tool-bars are used to manipulate MT5 charts, either by placing MT5 indicators, MT5 line studies, change MT5 chart time frames & load MT5 chart template from a list of saved MT5 chart templates.
These MT5 tool bars will be discussed on other MetaTrader 5 guides which will outline each MetaTrader 5 button key on this MetaTrader 5 tool bar & how to add and customize these MetaTrader 5 tool bars.
3. Chart Window
This MT5 chart window is the main area where MT5 charts are highlighted and a trader can analyze the forex trend direction of a MT5 chart whether up or down, place MT5 chart indicators for forex analysis & even place orders from these MT5 charts.
4. Navigator
MetaTrader 5 Navigator will contain information about MT5 accounts, whether practice demo or real, this MT5 window will also have a list of all the MT5 indicators as well as MT5 Automated EAs and scripts.
One can choose which MT5 account to sign in by expanding the Accounts menu, choose an MT5 indicator by expanding the MT5 indicator menu or choose an MT5 Automated Expert Advisor by expanding the Automated EA menu.
5. Market-Watch
MT5 Market watch is used to show streaming forex quotes for MT5 currency pairs. This can listing as many trading quotes that are provided by your MT5 broker or few chosen by a trader. To save inter net band width, right-click inside the MT5 market watch window and select 'Hide All', to hide the currencies that you are not transacting on this MT5 Platform and save on inter-net bandwidth.
6. Terminal
This is the MT5 window that is like the bank MT5 account transaction area for your MT5 trades, on this MT5 window you can view your MT5 account balance, profit & losses statement, equity, margin used and also to retrieve a copy of all your MT5 trades history.
This MT5 window will also list all open forex trade transactions & calculate all the profit & loss in realtime as a currencies move up/down.
7. Connectivity Bar
MT5 connection bars - Red bars are for no connection, green bars show that there's connectivity to the servers and MT5 trading orders can be placed. These MT5 connection bars should always be green when one logged into their MT5 demo MT5 account or MT5 live account.
These MT5 Software main areas form the MT5 Platform Software interface and will be the main areas to be covered in detail in the next learn MT5 tutorials. For now it is best to download MT5 Platform software and familiarize yourself with the MT5 software interface.
Why Software is Required for Opening forex Transactions with Forex Brokers
Platform is the software which is used to access the forex market and interpret these currencies using charts and analysis tools. There are various reasons why a trader 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 Forex trader need a good Software:
To connect to the FX Broker Server:
To place a trade order one needs to use a trading software that will connect to the trading servers of their broker & this will allow them to open and close forex trade orders. Good trading softwares will connect with ease to the online brokers' servers & allow traders to place forex orders at any time from desktop computer.
To analyze forex charts & currencies using forex analysis tools
To place a buy or sell order one needs to first interpret direction of a forex pair using charts. This is why all good trading softwares provide forex trading technical tools such as forex price charts, indicators & various different chart time frames from which trader can analyze forex price moves using the forex chart time-frames of their choice.
From the above fx platform inter-face, summary of all information required by a trader is provided on this MetaTrader 5 Platform inter-face
- Connection - connection to the online broker servers
- Charts - price graphs that display prices
- Toolbars - MT5 tool bars to add tools and analysis indicators on charts
- Market Watch - for displaying available financial instruments on MT5
- Data panel - provides MT5 account data & other indicator data
- Exchange rates - shows current market forex price of a currency pair
- Menu bar - Shows all menu items on the MT5 Software
