Introduction to MT5 Interface
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 forex market is the MT5 software software. This MT5 platform is the software which you will connect to your forex trading broker with & execute forex trade transactions & monitor your forex MT5 account balance from this MT5 platform.
The MT5 Forex Trading Platform software is provided for free through the various Forex broker websites. This MT5 software looks like the forex trading example below:
Main Areas of this MetaTrader 5 software as illustrated above are:
- MetaTrader 5 Navigation Menus
- Toolbars
- 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 Forex Trading Platform:
1. Navigation Menus
The MetaTrader 5 navigation menus are:
- File
- View
- Insert
- Charts
- Tools
- Window
- Help
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. Toolbars
The MetaTrader 5 tool-bars are used to manipulate MT5 charts, either by placing MT5 indicators, MT5 line studies, change MT5 chart time frames and 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 Panel
This MT5 chart window is the main area where MT5 forex charts are displayed and a trader can analyze the forex trend direction of a MT5 chart whether up or down, place MT5 chart indicators for forex technical analysis and even place orders from these MT5 charts.
4. Navigator
MT5 Navigator will contain information about MT5 trading accounts, whether practice or real, this MT5 window will also have a list of all the MT5 indicators as well as MT5 Automated Forex EAs and scripts.
A trader can select which MT5 account to login by expanding the Accounts menu, choose an MT5 indicator by expanding the MT5 indicator menu or choose an MT5 Automated Forex Expert Advisor by expanding the Automated Forex Expert Advisor menu.
5. Market Watch
MT5 Market watch is used to show streaming forex quotes for MT5 currency pairs. This can list as many quotes provided by your MT5 Forex broker or a few chosen by a trader. To save inter net bandwidth, right-click inside the MT5 market watch window and select 'Hide All', so as to hide the currencies that you are not transacting on this MT5 Forex Trading 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 forex trade transactions, on this MT5 window you can view your MT5 account balance, profit and losses statement, equity, margin used also retrieve a copy of all your MT5 forex trade transactions history.
This MT5 window will also list all open forex trade transactions & calculate all the profit & loss in realtime as a forex currencies move up or down.
7. Connection Bar
MT5 connection bars - Red bars are for no connection, green bars show that there's connectivity to the servers and MT5 forex trade 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 Forex Trading Platform main areas form the MT5 Platform interface & will be the main areas to be covered in detail in the next learn MT5 tutorials. For now it is best to download MT5 Forex Trading Platform software and familiarize yourself with the MT5 software interface.
Why Forex Software is Required for Placing forex Transactions with Forex Brokers
Forex platform is the software which is used to access the forex market and interpret these currencies using forex charts and forex technical analysis tools. There are various reasons why a trader requires to use a good forex platform. A good forex trading software can determine if a as a trader you make profit or not.
So why does a Forex Trading trader need a good Software:
To connect to the Forex Broker Trading Server:
To place a forex trade order a trader needs to use a forex trading software which will connect to the trading servers of their forex broker & this will allow them to open & close forex trade orders. Good forex trading softwares will connect with ease to the brokers' servers & allow forex traders to place forex orders at any time from desktop computer.
To analyze forex charts & currencies using forex technical analysis tools
To place a buy or sell forex order one needs to first interpret direction of a currency pair using forex charts. This is why all good forex trading softwares provide forex trading technical tools such as forex price charts, forex indicators & various different chart timeframes from which trader can analyze forex price moves using the forex chart time frames of their choice.
From the above forex platform inter-face, summary of all information required by a trader is provided on this MetaTrader 5 Forex Trading Platform interface
- Connection - connection to the broker servers
- Charts - forex price graphs that display forex prices
- Toolbars - MT5 tool bars to add tools and forex technical analysis indicators on forex charts
- Market Watch - for displaying available financial instruments on MT5
- Data window - 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 Platform
