Get to Know Your MT5 Platform - Get to Know Your MT5 Platform - Forex MT5 Platform Setup Tutorial
Get to Know Your MT5 Platform - Get to Know Your MT5 Platform
If you want to learn how to set-up MT5 software this forex tutorial explains the step by step guide on how to setup MetaTrader 5 for beginners with example - Forex Get to Know Your MetaTrader 5 Platform - Get to Know Your MetaTrader 5 Platform.
The following example below shows the main MT5 platform inter-face. As a beginner trader trying to learn how to execute orders in online forex market, the main forex tool for trading the market is the MT5 platform software. This is the trading software that you will connect to your forex broker with & execute forex transactions & monitor your forex trading account balance.
The MT5 software for trading forex is provided for free by forex brokers. This MT5 platform looks like the examples below:
Learn MT5 Platform - Get to Know Your MT5 Platform - Get to Know Your MT5 Software
Main Areas of this MetaTrader 5 software as illustrated above are:
- Navigation Menus
- Toolbars
- Chart Window
- Navigator
- Market Watch
- Terminal
- Connection Bars
For this MetaTrader 5 Setup guide we shall look at a brief introduction for each of these:
1. MT5 Navigation Menus Get to Know Your MT5 Platform - Get to Know Your MT5 Software
The MT5 navigation menus are:
- File
- View
- Insert
- Charts
- Tools
- Window
- Help
These MT5 menus are the main navigation menus which can be used to navigate MetaTrader 5 software software. As a forex beginner you can begin by clicking any of these MetaTrader 5 software navigation menus to familiarize yourself with the various buttons which are arranged as sub-menus within these navigation menus.
These MT5 software navigation menus will be described and discussed in details in the next MT5 setup guides about navigation menus - Get to Learn Your MT5 Trading Platform.
2. MT5 Tool Bars MT5 Setup - Get to Know Your MT5 Software
The MT5 toolbars are used to manipulate forex charts, either by placing technical forex indicators, line studies, change forex chart time frames and load an MT4 template from a list of saved templates on the MT5 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 and customize these MT5 tool bars - Forex MT5 Platform Setup Guide.
3. MT5 Chart Window MT5 Setup - Get to Know Your MT5 Platform - Get to Know Your MT5 Forex Software
MetaTrader 5 Chart Panel is the main area where forex charts are displayed and one-can analyze the forex trend direction of a forex chart whether up or down, place forex indicators for technical analysis & even place trading orders from these forex charts - Get to Know Your MetaTrader 5 Trading Platform.
5. MT5 Navigator MT5 Setup - Get to Know Your MT5 Platform - Forex MT5 Setup
MetaTrader 5 Navigator will contain data about forex accounts, whether practice account or real account, this window will also have a list of all the MT5 indicators as well as Expert-Advisors & scripts.
A trader can select which MetaTrader 5 forex trading account to sign in by expanding the Accounts menu, select a chart technical indicator by expanding the MT5 indicator menu or select an Automated Expert-Advisor by expanding the MetaTrader 5 Expert-Advisor menu - Get to Know Your MetaTrader 5 Trading Platform.
5. MT5 Market Watch MT5 Setup - Get to Know Your MT5 Software
MetaTrader 5 Market watch is used to show streaming quotes for forex currency pairs. This can list as many quotes provided by your Forex broker or a few selected by a trader. To save inter net bandwidth, right click inside the market watch window panel & select "Hide All", so as to hide the currencies that you are not transacting & save on internet band width.
6. MT5 Terminal MT5 Setup - Get to Know Your MT5 Software
This is window that's like the bank account trade area for your forex currency transactions, on this window you can view your balance, profit & losses statement, equity, margin used also retrieve a copy of all your forex trades transactions history.
This will also list all open trade transactions & calculate all the profit and loss in real time as a currencies move upward or down.
7. MT5 Connection Bar MT5 Setup - Get to Know Your MT5 Software
Red bars are for no connectivity, green bars show that there is connection to the servers and trade orders can be set. These MT5 connection bars should always be green when one logged into their demo account or real account.
These main areas form the MetaTrader 5 Platform Setup guide and will be the main areas to be covered in detail in next learn MT5 software guides. For now it's best to download MetaTrader 5 software & familiarize yourself with the MT5forex trading software interface.
Why MT5 Forex Platform is Required for Placing Trade Transactions 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 a trader requires to use a good forex 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 Trading Server:
To place a order when trading online a trader needs to use a software that will connect to the trading servers of their forex broker & allow them to open & close orders. Good forex trading softwares will connect with ease to the brokers' servers & allow traders to place orders at any time from desktop computer.
To analyze forex charts & currencies using technical analysis
To place buy or sell order one needs to first analyze the direction of a currency pair. This is why all good forex platforms provide technical tools such as price charts, trading indicators & various different timeframes from which trader can interpret price moves using the chart timeframes of their choice.
MT5 Forex Trading Platform Setup - Get to Know Your MT5 Software
From the above MT5 software inter-face, summary of all data required by a trader is provided on this MT5 interface
- Connection - connectivity to the broker servers
- Charts - price charts that display prices
- Toolbars - tool bars to add tools & technical analysis technical indicators
- Market Watch - for displaying available financial instruments
- Data window - provides trading account data & other indicator data
- Exchange rates - shows current market price of a currency pair
- Menu bar - Shows all menu items in MetaTrader 5 software
MT5 Forex Trading Platform Setup - Get to Know Your MT5 Software
