Forex Platform MT5 Setup for Windows - Forex Platform MT5 Platform
Can I Trade Forex with MT5? - Forex Platform MetaTrader 5
If you want to learn how to setup MT5 software this forex guide explains the step by step guide on how to setup MetaTrader 5 for beginners with examples - 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 trading transactions & monitor your forex trading account balance.
The MetaTrader 5 software for trading forex is provided for free by forex trading brokers. This MT5 platform looks like the examples below:
Learn MT5 Platform
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 MetaTrader 5 Platform
The MetaTrader 5 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 trader you can begin by just 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 & 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
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. MetaTrader 5 Chart Window MT5 Setup
MetaTrader 5 Chart Panel is the main area where forex charts are displayed & trader 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. MetaTrader 5 Navigator MT5 Setup
MetaTrader 5 Navigator will contain data about forex trading accounts, whether practice account or real account, this window will also have a list of all MetaTrader 5 indicators as well as Expert Advisors & scripts.
A trader can select which MT5 forex account to sign in by expanding the Accounts menu, select a chart technical indicator by expanding MT5 indicator menu or select an Automated Expert Advisor by expanding MetaTrader 5 Expert-Advisor menu - Get to Know Your MetaTrader 5 Trading Platform.
5. MetaTrader 5 Market Watch MT5 Setup
MT5 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 chosen by a trader. To save inter net bandwidth, right-click inside the market watch window & choose 'Hide All', so as to hide the currencies that you are not transacting and save on inter-net bandwidth.
6. MetaTrader 5 Terminal MT5 Setup
This is window that is like the bank account trade area for your forex currency transactions, on this window you can view your balance, profit and losses statement, equity, margin used also retrieve a copy of all your forex trades transactions history.
This will also list all open trades & calculate all the profit and loss in real time 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 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 MetaTrader 5 Platform Setup guide & will be the main areas to be covered in detail in the next learn MT5 software guides. For now it is best to download MT5 software & familiarize yourself with MT5forex trading software interface.
Why MetaTrader 5 Forex Software is Required for Placing Trade Transactions with Brokers
MT5 software is the software which is used to access the currency market and interpret these currencies using technical analysis. 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 a profit or not.
So why does a Forex Trading trader need a good platform:
To connect to the Trading Server:
To place a order when trading online a trader needs to use a trading software that will connect to the trading servers of their forex broker & allow them to open & close orders. Good forex 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 a trader needs to first analyze the direction of a currency pair. This is why all good forex softwares provide technical tools such as price charts, technical indicators & various different timeframes from which one-can interpret price moves using the chart timeframes of their choice.
MetaTrader 5 Forex Trading Platform Setup
From above MetaTrader 5 platform inter-face, summary of all information required by a trader is provided on this MT5 interface
- Connection - connectivity to the broker servers
- Charts - price charts that display prices
- Tool bars - toolbars 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
MetaTrader 5 Forex Trading Platform Setup
