The How to Guide for MT5 Software Platform

How to Setup MetaTrader 5 Forex Software Lesson Guide Tutorial

This tutorial series offers a step-by-step guide covering all facets of the MT5 application.

How to Setup MetaTrader 5

To set up MT5 software, download the MT5 executable file, start the installation, and follow the setup instructions.

How to Log in to MT5

To trade with MT5 Forex Software, you must first enter your account information - the MT5 software will ask you to enter your account information, and as a fx trader, you can enter your account login information by clicking the File tab on the MT5 software in the top left corner, then selecting the Login to Trade Account option, and then entering your account information - Use practice account information for a Meta Trader 5 practice account, and use forex live account information for a Meta Trader 5 live/real account.

How to Open a Instrument in the MT5

To start using an item, go to the MT5 Market Watch area, pick the thing you want to use, and then double click it to bring up the chart for that specific item.

You can also press the click to add button at the bottom part of the MetaTrader 5 Market Watch Panel to add something that isn't already on the Market-Watch area list.

How to Open a Trade on MT5 Platform

To initiate any trade on the MetaTrader 5 platform, right-click anywhere on the chart and select the 'New Order Window' option to input a buy or sell trade position.

You can also bring up the New Order window on the MT5 platform by selecting the MetaTrader 5 shortcut key - "F9": traders can select "F9" to open the New Order panel.

From MT5 New Order window a trader can open a buy or a sell trade by clicking Buy by Market to open buy trade or clicking Sell by Market to open sell trade. From this new order trade window a fx trader also can specify the lot size that they want to buy or sell.

How to Open a Buy Trade in the MT5

To execute a buy trade on the MT5 Software Platform, press F9 to open the New Order window, select your desired contract or lot size, and click the Buy by Market button to place the trade.

How to Open Sell Trade on MT5 Platform Software

To initiate a sell trade within the MT5 Platform Software, access the New Order window by hitting F9, specify the desired contract/lot size for trading, and then push the Sell by Market Button to execute the sell trade in the MT5 Software.

How to Close a Trade in the MT5 Software

Open MetaTrader 5 Terminal Window where open trades are highlighted on the MetaTrader 5 Software Platform by pressing MT5 short-cut Keys CTRL+T, then select the trade you want to close, then select Close Order option - and this then opens a Order window to close the trade transaction - press yellow Close button to close the trade transaction on the MT5.

How to Add Take Profit in MT5 Platform Software

Set the TP zone when you open a trade in MetaTrader 5. The New Order window has a TakeProfit spot. Enter your profit level there.

You can set a take-profit (TP) zone even after you've opened a trade. Just right-click the trade in the MetaTrader 5 Terminal or straight from the chart, choose Modify Order, pick TakeProfit, and enter the TP level you want for your open position.

How to Add StopLoss in MT5 Platform

A StopLoss Level can be established when placing a new order within the MT5 software. In the New Order dialogue box presented by MT5, there is a designated input field for StopLoss: this is where a Forex trader specifies the desired stop-loss level for their active trade.

You can adjust your stop loss on an open trade in MT5 pretty easily. Just right-click the trade you want to change - either from the Terminal window or directly on the chart. Choose “Modify Order,” find the Stop Loss section, and set the new level you want for that position.

How Do I Set and Place a Pending Order in MetaTrader 5 Platform Software

To set a pending order, open the New Order Window on the MT5 software, then switch the order from Market Execution Order to Pending Order.

Forex users pick from pending orders like buy limit, buy stop, sell limit, or sell stop.

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