MT5 Oil Trading Platform Setup
MT5 Oil Platform Tutorial for Beginners
If you want to learn how to set-up the MT5 crude oil trading platform this oil trading guide explains crude oil trading step by step guide on how to setup MT5 Oil Trading Platform for beginners with examples - MT5 Trading Software Setup - MT5 Oil Platform Tutorial for Beginners.
The following example explained below shows the main MT5 crude oil software inter-face. As a beginner trader trying to learn how to execute orders in the online oil market, the main oil trading tool for trading the crude oil market is the MT5 crude oil software. This is the oil trading software that you will connect to your oil broker with and execute oil transactions & monitor your oil trading account balance.
The MT5 crude oil trading platform for oil trading is provided for free by crude oil brokers. This MetaTrader 5 software looks like the crude oil trading example explained below:
Learn MT5 Oil Software - MetaTrader 5 Trading Software Setup - MT5 Oil Platform Tutorial for Beginner Traders
The Main Areas of this MT5 crude oil trading platform as illustrated above are:
- Navigation Menus
- Toolbars
- Chart Window
- Navigator
- Market Watch
- Terminal
- Connection Bars
For this MT5 Oil Trading Platform Setup guide we shall look at a brief introduction for each of these:
1. MT5 Navigation Menus MT5 Oil Trading Software Setup - MT5 Oil Platform Tutorial for Beginner Traders
The MetaTrader 5 navigation menus are:
- File
- View
- Insert
- Charts
- Tools
- Window
- Help
These MetaTrader 5 menus are main navigation menus which can be used to navigate the MT5 crude oil software. As a oil trading beginner you can start by just clicking any of these MT5 crude oil trading platform navigation menus to familiarize yourself with various button keys that are arranged as sub menus within these navigation menus.
These MT5 crude oil trading platform navigation menus will be discussed in details in the next MetaTrader5 setup tutorials about navigation menus - MT5 Oil Platform Tutorial for Beginners.
2. MT5 Tool Bars MT5 Oil Trading Software Setup - MT5 Oil Platform Tutorial for Beginner Traders
The MT5 tool-bars are used to manipulate oil charts, either by placing technical crude oil indicators, line studies, change oil chart timeframes 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 oil trading software setup tutorials that will outline each button on this tool bar and how to add and customize these MT5 tool bars - MT5 Oil Trading Platform Setup Guide.
3. MT5 Oil Trading Chart Window MT5 Oil Trading Software Setup - MT5 Oil Software Lesson for Beginner Traders - MT5 Oil Platform Guide
MT5 Oil Trading Chart Panel is the main area where crude oil charts are displayed & trader can analyze the oil trend direction of a oil chart whether up or down, place oil indicators for technical analysis & even place trading orders from these crude oil charts - MT5 Trading Strategy Setup.
5. MT5 Navigator MT5 Oil Trading Software Setup - MT5 Oil Software Lesson for Beginner Traders - MT5 Oil Trading Platform Setup
MT5 Navigator will contain information about crude oil accounts, whether practice oil trading account or real account, this window will also have a list of all the MT5 technical indicators as well as Expert Advisors & scripts.
A trader can choose which MT5 crude oil trading account to login by expanding the Accounts menu, select a oil chart indicator by expanding the MT5 indicator menu or choose an Automated Oil Expert Advisor by expanding the MT5 Expert Advisor menu - MT5 Oil Platform Tutorial for Beginners.
5. MT5 Market Watch MT5 Oil Trading Software Setup - MT5 Oil Platform Tutorial for Beginner Traders
MT5 Market watch is used to show streaming quotes for oil. This can list as many quotes provided by your oil broker or a few selected by a oil trader. To save internet band width, right-click inside the crude oil market watch window and select "Hide All", so as to hide the MT4 symbols that you are not transacting and save on internet band width.
6. MT5 Terminal MT5 Oil Trading Software Setup - MT5 Oil Platform Tutorial for Beginner Traders
This is the panel that's like the bank account trade area for your oil trades, on this panel you can view your balance, profit and losses statement, equity, margin used also retrieve a copy of all your crude oil trades transactions history.
This will also list all open trade transactions & calculate all the profit and loss in realtime as the oil prices move upwards or downward.
7. MT5 Connection Bar MT5 Oil Trading Software Setup - MT5 Oil Platform Tutorial for Beginner Traders
Red bars are for no connection, green bars show that there is connectivity to the servers & trade orders can be placed. These MT5 connection bars should always be green when one logged into their demo oil trading account or live account.
These main areas form the MT5 Oil Trading Platform Setup tutorial and will be the main areas to be covered in detail in next learn MT5 crude oil trading platform guides. For now it is best to download MT5 software and familiarize yourself with the MT5 oil trading software interface.
Why MetaTrader 5 Oil Platform is Required for Placing Oil Trade Transactions with Brokers
MT5 crude oil software is the software that is used to access the crude oil market & analyze these crude oil price movements using technical analysis. There are various reasons why a trader requires to use a good oil trading platform. A good oil platform can determine if a as a trader you make a profit or not.
So why does a trader need a good platform:
To connect to the Trading Server:
To place an order when trading online a trader needs to use a platform which will connect to the trading servers of their crude oil broker and allow them to open & close orders. Good oil trading platforms will connect with ease to the brokers' servers & allow traders to place orders at any time from their computer.
To analyze oil charts using technical analysis
To open buy or sell order a trader needs to first interpret the direction of oil. This is why all good oil trading softwares provide technical tools such as crude oil price charts, technical indicators & various different time frames from which one can analyze crude oil price moves using chart time frames of their choice.
MetaTrader 5 Oil Trading Software Setup - MT5 Oil Platform Tutorial for Beginner Traders
From above MT5 crude oil platform interface, the summary of all data required by a trader is provided on this MT5 interface
- Connection - connection to the broker servers
- Charts - price charts which display oil prices
- Tool bars - toolbars to add tools and technical analysis technical indicators
- Market Watch - for displaying available financial instruments
- Data window panel - provides account information and other technical indicator data
- Exchange rates - shows current market crude oil price on a oil trading chart
- Menu bar - Shows all menu items on the MT5 platform
MetaTrader 5 Oil Trading Software Setup - MT5 Oil Platform Tutorial for Beginner Traders
