MetaTrader 5.5 is the most recent version of the high-end trading software developed by MetaQuotes. The superior trading features, the fundamental and technical analysis of markets, as well as automated trading makes it an ideal platform for traders with experience.
Are you new to trading? Do not worry You can begin trading using MT5 right from the beginning. This is a step-by-step guide to installing the MT5, configure it and start the first trading session. Let’s go!
MetaTrader 5, commonly referred to as MT5 is a no-cost trading platform created by MetaQuotes Software Corp. in the year 2010. It offers everything you require to trade on the financial markets.
The MT5 software can be downloaded and used for free.
MT5 can be fully customized and user-friendly.
MT5 offers free software to use to automate trading.
The MT5 platform allows for hedge positions.
MetaTrader 5 compares to MetaTrader 4
MetaTrader 5 is the direct successor to the highly well-known MetaTrader 4, but it isn’t a replacement for the old platform since it’s different. It is the first thing to note that MT5 is an all-asset trading platform unlike MT4 is used primarily for Forex traders. The MT5 platform lets you trade in all financial markets, which includes Forex indexes, stocks commodities, metals, and even cryptocurrency via CFDs.
Additionally, MT5 has more trading capabilities than MT4. MT5 offers 38 indicators for technical trading, whereas MT4 offers 30. MT5 provides 44 graphic objects as opposed to the 31 available in MT4. MT5 offers 21 timeframes and MT4 has just 9. Furthermore it is the only one MT5 includes an Economic Calendar which helps traders keep track of important financial announcements and predict price changes.
How do I use MT5?
When you first start your MT5 terminal, you’ll be presented with a screen that consists of 6 windows.
Its Main Menu is located at the highest point of your screen. It allows you to change between accounts, select the most preferred MT5 language, change the toolbars currently in use, add indicators and other objects in your chart, browse the MT5 User Guide, etc.
The Toolbar window has small buttons or shortcuts to the most commonly used commands used to manage chart and indicators for technical purposes. There are three toolbarsavailable: Standard, Line Studies, and Timeframes.
The Charts window shows the price of chosen assets. There are four charts windows as default, however it is possible to open as many as 100 chart windows at a at the same time. You can also trade directly from charts and also use any indicator that is drawn that are based on them.
Market Watch window Market Watch window contains a listing of the traded instruments as well as their Ask and Bid prices and daily changes. (%). The price of asking is the amount where the vendor is prepared to offer and bid price is the price at which buyers are willing to purchase.
The Navigator window allows easy accessibility to all your Live as well as Demo accounts indicator, Expert Advisors Market, scripts signals, VPS, and signals.
In addition, the Terminal window lets you manage trade positions that you have opened close, close, or modify them. News, calendar, account history, alerts, etc. can also be grouped together inside this section.
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How to open a new position in MT5?
To start an order, simply click New Order in the Toolbar located at on the right side of your screen. You will then see your Order window. The next step is to make an order exactly as you wish with the below options.
The symbol: Choose the instrument you wish to make the position open.
Type: Select Instant Execution if you wish to make the trade available immediately at the current rate. You can also select Pending Order if you wish to trade only when the price is at a certain value.
Volume: Choose the amount of trade you want to make in lots (when you trade Forex, 1.00 lot is equivalent one hundred thousand units).
Make Profit and Stop Loss: Select the amount to make an exchange (once the instrument is at this point, your trade will be automatically closed). This is an option.
Fill policy: Select the option of Fill, or kill if would like a transaction to be executed in the specific quantity. Alternately, choose Immediate or Cancel in order to complete a transaction using the maximum volume available in the market , within the limits specified within the transaction.
Comment: Comment on your trade. This is not required.
After you’ve completed the settings, you can open an order in your preferred direction. If you believe that the price will increase Click Buy. If you think that the price will fall then select Sell. Your trade has been successfully made!
How do you monitor and alter your MT5 position
To track your open positions as well as to monitor your pending orders, click the Trade tab within the Terminal window located at the lower right on the display. All trades you make will be displayed in this tab.
You are also able to modify your position and modify Stop Loss and Take Profit levels. Right-click the position or the pending order you wish to modify and choose Modify or delete. Simply double-click your order. Edit the Stop Loss and Take Profit amounts within the window that opens. Hit the large Modify button and confirm your modifications.
How do you close a position on MT5?
To close your position, click the Trade tab within the Terminal window located at the lower right on the display. Click on the position that you wish to close and choose Close Position. You can also click the tiny icon on the right.
Be aware that a position can be automatically closed if the price is at either the Take Profit or Stop Loss threshold.
How do you trade stocks using the MT5
The trading of stocks on MT5 is similar to trading in other instrument. To start an order, simply click New Order on the Toolbar and select a stock you wish to trade. You must make an order on the window for orders. Refer to Section “How do I open my position using the MT5” (see earlier) for the full information. After you’ve finished with the configurations, you can open an order with the desired direction. If you believe that the price of the stock will rise Click Buy. If you think that the price will fall you can select Sell. The trade is now made!
Algorithmic trading MT5
Algorithmic trading (also known as Algo Trading or Automated Trading) is a technique that executes orders by using pre-programmed, automated trading instructions. When MT5 is used, these software programs are known as Expert Advisors, or EAs. Algorithmic trading can help to reduce the emotions that accompany trading and to stick to the selected strategy regardless of fatigue or stress.