MetaTrader 5 Beginner’s Guide
- MetaTrader 5 is like an upgraded version of MetaTrader 4
- MetaTrader 5 has 21 timeframes
- Generally, there are two types of orders in MT5. Market Execution and Pending Order
- MetaTrader5 has 38 technical indicators, 44 analytical objects
MetaTrader 5 Tutorial For Beginners – Step By Step (With Pictures)
MetaTrader 5 Explained: MetaTrader 5 is one of the most popular and advanced trading platforms in the world.
MetaTrader 5 is designed for trading currencies, stocks, futures, and other various instruments on financial markets. It is one of the most popular trading platforms in the world created by MetaQuotes, a Russian software company in 2009 with MQL5 (a programming language). The main reason why MetaQuotes developed MT5 is to enable access to markets that are not available on MT4 (such as stocks, indices and etc).
MetaTrader 5 offers 21 timeframes which can give Traders an edge for deeper analysis of the market. The software also has 38 technical indicators, 44 analytical objects and offers an unlimited number of charts. One of the most useful aspects of MT5 is the economic calendar, which lists important events that may have an influence on the market.
When compared to MetaTrader 4, MQL5 is a more complicated object-oriented programming language (OOP) based on C++ that allows skilled algorithmic traders greater leeway for complicated instructions and computations.
While understanding MetaTrader 5, It should come as no surprise that MetaTrader 5 provides users with incredibly advanced and advantageous instruments and tools for their trading. Furthermore, the program has an essential feature: a technical analysis tool, which is very beneficial in the foreign exchange market. MetaTrader 5 employs both trading robots and trading signals. Furthermore, it provides users with access to not just a desktop version of the program but also a mobile version.
MT5 usually comes in 2 forms (live and demo). We will be focusing on the live version. the only difference between these two is the “money” used. We will also discuss how to use MetaTrader 5 while trading in the financial markets.
Step 1: Download & Install
You can download MT5 from its official website Metatrader5.com. Downloading this platform is completely free so you don’t have to worry about registering or paying something yet.
You can also download it on your phone, whether it is an Android or iPhone. Once it is downloaded, it is going to open as a demo account. Basically, a demo account is an account that you use to practice your strategies, trading tools and to find out everything about this platform in general.
Step 2: Register
This is not the most complex part of our MetaTrader 5 guide, In order to register on a trading account to receive futures data, you need to follow these steps:
- Open MT5
- Find and click “File” in the top-left corner
- Click on “Open account”
When you attempt to log into a trading account the server will automatically be set to MetaQuotes. This is primarily for Forex data.
Step 3: Login & Navigation
Once you have registered your MetaTrader 5 account you will be brought into the broad array where you can see the four tabs depicting charts of 4 currency pairs.
There is a navigation bar on the left side where you can see your existing accounts as well.
The trading platform enables easy access to deposit/withdrawal procedures on the broker’s
website. You do not have to look for these features in the trader’s room since they are provided immediately on terminals: in the accounts menu in the Navigation bar. The trading platform is originally set up to function without any type of error. As a result, it is strongly advised not to modify any parameters in this box unless absolutely necessary.
Step 4: Set Up Your Charts
Once you’ve familiarized yourself with the software, it’s time to set up your charts for the currencies you’d like to trade.
Preload chart information for open positions and orders – To reduce traffic, the trading platform downloads signal price history whenever the appropriate data is required, such as when the price chart is accessed or testing is begun. Nevertheless, this will not always be practical for frequently used symbols.
Most traders use the default settings for all graphical items, but in other circumstances, you may need to configure them separately. The option “Show object properties after creation” opens the window of properties for graphical objects and indicators automatically once they are added to a chart.
By moving an item from the Market Watch window you will be able to open a chart. When you drag an asset while holding down Ctrl, a new chart is launched in a different window using the DEFAULT.TPL template, which is prepared during the platform installation process. This template cannot be erased; however, it may be modified.
Step 5: Set Up Your Indicators
We’re now getting to the tricky part of our MT5 beginners guide, selecting or adding your indicators.
All you have to do is click “Insert” at the top of the software, and find the indicator you wish to add. But if it’s not pre-installed then you can download whatever you wish from MQL5.com.
Once downloaded, move the indicator file into the MT5 Indicators folder. Close and restart MT5 after installing. If you downloaded the a.mq5 file, and you resume MT5, it will immediately convert it to an a.ex5 file.
When you restart the MetaTrader 5 platform you will see that the chosen and installed indicator will be in the custom section of the ‘’insert’’ part of the menu.
Step 6: Place Your Trade
One way to place an order on MT5 is to click the “New Order” button. This button gives traders a lot of functionality. First of all, not only does it allow us to trade different symbols (so we can do a drop-down menu where you can trade all the other symbols that we have in our charts) but it also allows us a variety of different types of trades. instead of just market execution, we can do a whole bunch of pending orders.
The pending orders that MetaTrader 5 comes with are: buy limits, sell limit, buy stop, sell stop, and buy stop limit, sell stop limit. Let’s suppose we put in a buy limit on the euro, so we’ll put 1380 in the price section, we’ll put a stop loss at 1350, and put a take profit at 1400. After that, you can already click the ‘’place’’ button and your order will be placed immediately.
Using MetaTrader 5 – Tips & Tricks
Knowing the basics is not enough, MT5 is very complex and virtually every single feature has its purpose. MetaTrader 5 has a very powerful trading system with the opportunity to use the Stop Loss and Take Profit options designed to protect the traders’ earnings while minimizing the possibility of losses.
There are several important tips and tricks to take into consideration while trading with this trading platform. The major types of features include timeframes, templates, modify trades, and order types. We will take a look at each of them briefly in this MetaTrader 5 tutorial for beginners.
Timeframes
Timeframes are one of the most important parts of trading software. M1, M5, M15, M30, H1, H4, D1, W1, and MN are the typical time frames available on MT5 trading systems. The range of time periods available with the MT5 terminal is substantially broader. Aside from the times available in MT4, the 5th edition includes the following: M2, M3, M4, M6, M10, M12, M20, H2, H3, H6, H8, H12.
Templates
A template is a collection of chart window parameters that may be used on other charts. When you add a template to a chart, the parameters in the template are applied to the tool and timeframe. You may, for example, construct a template that incorporates the indicators MACD, RSI, and Moving Average and use it for other charts. In this scenario, the chart windows for different symbols and periods all appear the same.
The platform includes some template names that are predefined which include default.tpl, tester.tpl and debug.tpl.
Modify Trades
While understanding MetaTrader 5 it is important to state that you do not have to close a current trade and start a new one if you want to modify your decisions. Changing the current position entails changing the Stop Loss and Take Profit levels. In order to modify the position stop levels, navigate to the Trade tab and select the “Modify position” option from the position context menu. To alter the parameter value, touch on – or + adjacent to the field, or use the keyboard to enter a value in the field. Tap “Modify” to change a position’s stop levels. After that, your trade will be immediately modified.
Order Types
Generally, there are two types of orders in MT5 as Market Execution and Pending Order. On the other hand, there are also “Stop Loss” and “Take Profit” orders on this trading platform.
A market order is a request to a broker to buy or sell an asset. The execution of this instruction results in the commitment of an agreement. An asset is typically bought at the Ask price and sold at the Bid price.
On the other hand, a pending order is an investors’ request to the specific broker to buy an asset under certain conditions. Pending orders are classified into the following categories: buy limit, sell limit, buy stop, sell stop, Buy Stop Limit and sell stop limit.
While talking about MetaTrader 5 for beginners, it should be noted that The Take Profit order is used to profit when the security price reaches a specific threshold. When this instruction is carried out, the position is completely closed. It is always linked to a pending order or an available position.
On the other hand, If the security price has begun to move in an unfavorable direction, this order is applied to minimize losses. If the instrument’s price exceeds this level, the position is immediately closed.
What Did We Learn With This MT5 Beginner’s Guide?
We learned that The MetaTrader 5 platform was designed for trading currencies, stocks, futures, and other financial assets. This is one of the world’s most popular trading platforms.
MetaTrader 5 has a total of 21 timeframes. This can provide traders with an advantage when doing an in-depth market investigation.
Once you have registered your MetaTrader 5 account you will be brought into the broad array where you can see the four major tabs where there are the charts, symbols, navigator tabs, and a whole assortment of very valuable information at the bottom tab.
There are two types of orders in MT5 as Market Execution and Pending Order. On the other hand, there are also “Stop Loss” and “Take Profit” orders on this trading platform.
Detailed Insight On Understanding MetaTrader 5
How Do You Trade On MT5?
First, you need to download the app and register. To sign up for a trading account you should go to file, search for the register sign in the menu and then click on open an account. When you attempt to connect to a trading account, the server will be assigned to MetaQuotes by default. When you start to download MetaTrader 5, you will be granted a free trial account which is called a demo account.
All you have to do after that is place a few trades to learn some new strategies and then connect your MT5 with a broker.
How To Place A Trade On MT5?
The “New Order” button is the most comfortable way to place a trade. This button provides traders with a variety of features. To begin with, it not only enables you to trade other symbols (through a drop-down menu, you may trade all of the other symbols that we have in our charts), but it also a range of various sorts of trades. Rather than merely market execution, you can execute a large number of pending orders. Pending orders in MetaTrader 5 include buy limits, sell limits, buy stops, sell stops, and buy stop limits and sell stop limits.
Is Metatrader 5 Easy To Use?
Yes. There are several menus, toolbars, and service windows inside a single highly customizable and user-friendly user interface that will ease your trading. Even though this trading platform has highly advanced features, it does not mean that it is not dedicated to beginner traders who just take their first steps into the trading world.