MetaTrader 5 is a multi-asset platform developed by MetaQuotes Software Corp. Traders who wish to trade various asset classes like forex, stocks, bonds, and options can benefit from MT5. Moreover, the advanced indicators, technical tools, and algorithmic capabilities of MT5 enable traders to make informed decisions and manage risks.
Whether you’re a novice or expert trader, chances are you’ve heard of MT5. But how can you get started with it? Or set up an account? Let’s break it down.
Download MetaTrader 5
The first thing you need to do is download the MetaTrader 5 platform directly from its official website or through the link on your broker’s website. For secure MT5 download, avoid downloading the application from unreliable third-party sites.
MT5 is compatible with both Windows and macOS, and different versions are available for Android and iOS devices. Experts recommend downloading MT5 on your laptop as well as your mobile phone to stay connected and make moves at any time of the day.
Open a Demo or Live Account
To start trading using MT5, you’ll need to make either a demo account or a live account. Those who are new to the world of multi-asset trading are recommended to open a demo account. It allows you to familiarize yourself with the features and tools available in MT5.
To open a live account, you need to register with a broker that supports MT5. Enter your personal details and provide proof of identity. Your broker might give you login credentials and server details.
Once logged in, you will be able to choose your preferred asset classes.
Navigate the MT5 Interface
At first glance, the interface of MT5 might seem overwhelming. However, it is well-structured and designed to ensure user-friendliness. Familiarize yourself with the following sections:
- Main menu and toolbar – this has essential functions like opening charts and placing orders
- Market watch – it displays a list of trading instruments with real-time bid and ask prices
- Charts – this is where price movements are displayed
- Terminal window – it shows your open trades, account balance, trading news, and alerts
You should also learn the functions of different technical indicators, analysis tools, time frames, and drawing tools.
Fund Your Account
Before you start live trading, you need to deposit funds into your account. Simply log into your broker’s client portal and look for the Fund Account option. Most brokers accept varying payment methods, including credit cards or debit cards. Choose your preferred method and enter the amount you wish to start with.
Start Trading
Once you’ve funded your account and selected which asset to trade, go to the Quotes tab and place a new order. Choose your trade size, the type of order, and determine optional stop-loss or take-profit orders to manage risks. Lastly, press the Buy or Sell button to execute your trades.
Manage Your Trades
Use the Trade tab to monitor, modify, and close trades anytime you want. Use the built-in economic calendar featured by the MT5 app to track all the important market news.
