The next-generation trading platform from MetaQuotes is MetaTrader 5 (MT5), replacing the wildly successful (MT4). While MT4 was optimized, MetaTrader 5 forex trading platform is designed to support a broader range of asset classes. For the modern trader who wants to improve their trading experience using a variety of powerful and valuable new features and handy trading tools and resources, MT5 is the ideal multi-asset platform.
The platform provides its traders with access to the robust MT5, which enables them to trade various assets, including forex, futures, and other financial instruments, with flexibility and no re-quotes, price rejections, or slippages. You may trade from the convenience of your smartphone or tablet anywhere, which is one of the main advantages of the MetaTrader 5 online platform. Through the MT5, you can trade your preferred assets from any web browser and device. The MT5 platform also provides copy trading, trading signals, and other features. One trading platform can be used to access all of these potent capabilities.
How to Use MT5 for Trading
To utilize the MetaTrader 5 to its maximum potential, follow these steps:
- Education
- Install and download
- Set up an order
Education
As was already said, MetaTrader 5 is packed with information and tools that will increase the effectiveness of your trade. To ensure you are adequately prepared to utilize the platform’s full capability, it is crucial to learn about all the features and how they apply. You will be able to fully use the MT5 platform’s inherent power, from its seven asset class types to its plethora of trading tools, indicators, and graphical objects to its six order types, numerous automated trading methods, and market depth, if you take the time to familiarise yourself with all of its features. Additionally, the platform offers a variety of free instructional resources in our section focused exclusively on the MT5 trading platform. Take advantage of the user-friendly eBooks and videos that provide detailed instructions on adequately trading financial assets online.
Install and Download
The following systems should be able to run MT5 on your PC:
- Windows 7 or a later version of the software (64-bit system recommended)
- Pentium 4 or above, Athlon 64 processor (All modern CPUs should be able to support this)
- Consider more powerful hardware if you anticipate a heavy user (for example, opening many charts and using multiple EAs).
MT5 for PC:
- To get MetaTrader 5, click here.
- Start the program.
- Enter the login details for your existing account.
- Additionally, you can also create a new demo account on the platform.
- Start trading
Placing an order
It’s time to trade your preferred assets if you have already logged into your MT5. Orders may be placed in several ways on MT5:
- Tools will appear on the menu bar. Next, choose “New Order.”
- Double-click the asset you want to trade in the Market Watch box. You may also select “New order” from the context menu when you right-click the item you wish to trade.
- New Order can be chosen by right-clicking the Trade tab on the lower terminal.
- For one-click trading on the chart of your preferred asset, press F9.
The “Order Screen” will appear when the options above are used. On the left side of the screen will be a tick chart, and on the right will be customizable order details. The real-time spreads are shown in the tick chart together with the bid and ask prices (the difference between the bid and ask prices).
The following are some advantages provided by the MT5 trading platform:
- It offers features like separate trading and ordering accounts, support for various order types as well as execution modes, and Market Depth. It also provides a powerful trading system. Regarding forex trading, the hedging strategy is the order accounting technique. With numerous locations in one instrument, you may choose to open them either in the same direction or in the opposite way. There are four alternative ways to execute orders on the MT5 platform. Exchange, Market, Instant, and Request are a few of them. Stock tool-based trade procedures use the fourth kind of exchange.
- The MT5 platform makes the instruments necessary for fundamental analysis, such as the economic calendar and the financial news service offered by foreign news agencies, available to you. This makes it easier for you to anticipate changes in the prices of different financial products.
- The MT5 platform’s robotic or algorithmic trading feature is the best and most intriguing. Robots trade on your behalf after conducting market research. All that is expected of you is to choose your plan and establish clear guidelines. The robot would carry out your orders and make trades on your behalf.
- You can purchase extra services for the MT5 system to increase its capabilities. As far as the platform is concerned, this gives limitless possibilities. The MT5 environment includes a market for trading robots, a database of independent strategy developers, virtual hosting companies, and copy trading service providers.
- The MT5 platform includes built-in advanced reports for quickly and easily analyzing trading activity. These reports assist you in keeping track of the original and final deposit amounts and comprehending metrics like Z-score, GHPR, and Profit Factor.
- It is the MQL5 setting that enables algorithmic trading. Using them to meet your unique trading requirements, you can create, test, and improve trading robots. Orders can be executed more quickly in the MQL5 environment than on the MetaTrader 4 (MT4) platform. The MT5 climate helps process a lot of data and enables you to use sophisticated expert advisers.
Conclusion
The multi-asset trading platform MetaTrader 5 (MT5) was released in 2010 by Metaquotes, the company that developed the wildly popular MetaTrader 4 platform for currency trading. To give the MT5 platform many functions, a unique programming language called MQL5 was used in its development. The updated version of this platform afterward has improved functionality and enables you to trade various products on the site.
