How to Trade Forex Using MetaTrader 5 Platform


MetaTrader 5 Platform was realized in the year of 2010. It has designed for performing the trading procedure on various financial markets. This program is a refreshed and improved version of MetaTrader 4. Therefore, it has become mainstream among traders. It is created and upheld by MetaQuotes Software Corp.

24 July 2020 | AtoZ Markets – MetaTrader 5 platform is the solid alternative of the world-famous MetaTrader 4 that created chances to have advanced trading experience. It is multi-lingual, and it has an extensive scope of analytical instruments and indicators. Besides, it allows us to trade not only forex pairs but also stocks and futures. The diversification of the financial instruments is one of the core benefits of MetaTrader 5. In MetaTrader 5, you can make your expert advisor based on your analysis. Besides, you can utilize previously existing robots from the Library.

What Is the MetaTrader 5 Platform?

MetaTrader 5 (MT5) is the most up to date trading platform from MetaQuotes. It came after the immensely well-known Metatrader 4 (MT4). MetaTrader 4 was functioned to trade forex, while MetaTrader 5 is designed to accommodate more resource classes. Besides, MetaTrader 5 is presently the perfect multi-resource stage for the cutting edge trader. Therefore, it allows us to upgrade their trading experience utilizing a decision of powerful and efficient indicators, tools, and resources.

How to Trade Forex Using MetaTrader 5 Platform

Forex traders love to utilize the multi-resource MetaTrader 5 platform. Without a doubt, it’s the quickest, productive, and financially savvy trading platform in the world. Besides, MT5 permits them to exchange the best trading conditions. Therefore, once you open the platform, you’ll see all the principal components of the straightforward. Besides, the easy to understand interface will encourage your everyday trading schedule.

Download MetaTrader 5

  1. You can download the MetaTrader 5 from your preferred broker’s page, or  visit MetaQuotes website to download it
  2. Fill up your login details
  3. The download will start automatically

However, depending upon whether you’re downloading from a work station or a cell phone. This page will offer you the adaptation you need: Android, Apple iOS, Mac, or Windows. After installing the MetaTrader 5 platform the interface will appear like this:

MetaTrader 5 Platform

However, all orders are available from the primary menu bar of the MetaTrader 5 platform. Therefore, you can incorporate the accompanying tabs: files, view, insert, option, charts, and help. Moreover, these operations of the MetaTrader 5 platform will help you to settle your chart with indicators, analytical tools, and different platform settings. In this way, you will be able to make your own customized forex trading condition.

How to Login

To login into your forex broker MT5 trading account:

  1. Go to the navigator bar, then you can see the “Accounts” option
  2. Right-click on the “Accounts”, you can see open an account option
  3. Chose your preferred broker and enter accounts details, done.

MetaTrader 5 Platform - AtoZ Markets

Open a Trade Using MetaTrader 5 Platform

  • To open a trade using MetaTrader 5 platform, open market watch window and right-click on the forex pair of your choice and select “New Order” option.

MetaTrader 5 Platform - AtoZ Markets

  •  Select the order type: instant execution, pending order, or market order.

Apart from this, if you choose instant execution, you have to know what will be your lot size. Besides, where you will put your stop-loss level and take-profit level.

MetaTrader 5 - AtoZ Markets

After that, depending on your preferred price action, click on “Buy” or “Sell”.  Therefore, it will execute your orders at the available price. Finally, the executed order will appear on the MT5 platform interface.

Pending Order

If you are willing to select pending order, you have to follow the steps:

  • Order types you want to execute: Sell Limit, Buy Limit, Buy Stop, Sell Stop. MetaTrader 5 platform latest option: Buy Stop Limit, Sell Stop Limit.
  • The expected price that you want your order to be executed.
  • Position size or volume
  • Stop Loss-level and Take-Profit level.

After that, Place your order. When your order has been executed, it will show up at the base of your MetaTrader 5 platform interface.

MetaTrader 5 - AtoZ Markets

Indicators

You can add the default indicators of your choice. It may help you to find the best entries in forex pairs. Besides, MetaTrader provides lots of trading indicators and some of them are very famous among forex traders. For instance, Moving Average, RSI, Ichimoku, MACD, Stochastic Oscillator, Bollinger Bands, Volumes and Pivots. These indicators may help you to increase your trading probabilities and give you decent profit ratios.

MetaTrader 5 Platform - AtoZ Markets

MetaTrader 5 Platform Advantages

MetaTrader 4 and MetaTrader 5 platforms are the world’s most famous trading platforms. However, the MetaTrader 5 platform has lots of Advantages and some exceptional features. MetaTrader 5 platform Advantages are:

  1. Less complex, simpler to utilize, and have the most advanced interface.
  2. The latest, customizable sectors of time and assessment accessible.
  3. An economic calendar coordinated in the platform.
  4. A short history of automated trade orders visible straightforwardly on an index chart.
  5. Faster, increasingly stable association with servers.
  6. More noteworthy platform security than MT4.
  7. Quicker and progressively exact order execution.
  8. Hedging permitted to cover positions.
  9. Accessible on PC, Mac OS and iOS, Android, and by every supported web browser.
  10. The historical backdrop of the market like an order book.

MetaTrader 4 vs MetaTrader 5

The latest and updated interpretation of the MetaTrader 5 platform plume expresses the quality features including options for hedging. On the other hand, MetaTrader 4 is somewhat not so much progressed but more fit to traders who are new to the trading sectors.

FeaturesDescriptionMetaTrader 5MetaTrader 4
Execution TypesNumber of execution types43
Partial Order Filling PoliciesPartial edit choice where a trade that is currently accessible with the greatest volume is executed. So they don’t have to surpass the volume mentioned in the order, and unfilled volume is dropped.YesNo
Order Fill PolicyExcessive order execution policies in MetaTrader 5 platform and MetaTrader 4 platformFill or kill immediate or cancel returnFill or Kill
Types of Pending OrdersTypes of pending orders mentioning an intermediary. Therefore, you can buy or sell financial assets under pre-characterized conditions later on.64
NettingHaving a single trade of financial security onlyYesNo
HedgingHaving multiple trades of financial security, both in the same and opposite directionYesYes
Market DepthBids and offers for an instrument at various prices depending on the trade sizeYesNo
IndicatorsTechnical indicators are utilized to detect patterns of the instruments automatically3830
Graphical ObjectsAnalysis instruments help to identify assets price trends, Therefore, you can identify support and resistance levels4431
TimeframesGroup quotes of assets in time intervals.219
Economic CalendarA fundamental analysis instrument which features macroeconomic reports from various countries that may affect asset pricesYesNo
Emailing MethodDefault email serviceYesYes
Strategy TesterEA tester and optimization modes in MetaTrader  5 platform and MetaTrader 4 platformMulti-threaded + Multi-currency + Real TicksSingle thread
Chat With MQL5.communityChat with other traders from the platformYesNo

Summary

Most of the forex traders prefer the MetaTrader 5 trading platform because it is free and easy to use. Metatrader 5 platform is perfect for Forex traders who wish to take advanced and fast trading decisions. Moreover, MT5 traders execution is so fast that helps the forex trader to trade on their desired price without losing any pips. Besides, MetaTrader 5 provides lots of default forex indicators that are very compatible, when you going to trade any currency pairs.

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