Get to Know Your MetaTrader 5 Platform - Get to Know Your MetaTrader 5 Platform - Forex MT5 Platform Setup Tutorial
Get to Know Your MetaTrader 5 Platform - Get to Know Your MT5 Platform
If you want to learn how to set-up MT5 software this forex tutorial guide explains the step by step guide on how to setup MT5 for beginner traders with examples - Forex Get to Know Your MetaTrader 5 Platform - Get to Know Your MetaTrader 5 Trading Platform.
The following example below shows the main MT5 trading platform interface. As a beginner trader trying to learn how to execute orders in the online forex market, the main forex tool for trading the market is the MT5 forex platform software. This is the trading software that you will connect to your forex broker with & execute forex transactions & monitor your forex account balance.
The MetaTrader 5 software for trading forex is provided for free by forex brokers. This MetaTrader 5 platform looks like the example below:
Learn MT5 Platform - Find to Know Your MT5 Platform - Get to Know Your MT5 Software
The Main Areas of this MetaTrader 5 software as illustrated above are:
- Navigation Menus
- Toolbars
- Chart Window
- Navigator
- Market Watch
- Terminal
- Connection Bars
For this MetaTrader 5 Setup guide we shall look at a brief introduction for each of these:
1. MT5 Navigation Menus Get to Know Your MetaTrader 5 Platform - Get to Know Your MT5 Software
The MetaTrader 5 navigation menus are:
- File
- View
- Insert
- Charts
- Tools
- Window
- Help
These MT5 menus are the main navigation menus which can be used to navigate the MT5 platform. As a forex beginner trader you can begin by clicking on any of these MetaTrader 5 software navigation menus to familiarize yourself with the various buttons that are arranged as submenus within these navigation menus.
These MetaTrader 5 software navigation menus will be described and covered in details in the next MT5 setup guides about navigation menus - Get to Know Your MetaTrader 5 Trading Platform.
2. MT5 Tool Bars MT5 Setup - Get to Know Your MT5 Software
The MetaTrader 5 tool-bars are used to manipulate forex charts, either by placing technical indicators, line studies, change forex chart time frames and load an MT4 template from a list of saved templates on the MT5 platform.
These MetaTrader 5 tool bars will be discussed on other MetaTrader 5 setup guides that will outline each button on this tool-bar & how to add and customize these MetaTrader 5 tool-bars - Forex MT5 Platform Setup Tutorial.
3. MT5 Chart Window MT5 Setup - Get to Know Your MetaTrader 5 Software - Get to Know Your MT5 Software
MT5 Chart Window is the main area where forex charts are displayed & trader can analyze the forex trend direction of a forex chart whether up or down, place indicators for technical analysis & even place trading orders from these forex charts - Get to Know Your MT5 Trading Platform.
5. MT5 Navigator MT5 Setup - Get to Know Your MetaTrader 5 Software - Forex MT5 Setup
MT5 Navigator will contain information about forex accounts, whether demo account or real account, this window will also have a list of all the MT5 technical indicators as well as EAs and scripts.
A trader can choose which MT5 forex account to login by expanding the Accounts menu, choose a chart technical indicator by expanding the MT5 indicator menu or choose an Automated EA by expanding the MT5 Expert Advisor menu - Get to Know Your MetaTrader 5 Trading Platform.
5. MT5 Market Watch MT5 Setup - Get to Know Your MT5 Software
MT5 Market watch is used to show streaming quotes for forex currency pairs. This can list as many quotes provided by your Forex broker or a few chosen by a trader. To save inter net bandwidth, right-click inside the market watch window & choose 'Hide All', so as to hide the currencies that you are not transacting and save on inter-net band width.
6. MT5 Terminal MT5 Setup - Get to Know Your MT5 Software
This is the panel that's like the bank account trade area for your forex currency transactions, on this window you can view your balance, profit & losses statement, equity, margin used also retrieve a copy of all your forex trades transactions history.
This will also list all open trades & calculate all the profit and loss in real-time as the currencies move upward or down.
7. MT5 Connection Bar MT5 Setup - Get to Know Your MT5 Software
Red bars are for no connection, green bars show that there is connection to the servers & trade orders can be placed. These MetaTrader 5 connection bars should always be green when one logged into their demo account or live account.
These main areas form the MT5 Platform Setup tutorial and will be the main areas to be covered in detail in next learn MT5 platform tutorials. For now it is best to download MT5 software and familiarize yourself with the MetaTrader 5trading software interface.
Why MT5 Forex Trading Software is Required for Placing Trade Transactions with Brokers
MT5 Forex platform is the software which is used to access the currency market and interpret these currencies using technical analysis. There are various reasons why a trader requires to use a good platform. A good software can ascertain if a as a trader you make profit or not.
So why does a Forex Trading trader need a good platform:
To connect to the Trading Server:
To place a trading order when trading online a trader needs to use a platform that will connect to the trading servers of their forex broker & allow them to open & close orders. Good platforms will connect with ease to the brokers' servers & allow traders to place orders at any time from desktop computer.
To analyze forex charts & currencies using technical analysis
To place a buy or sell order a trader needs to first analyze the direction of a currency pair. This is why all good platforms provide technical tools such as price charts, indicators & various different time frames from which one can interpret price moves using the chart timeframes of their choice.
MetaTrader 5 Trading Platform Setup - Get to Know Your MT5 Software
From the above MT5 platform inter-face, the summary of all data required by a trader is provided on this MetaTrader 5 interface
- Connection - connection to the forex trading expert broker servers
- Forex Charts - price forex charts that display prices
- Toolbars - toolbars to add tools and technical analysis trading indicators
- Market Watch - for displaying available financial instruments
- Data window - provides forex account information and other technical technical indicator data
- Exchange rates - shows current market price of a currency pair
- Menu bar - Shows all menu items in MetaTrader 5 software
MetaTrader 5 Trading Platform Setup - Get to Know Your MT5 Software
