How to Use MetaTrader 5 XAUUSD Platform for Beginners
How Can You Open Trades with MT5?
If you want to learn how to setup MT5 software this xauusd guide explains the step by step guide on how to setup MetaTrader 5 for beginners with examples - XAUUSD Get to Know Your MetaTrader 5 Platform - Get to Know Your MetaTrader 5 Platform.
The following example below shows the main MT5 platform inter-face. As a beginner trader trying to learn how to execute orders in online xauusd market, the main xauusd tool for trading the market is the MT5 platform software. This is the software that you'll connect to your xauusd broker with & execute xauusd transactions & monitor your xauusd trading account balance.
The MetaTrader 5 software for trading xauusd is provided for free by xauusd trading brokers. This MT5 platform looks like the examples below:
Learn MT5 Platform
Main Areas of this MT5 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
The MetaTrader 5 navigation menus are:
- File
- View
- Insert
- Charts
- Tools
- Window
- Help
These MT5 menus are main navigation menus which can be used to navigate MetaTrader 5 software software. As a xauusd beginner trader you can begin by just clicking any of these MetaTrader 5 software navigation menus to familiarize yourself with various buttons which are arranged as sub-menus within these navigation menus.
These MT5 software navigation menus will be described & discussed in details in the next MT5 setup guides about navigation menus - Get to Learn Your MT5 Trading Platform.
2. MT5 Tool Bars MT5 Setup
The MT5 toolbars are used to manipulate xauusd charts, either by placing technical xauusd indicators, line studies, change xauusd chart time frames and load an MT4 template from a list of saved templates on the MT5 platform.
These MT5 tool bars will be discussed on other MT5 setup tutorials which will outline each button on this tool bar and how to add and customize these MT5 tool bars - XAUUSD MT5 Platform Setup Guide.
3. MetaTrader 5 Chart Window MT5 Setup
MetaTrader 5 Chart Panel is the main area where xauusd charts are displayed & trader can analyze the xauusd trend direction of a xauusd chart whether up or down, place xauusd indicators for technical analysis & even place trading orders from these xauusd charts - Get to Know Your MetaTrader 5 Trading Platform.
5. MetaTrader 5 Navigator MT5 Setup
MetaTrader 5 Navigator will contain data about xauusd accounts, whether practice account or real account, this window will also have a list of all the MT5 indicators as well as Expert-Advisors & scripts.
A trader can select which MT5 xauusd account to sign in by expanding the Accounts menu, select a chart technical indicator by expanding MT5 indicator menu or select an Automated Expert Advisor by expanding MetaTrader 5 Expert-Advisor menu - Get to Know Your MetaTrader 5 Trading Platform.
5. MetaTrader 5 Market Watch MT5 Setup
MT5 Market watch is used to show streaming quotes for trading symbols. This can list as many quotes provided by your XAUUSD broker or a few selected by a trader. To save inter net band width, right-click inside the market watch window & choose 'Hide All', so as to hide the currencies that you are not transacting and save on internet bandwidth.
6. MetaTrader 5 Terminal MT5 Setup
This is the panel that's like the bank account trade area for your xauusd trade transactions, on this window panel you can view your balance, profit & losses statement, equity, margin used also retrieve a copy of all your xauusd trades transactions history.
This will also list all open trade transactions & calculate all the profit and loss in real time as a currencies move upward or down.
7. MetaTrader 5 Connection Bar MT5 Setup
Red bars are for no connectivity, green bars show that there is connectivity to the servers and trade orders can be set. These MT5 connection bars should always be green when one logged into their demo account or real account.
These main areas form MetaTrader 5 Platform Setup guide & will be the main areas to be covered in detail in the next learn MT5 software guides. For now it is best to download MT5 software & familiarize yourself with MT5xauusd trading software interface.
Why MetaTrader 5 XAUUSD Software is Required for Placing Trade Transactions with Brokers
MT5 software is the software that is used to access the xauusd market and analyze these currencies using technical analysis. There are various reasons why a trader requires to use a good xauusd platform. A good xauusd software can ascertain if a as a trader you make a profit or not.
So why does a trader need a good platform:
To connect to the Trading Server:
To place a order when trading online a trader needs to use a trading software which will connect to the trading servers of their xauusd broker & allow them to open & close orders. Good xauusd trading platforms will connect with ease to the brokers' servers and allow traders to place orders at any time from their computer.
To analyze xauusd charts & currencies using technical analysis
To open buy or sell order one needs to first interpret direction of a quote. This is why all good xauusd softwares provide technical tools such as price charts, indicators and various different time-frames from which trader can interpret price moves using the chart timeframes of their choice.
MetaTrader 5 XAUUSD Trading Platform Setup
From above MT5 platform interface, the summary of all information required by a trader is provided on this MetaTrader 5 interface
- Connection - connectivity to the broker servers
- Charts - price charts that display prices
- Tool bars - toolbars to add tools & technical analysis technical indicators
- Market Watch - for displaying available financial instruments
- Data window - provides trading account data & other indicator data
- Exchange rates - shows current market price of a trading symbol
- Menu bar - Shows all menu items in MetaTrader 5 software
MetaTrader 5 XAUUSD Trading Platform Setup
