How to Use MetaTrader 5 Platform for Beginners
How Can You Open Trades with MetaTrader 5?
If you want to learn how to setup MT5 this guide explains the step-by-step lesson on how to setup MetaTrader 5 for novice traders with examples - XAUUSD Get to Know Your MT5 Software - Get to Know Your MT5 Platform Software.
The following example below shows the main MT5 inter-face. As a beginner trader trying to learn how to execute trading orders in online trading market, the main tool for trading the market is the MT5 software. This is the trading platform that you will connect to your online broker with & execute transactions & monitor your equity balance.
The MetaTrader 5 for trading xauusd is provided for free by brokers. This MT5 looks like the examples below:
Learn MT5 Software
Main Areas of this MT5 as shown above are:
- Navigation Menus
- ToolBars
- Chart Window
- Navigator
- Market Watch
- Terminal
- Connection Bars
For this MT5 Setup guide we shall look at a brief introduction for each of these:
1. MT5 Navigation Menus Get to Know Your MT5 Platform Software
The MT5 navigating menus are:
- File Menu
- View Menu
- Insert Menu
- Charts Menu
- Tools Menu
- Window Menu
- Help Menu
These MT5 menus are main navigating menus that can be used to navigate MetaTrader 5 software. As a beginner you can begin by just clicking any of these MT5 software navigating menus to accustom yourself with different buttons that are arranged as sub menus within the +
These MT5 software navigating menus will be described & discussed in details in the next MT5 setup lessons about navigation menus - Get to Learn Your MT5 Trading Software.
2. MT5 Tool-Bars MT5 Setup
The MT5 tool bars are used to manipulate charts, either by placing technical indicators, line studies, change chart time frames and load an MetaTrader 4 template from a listing of saved templates on the MT5 software platform.
These MT5 tool bars will be discussed on other MT5 setup guides which will outline each button on this toolbar and how to add and customize these MT5 tool bars - XAUUSD MT5 Trading Platform Setup Lesson.
3. MT5 Chart Window MetaTrader 5 Setup
MT5 Chart Panel is the main area where charts are portrayed & trader can analyze the trend direction of a chart whether up or down, place indicators for technical analysis & even place trade orders from these trading charts - Get to Know Your MetaTrader 5 Trading Software.
5. MT5 Navigator MT5 Setup
MT5 Navigator will contain data about accounts, whether practice trade account or live account, this window will also have a list of all the MT5 indicators as well as Expert Advisors and scripts.
A trader can choose which MT5 account to login by expanding the Trading Accounts menu, select a chart technical indicator by expanding MT5 indicator menu or select an Automated Expert Advisor by expanding MetaTrader 5 EA menu - Get to Know Your MetaTrader 5 Trading Platform.
5. MT5 Market Watch MT5 Setup
MetaTrader 5 Market watch is used to show streaming quotes for trading symbols. This can listing as many symbols provided by your online broker or a couple of chosen by a xauusd trader. To save internet band-width, rightclick inside the market-watch window & choose 'Hide All', so as to hide the currencies that you are not transacting & save on internet bandwidth.
6. MT5 Terminal MT5 Setup
This is the window that's like the bank trading account trade area for your trades transactions, on this window you can view your trading account equity balance, profit and losses statement, equity, margin used & also retrieve a copy of all your trade positions history.
This also will listing all open trades and calculate all the profit and loss in real-time as a currencies move upward or down.
7. MT5 Connection Bar MT5 Setup
Red bars are for no connectivity, green bars show that there connectivity to the servers & trading orders can be set. These MT5 connection bars should always be green when one logged into their demo account or live account.
These main areas form MT5 Software Setup guide and will be the main levels to be covered in detail in the next learn MT5 guides. For now it is best to download MT5 software & accustom yourself with MT5 trading platform inter-face.
Why MetaTrader 5 is Required for Opening Transactions with Online Brokers
MT5 platform is the trading platform that is used to access the market and analyze these currencies using trading analysis. There are different reasons why one requires to use a good platform. A good software can determine if a as a gold trader you make a profit or not.
So why does a xauusd trader need a good platform:
To connect to the Server:
To place a order when trading online one needs to use a platform which will connect to the servers of their broker & allow them to open & close orders. Good platforms will connect with ease to the online brokers' servers and allow traders to place orders at any time from their Desktop computer.
To analyze charts & currencies using technical analysis
To open buy/sell order one needs to first interpret direction of a quote. This is why all good platforms provide trading analysis tools such as charts, indicators & various different timeframes from which trader can interpret price moves using the chart time frame of their choice.
MetaTrader 5 Software Setup
From above MT5 inter-face, the summary of all the info required by a trader is provided on this MetaTrader 5 inter-face
- Connection - connectivity to the online broker servers
- Charts - price charts that display prices
- Tool bars - toolbars to add tools & trading analysis technical indicators
- MarketWatch - for displaying available financial instruments
- Data window - provides account data & other indicator data
- Exchange rates - shows ruling market price of a trading symbol
- Menu bar - Shows all menu items in MT5 software
MT5 Trading Platform Setup
Get More Courses & Tutorials:
- How to Add MT5 Gold Custom Trading Indicators on the MT5 Platform
- How Does 1:300 XAU USD Leverage Work?
- How Do You Add Fibonacci Expansion Levels in MT5 Platform?
- MT4 MetaEditor Tutorial for How to Add Expert Advisors
- How Do You Trade More Gold Charts in MT4 Platform?
- How to Draw Downwards Gold Trend-lines in Gold Charts
- MT4 Charts Objects List on MT4 Charts Menu
- Which is the Best XAU/USD Leverage for $500 XAU USD?
- No Nonsense Gold ADX Indicator Tutorial Guide
- How Do You Trade MACD Indicator?
