MT5 Platform - MT5 Platforms - MT5 Platforms
MT5 Charts - MetaTrader 5 Platform Trading & Orders
If you want to learn how to setup MT5 platform this lesson explains the step-by-step guide on how to set-up MetaTrader 5 for beginner traders with example - XAUUSD Get to Know Your MetaTrader 5 Platform - Get to Know Your MetaTrader 5 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 software which you'll connect to your broker with and execute transactions & monitor your trading account equity balance.
The Meta Trader 5 software for trading xauusd is offered for free by online brokers. This MT5 looks like the examples below:
Learn MT5 Software
Main Areas of this MT5 platform as illustrated 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 MetaTrader 5 Software
The MT5 navigating menus are:
- File Tab
- View Tab
- Insert Tab
- Charts Tab
- Tools Tab
- Window Tab
- Help Tab
These MT5 menus are main navigation menus that can be used to navigate MetaTrader 5 software software. As a beginner trader you can begin by clicking any of these MetaTrader 5 platform navigating menus to accustom yourself with different buttons that are arranged as submenus within the +
These MT5 platform navigating menus will be described & discussed in details in the next MT5 set-up guides about navigating menus - Get to Learn Your MT5 Software.
2. MT5 ToolBars MT5 Setup
The MT5 tool-bars are used to manipulate charts, either by placing technical indicators, line studies, change chart timeframes and load an MT4 template from a list of saved templates on the Meta Trader 5 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 & customize these MT5 tool bars - XAUUSD MetaTrader 5 Platform Setup Lesson.
3. MetaTrader 5 Chart Window MT5 Setup
MT5 Chart Panel is the main area where charts are displayed & one can analyze the trend direction of a chart whether up or down, place indicators for trading analysis and even place trade orders from these trading charts - Get to Know Your MetaTrader 5 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 MetaTrader 5 technical indicators as well as Expert-Advisors & scripts.
A trader can choose which MT5 trading account to sign in by expanding the Trading Accounts menu, select a chart technical indicator by expanding the MT5 indicator menu or select an Automated Expert Advisor by expanding the MetaTrader 5 Expert-Advisor menu - Find to Know Your MetaTrader 5 Software.
5. MetaTrader 5 Market Watch MT5 Setup
MT5 Market watch is used to show streaming quotes for trading quotes. This can list as many trading quotes which are provided by your broker or a couple of chosen by a xauusd trader. To save internet bandwidth, rightclick inside the market-watch window panel and choose "Hide All", to hide the currencies that you are not transacting & save on inter-net bandwidth.
6. MetaTrader 5 Terminal MT5 Setup
This is the window that's like the bank trading account trade area for your trades transactions, on this panel you can view your trading account equity balance, profit and losses statement, equity, margin used and also to retrieve a copy of all your trade positions history.
This will also list all open trades & calculate all the profit and loss in realtime 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 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 levels form the MetaTrader 5 Platform Setup guide and will be the main levels to be covered in detail in the next learn MT5 software guides. For now it is best to download MT5 platform & accustom yourself with the MT5 software inter-face.
Why MT5 Platform is Required for Placing Trades with Online Brokers
MT5 software is the software which is used to access the market & analyze these currencies using technical analysis. There are different reasons why one requires to use a good software. A good software can determine if a as a gold trader you earn a profit or not.
So why does a xauusd trader need a good software:
To connect to the Trading Server:
To place a order when trading online one needs to use a software which will connect to the servers of their broker & allow them to open and close orders. Good platforms will connect with ease to the online brokers' servers & allow traders to place orders at any time from computer.
To analyze charts and currencies using technical analysis
To open buy/sell order one needs to first interpret direction of a quote. This is why all good softwares provide traders with trading analysis tools such as price charts, indicators and various different time frames from which one-can analyze price moves using the chart timeframes of their choice.
MetaTrader 5 Platform Setup
From the above MT5 software inter-face, the summary of all info required by a trader is provided in this MetaTrader 5 inter-face
- Connection - connection to the online broker servers
- Charts - price charts that illustrate prices
- Tool-Bars - tool-bars to add tools & trading analysis trading indicators
- Market Watch - for displaying available financial instruments
- Data panel - provides trading account data & other indicator data
- Exchange rates - shows the ruling price of a trading symbol
- Menu bar - Shows all menu items in MT5 platform
MetaTrader 5 Platform Setup
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