MT5 Software Setup
MT5 XAUUSD Software Guide for Beginners
If you want to learn how to setup MetaTrader 5 software this gold lesson explains the trading step by step guide on how to setup MT5 Gold Software for beginners with examples - Gold MT5 Platform Setup - Meta Trader 5 Gold Software Guide for New Traders.
The following example depicted and demonstrated below highlights the main MT5 platform interface. As a starter trader trying to learn how to execute orders in online market, the main trading tool for trading the market is the MT5. This is the software that you will connect to your online broker with and execute transactions & monitor your trading account equity balance.
The MT5 platform for trading is provided for free by brokers. This MetaTrader 5 platform looks like the example illustrated & explained below:
Learn MT5 Platform - MT5 Gold Software Setup
Main Areas of this MetaTrader 5 software as shown above are:
- Navigation Menus
- Toolbars
- Chart Window
- Navigator
- Market Watch
- Terminal
- Connection Bars
For this MT5 Platform Set Up tutorial we shall look at a brief introduction for each of these:
1. MT5 Navigation Menus MT5 Gold Software Setup
The Meta Trader 5 navigation menus are:
- File Menu
- View Menu
- Insert Menu
- Charts Menu
- Tools Menu
- Window Menu
- Help Tab
These MT5 menus are main navigation menus that can be used to navigate the MT5 platform. As a beginner trader you can begin by just clicking on any of these MetaTrader 5 software navigation menus to familiarize yourself with various buttons that are arranged as submenus within these navigation menus.
The Meta Trader 5 platform navigation menus will be discussed in details in the next MetaTrader5 setup tutorials about navigation menus - MT5 Gold Software Guide for New Traders.
2. MT5 Tool Bars MT5 Gold Software Setup
The Meta Trader 5 toolbars are used to manipulate charts, either by setting technical indicators, line studies, change chart time frames and load an MetaTrader 4 template from a list of saved templates on the Meta Trader 5 software.
The Meta Trader 5 tool bars will be discussed on other MT5 software setup tutorials which will outline each button on this tool bar and how to add and customize these MT5 tool bars - Gold MetaTrader 5 Software Setup Tutorial.
3. MT5 Chart Window MT5 Software Setup - MetaTrader 5 Software Lesson for New Traders - MT5 Gold Software Guide
MT5 Chart Panel is the main area where charts are displayed and a trader can analyze the trend direction of a chart whether up or down, place indicators for technical analysis and even place trade orders from these charts - MT5 Strategy Setup.
5. MT5 Navigator MT5 Software Setup - MetaTrader 5 Software Lesson for New Traders - Gold MT5 Platform Setup
Meta Trader 5 Navigator will contain information about accounts, whether practice account or real account, this window will also have a list of all the Meta Trader 5 technical indicators as well as EAs and scripts.
One can choose which MT5 account to sign in by expanding the Accounts menu, choose a chart indicator by expanding the MT5 indicator menu or choose an Automated Gold Expert Advisor by expanding the Meta Trader 5 EA menu - MT5 Gold Software Guide for New Traders.
5. MT5 Market Watch MT5 Gold Software Setup
MT5 Market watch is used to show streaming quotes for gold. This can list as many symbols provided by your broker or a few selected by the trader. To save internet bandwidth, right click inside the market watch window and choose "Hide All", to hide the MetaTrader 4 symbols that you are not transacting and save on inter-net bandwidth.
6. MT5 Terminal MT5 Gold Software Setup
This is the panel that is like the bank account trade area for your trades, on this window panel you can view your balance, profit and losses statement, equity, margin used & also to retrieve a copy of all your trades transaction history.
This will also list all open trades & calculate all the profit & loss in realtime as a prices move upwards or downward.
7. MT5 Connection Bar MT5 Gold Software Setup
Red bars are for no connectivity, green bars show that there connectivity to the servers and trading orders can be set. These MT5 connection bars should always be green when one logged into their demo trading account or live account.
The main areas form the MT5 Platform Setup guide and will be the main areas to be covered in detail in the next learn MetaTrader 5 platform guides. For now it's best to download MT5 software & familiarize yourself with the MetaTrader 5 software interface.
Why MT5 Software is Required for Placing Transactions with Online Brokers
MT5 platform is the software which is used to access the market and analyze these price movements using analysis. There are various reasons why one requires to use a good gold platform. A good gold software can determine if a as a trader you make profit or not.
So why does a trader need a good platform:
To connect to the Server:
To place an order when trading online a trader needs to use a platform that will connect to the servers of their broker and allow them to open and close orders. Good gold platforms will connect with ease to the brokers' servers and allow traders to place orders at any time from computer.
To analyze charts using analysis
To open a buy or sell order one needs to first interpret the direction of gold. This is why all good gold softwares provide technical tools for example price charts, indicators & various different time frames from which one can interpret price moves using the chart timeframes of their choice.
MT5 Software Setup
From the above MT5 platform interface, the summary of all info required by a trader is provided on this Meta Trader 5 interface
- Connection - connection to the online broker servers
- Charts - price charts that show prices
- Toolbars - toolbars to add tools & technical analysis indicators
- Market Watch - for displaying available financial instruments
- Data panel - provides account data & other indicator data
- Exchange rates - shows current market price on a chart
- Menu bar - Shows all menu items in MT5
MT5 Gold Software Setup
