MT5 XAUUSD Trading Software Setup

MT5 XAUUSD Software Guide for Beginners

If you want to learn how to setup MetaTrader 5 software this gold lesson explains the xauusd trading step by step guide on how to setup MT5 Gold Trading Platform for beginners with examples - Gold MT5 Platform Setup - MetaTrader 5 Gold Software Guide for Beginners.

The following example illustrated and explained below shows the main MT5 platform inter-face. As a beginner trader trying to learn how to execute orders in online gold market, the main gold trading tool for trading the xauusd market is the MT5 platform software. This is the gold software that you'll connect to your gold broker with & execute gold transactions & monitor your gold trading account balance.

The MT5 platform for gold trading is provided for free by xauusd trading brokers. This MetaTrader 5 platform looks like the xauusd example illustrated & explained below:

Learn MT5 Gold Platform - MT5 Gold Trading Platform Setup

Main Areas of this MetaTrader 5 software as illustrated above are:

1. Navigation Menus
2. Toolbars
3. Chart Window
4. Navigator
5. Market Watch
6. Terminal
7. Connection Bars

For this MT5 Gold Trading Platform Set Up tutorial we shall look at a brief introduction for each of these:

1. MT5 Navigation Menus MT5 Gold Trading Platform Setup

The MetaTrader 5 navigation menus are:

1. File
2. View
3. Insert
4. Charts
5. Tools
6. Window
7. Help

These MT5 menus are main navigation menus that can be used to navigate the MT5 platform software. As a gold 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.

These MetaTrader 5 platform navigation menus will be discussed in details in the next MetaTrader5 setup tutorials about navigation menus - MT5 Gold Software Guide for Beginners.

2. MT5 Tool Bars MT5 Gold Trading Platform Setup

The MetaTrader 5 toolbars are used to manipulate gold charts, either by placing technical xauusd indicators, line studies, change xauusd chart time frames and load an MetaTrader 4 template from a list of saved templates on the MT5 platform.

These MetaTrader 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 Platform Setup Guide.

3. MT5 Gold Chart Window MT5 Gold Trading Software Setup - MetaTrader 5 Gold Trading Software Lesson for Beginner Traders - MT5 Gold Platform Tutorial

MT5 Gold Chart Panel is the main area where xauusd charts are displayed and one-can analyze the gold trend direction of a gold chart whether up or down, place gold indicators for technical analysis & even place trading orders from these xauusd charts - MT5 Trading Strategy Setup.

5. MT5 Navigator MT5 Gold Trading Software Setup - MetaTrader 5 Gold Trading Software Lesson for Beginner Traders - Gold Trading MT5 Platform Setup

MT5 Navigator will contain information about xauusd accounts, whether practice gold trading 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, choose a chart technical indicator by expanding the MT5 indicator menu or choose an Automated Gold Expert Advisor by expanding the MT5 Expert Advisor menu - MT5 Gold Software Guide for Beginners.

5. MT5 Market Watch MT5 Gold Trading Platform Setup

MT5 Market watch is used to show streaming quotes for gold. This can list as many quotes provided by your gold broker or a few chosen by a trader. To save internet band width, right click inside the xauusd market watch window and select "Hide All", so as to hide the MetaTrader 4 symbols that you are not transacting and save on inter-net bandwidth.

6. MT5 Terminal MT5 Gold Trading Platform Setup

This is the panel that is like the bank account trade area for your gold trades, 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 trades & calculate all the profit & loss in realtime as a xauusd prices move upwards or downward.

7. MT5 Connection Bar MT5 Gold Trading Platform Setup

Red bars are for no connectivity, green bars show that there's connectivity to the servers & trade orders can be set. These MT5 connection bars should always be green when one logged into their demo gold account or real account.

These main areas form the MT5 Gold 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 XAUUSD Trading Platform is Required for Placing XAUUSD Trade Transactions with Brokers

MT5 platform is the software which is used to access the xauusd market & analyze these xauusd trading price movements using technical analysis. There are various reasons why a trader 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 Trading Server:

To place an order when trading online a trader needs to use a platform that will connect to the trading servers of their xauusd trading broker & allow them to open & 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 xauusd charts using technical analysis

To open a buy or sell order one needs to first interpret the direction of gold. This is why all good gold platforms provide technical tools such as xauusd trading price charts, indicators & various different time frames from which one can interpret xauusd price moves using the chart time frames of their choice.

MT5 XAUUSD Trading Software Setup

From the above MT5 platform inter-face, the summary of all information required by a trader is provided on this MetaTrader 5 interface

• Connection - connection to the broker servers
• Charts - price charts that display xauusd prices
• Toolbars - tool bars 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 xauusd trading price on a xauusd chart
• Menu bar - Shows all menu items in MT5 software

MT5 Gold Trading Platform Setup