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