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