Ever noticed that many brokers offer MetaTrader 5 to trade in shares specifically? This is because of the advanced features of MT5, which is a predecessor of MetaTrader 4.
Whether you are an experienced trader or just starting out, you would quest to learn how to use and master MetaTrader 5. This complete guide to the free MetaTrader 5 platform will teach you everything you need to know.
I’ll start this MetaTrader 5 tutorial by answering some of the most important questions traders have when they first hear about this platform.
“Is Meta Trader 5 free?” is an example. Yes. “Is Meta Trader 5 good?” is the next one. So, yes.
The MT4 platform is the industry standard, and the MT5 platform has some of the same features and some new features that are slightly different.
This page will give you the version you need based on whether you’re downloading from a desktop computer or a mobile device: You can use Android, iOS, Mac, or Windows. Linux users are not left out. I’ve also added a section about how to set up MetaTrader 5 on Linux.
A confirmation email will be sent to your email address with details.
It’s time for me to answer another question from traders: “What is the minimum deposit for MetaTrader 5”. MetaTrader 5 is a trading platform that brokers use to make trading easy for traders. It has nothing to do with how much you have to put down with a MetaTrader 5 broker. The minimum deposit is set by the broker you connect with through MetaTrader 5.
Any way you look at it, you’ll need to put money into your account. On the broker’s website, under the “Transfer” tab, you can see the different options you can move money from your bank to your trading account.
Once you’ve verified your trading account and moved money into it, you’re ready to start trading. You can trade using either the MetaTrader desktop platform or WebTrader in your browser.
Even though MT4 and MT5 are the most popular trading platforms in the world, MetaTrader 5 has some unique benefits:
With any top-notch broker, you can access more than 7,000 instruments, including CFD trading on more than 3,000 instruments in trade.MT5 account and traditional stock and ETFs investing on more than 4,000 instruments in their premium account. We debate MT4 vs MT5 in an insightful article.
MetaTrader 5 is also faster and more efficient than version 4:
MetaTrader 5 is newer and much more powerful than MetaTrader 4, which is older but is used more often now. MT5 also has more advanced features, primarily due to the technological changes that the MetaQuotes developers have made. In general, traders who use EAs like MT4, while traders who trade manually or on their own terms like MT5.
Find out how MT5 stacks up against its biggest rival known as cTrader.
Using the “Order” window to place an instant order in the instrument of your choice is the easiest way to start a trade on MetaTrader 5.
When you look at your trading chart on a MetaTrader 5 trading station, you can also open a position by clicking the “New Order” button on the toolbar at the top left.
Once you click the “New Order” button on the toolbar or press F9 to open a new order, you can easily type in the amount you want to order.
To start a trade, you have to put the number of lots you want to trade in the volume box and then click Buy or Sell. With MetaTrader 5, the “Market Execution” option lets you place orders right away.
You can also use the ‘One Click Trading’ option, found in the contextual menu that opens whenever you right-click on an MT5 trading chart. This way of opening positions is fast and works well for day trading and scalping. The only variable is how many lots are wanted in the take decision.
Putting in take-profit and stop-loss orders for your positions is also very easy. Once your order is in place, click and drag the input line up or down, depending on the direction of your trade.
You can automatically use stop losses and take profits to close your open trades. A stop loss helps you cut down on your trading losses, and a take profit helps you lock in your trading gains.
MetaTrader has two ways to set stop losses and take profits: the first is when you open a trade, and the second is when you add them to open trade.
When starting a trade, to set them up:
When adding them to a trade that has already been made:
To further reduce the risk of being incorrect in a trade, trailing stops are stops that are modified when the trade moves in the trader’s favour.
Simply: To establish a trailing stop.
Here is one possible method of setting a trailing stop:
Want to maintain your advantage for as long as possible?
The Stop Follower is the precise tool you require.
When the market moves in the opposite direction of your trade, this tool will freeze your position and track stock and index prices in real time.
One-click trading is a simple and quick way to start trading. It can be accessed straight from an active chart, and a dotted line gives you a visual representation of your position while you trade.
By using this, you may access a number of functionalities when you hover over a chart. To open a position, click the left mouse button; to shut it, click the right mouse button.
Here, you may also access the Edit option, which gives you the following options:
The red line on the chart that represents your input level can also be visually clicked on and moved to change your position.
For a long position:
To fill a short position:
Thanks to each of these alternatives, you have more command over your trades.
Under particular conditions, forex markets have a tendency to behave in particular ways. This pattern of behaviour means that certain price patterns will recur often. The best forex indicators try to identify these patterns as they emerge and gain an advantage by using that knowledge.
Simply: Add indicators to your platform.
Choose from three different kinds of indicators available in the MetaTrader 5 platform, with different settings and capabilities for different user needs. Add indicators, professional advisors, or your own unique custom tools. You may find specialised tools made in the corresponding MQL5 language on the internet and available for download.
This is the main solution for why MetaTrader 5: Supreme Edition is the best and most potent trading platform. Numerous leading indicators, including Pivot Point, Supertrend, Heikin Ashi, and others, are already installed. It is easy to add more.
Visit the MetaTrader 5 forum to find out more about the available indicators. The MT5 community is active and constantly creating new plugins and indicators.
You can store trading chart designs with MT5. The major advantage of doing this is that you can quickly and easily access your most often used charts and have your go-to tools at the ready whenever you need them.
Your preferred forex currency pair with three technical indicators—three simple moving averages, the MetaTrader 5 Heiken Ashi Indicator, and the MT5 RSI—might be an example of a chart that has been preserved.
This MetaTrader 5 chart template was made by:
Saving your template just requires four easy steps!
Once you’ve saved your favourite chart as a template, you may view that template at any time to find your whole trading setup and all of your indicators fast and easily available. Anytime a template is required, just:
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Choosing a broker is extremely important in every aspect of trading. Trading with the wrong or even an “overnight” broker that is trying to scam you is a harsh reality. Choose a broker that aligns with your needs and that you can trust with your hard-earned money!
The spread in forex trading is the disparity between a currency pair’s Buy (or Bid) and Sell (or Ask) prices. For instance, the spread is 1 pip if the EUR/USD bid price is 1.16909 and the ask price is 1.16919. The spread would be 4 pip if the Ask price was 1.16949 and the Bid price was 1.16909.
A trader’s profit in forex trading depends on how the currency pair’s value moves. However, the trade only turns a profit if the currency’s price has crossed the spread.
How to see your spread:
With a standard MT5 trading account, the only CFD trading commission comes from swaps, a fee for intraday positions held overnight. These fees are shown for every position that applies.
In this way, day traders or scalpers who use CFDs have a bit of an edge because they only have to deal with normal, tight spreads.
If you hold intraday positions, having these fees shown on the platform can help you understand the costs of trading and help you manage them well.
Take these steps in MetaTrader 5 to see commissions and swap charges:
If you are an experienced trader looking for charts other than your standard daily charts, such as tick charts and range charts, MetaTrader 5 makes it easy to find them.
To install a tick chart in place:
You can move the Market Watch window in any direction you want now that you’ve found it. Left, right, up, or down.
The Market Watch window in the top left corner of the MetaTrader 5 platform is where you can see all of your assets.What is margin in forex? - Collateral to maintain a position — 2023
How to invest in shares with MT5:
With MetaTrader 5, you can not only look at and analyse shares but also buy and trade them.
With the MT5 Invest account, you can invest in long-term spot shares, and US stock fees start at $1 per order. Without CFDs, you can trade more than 4,000 stocks and 200 ETFs.
To use the MT5 Invest account to buy shares in ETFs, you must first sign in to MetaTrader with your live account number and an investor password. You can find these in the Trader’s Room.
Once you’re in your investor account, do the following:
When you buy stocks through any regular broker MetaTrader 5, these are the rules:
Please keep in mind that the way taxes are handled for each client is different and may change in the future. On MetaTrader 5, live accounts can get stock data in real time and for availability. The demo account is 15 minutes behind.
To take a position on the market, all you have to do is meet all of these conditions and press the Sell or Buy key. MetaTrader 5 is the best mobile trading app because it is easy to use and makes sense.
To take a position on the market, all you have to do is meet all of these conditions and press the Sell or Buy key.
Before I end this article, I’ll answer many traders’ questions when they first look at the MetaTrader 4 and MetaTrader 5 platforms. For example, “How is MetaTrader 4 different from MetaTrader 5?”
The MetaTrader platform is pretty much the gold standard. Some say that MetaTrader 5 is not a new version of MetaTrader 4. Also, because MetaTrader 4 is so popular, many people say, “If it isn’t broken, why fix it?” Depth of Market (DOM) data from brokers is one of the main reasons traders might choose MT5 over MT4.
WebTrader is a version of MetaTrader that you can use in your browser. This lets you trade on the go without having to download any software. This is a good solution for traders who want to use the full MetaTrader 5 platform but don’t have a single computer to install it on.
With WebTrader MT5, you can trade quickly and safely from anywhere. You can even trade from the browser on your smartphone, so you don’t have to download a new app that will take up space on your phone.
On MetaTrader 5, there are several ways to do historical tests to see how well a trading strategy works:
Manual method: Once you find an instrument and strategy, you can look at its historical data down to the smallest increment of price action.
The F12 key will help you move from one candle to the next so you can get a closer look at price action data.
Once the Expert Advisor is set up, you can choose from a number of built-in backtesting options to see how a strategy works over different amounts of time.
The MQL5 Strategy Tester plugin has been updated to make it easier to use and give more advanced, professional results. This tool does the detailed statistical analysis that is easy to use.
MQL5 is more advanced than MQL4 for traders who know how to code:
How to use MT5’s Strategy Tester to do a quick historical test:
You can run the test in visual mode if you want to see where the EA is placing itself on the chart as the test goes on.
MetaTrader 5 is a good choice for experienced traders who want a multi-asset platform and access to powerful trading tools. You can run multiple accounts with different brokers thanks to the server. It also has great copy trading and automated trading features. Overall, MetaTrader 5 is one of the best trading strategies that are hard to understand. Is there a need for MT6? Will MT6 be skipped altogether as MetaQuotes works on a futuristic MetaTrader 7?