MetaTrader 5 (MT5) – A Quick How-To Guide

The MetaTrader 5 multi-asset platform is widely regarded as one of the fastest, most efficient and cost-effective trading platforms around, allowing traders to trade in the best conditions.

With reliable and secure brokers like GV Markets, you can open a demo account on MT5 in just a few simple steps and get to know the trading platform and its unique features.

Once you are registered on the platform, you will see all the key elements of the simple and user-friendly interface that will make your daily trading easier.

 

All commands are accessible from the main menu bar, which includes the following tabs: File, View, Insert, Charts, Option and Help. These features allow you to customize your charts with indicators, other analysis tools and various platform settings to create your personal trading environment.

Below the main menu, you will find several built-in toolbars that duplicate some of the commands and functions found on the main menu. The toolbars are customizable and allow you to change chart time frames, chart types (line chart, bar chart, candlestick chart…) and more.

On the left side of the chart, you will also see the Market Watch section, which displays the prices of selected financials such as EUR/USD, GBP/USD, Gold and Crude Oil. In this area you will also find more information, such as details and specifications of financial contracts, as well as one-click trading options.

Below your charts, you will find a toolbox area where you can track the development of your open trading positions as well as your pending trade orders and modify them if necessary (stop loss, take profit, limit prices, etc.). Through this multifunctional window you can also access other information that may be useful for your trading, such as account history, alerts, messages, internal mailbox, expert journals and much more.

 

As you can see, the MetaTrader 5 interface is quite easy to use and provides all the necessary trading tools and information to start trading the markets. There are various menus, toolbars and service windows within a single, highly customizable and convenient interface that will simplify your trading.

 

Follow these simple steps to place your first trade;

1) Once you have selected your financial instrument, right-click on the instrument in the Market Watch window.

2) Select “New Order”.

3) Then decide what type of order you want to execute: a pending order or an immediate or market order.

 

Immediate order

If you select an immediate order, you will need to specify the following;

  • The size of your position (volume),
  • The amount of your stop loss and take profit.

Then click “Sell” or “Buy”, depending on which scenario you prefer, and your order will be executed at the next available price.

 

Pending Order

If you select a pending order, you must specify:

  • The type of order you wish to place (buy/sell limit, buy/sell stop, buy stop/sell stop limit),T
  • The price at which you want your order to be placed,
  • The size of your position (volume),
  • The amount of your stop loss and take profit.

Then click on “Place”.

Once your order has been executed, it will be displayed at the bottom of your interface.

 

Are you a fan of automated trading or copy trading?

That’s no problem! MetaTrader 5 (MT5) has all the features you need!

MT5 is a “multi-asset platform that offers exceptional trading capabilities and technical analysis tools, as well as enabling the use of automated trading systems (trading robots) and copy trading.”

So this all-in-one platform for trading the forex, stock and futures markets can also be used by day traders who want to automate their trading strategies or who prefer to duplicate the trading strategies of the most successful traders around the world.

 

Day trading with MetaTrader 5 (MT5)

As you have seen, MT5 is a great trading platform for day traders who want to take their trading to the next level. Before you start using it, you should understand exactly how it works and how you can customize your MT5 trading environment to improve your trading process.

 

A few things to keep in mind:

  • Only trade with money you can afford to lose – since trading is a very risky but rewarding activity, be sure you only trade with money you do not need to live on.
  • Constantly work on your financial and economic knowledge – because understanding how the financial markets and trading work is crucial to your success.
  • Apply a consistent trading strategy and stick to money management rules – because you can not make money if you do not establish a trading routine, follow your trading method and stick to your money management parameters.