There are a lot of trading platforms available for different users and designed to perform certain functions better. To be able to trade successfully with this platform, you need, foremost, to understand how it works. You must have heard about MT4, and now you are asking, what is MT5?
Metatrader 5 is a trading platform next to MetaTrader 4 from Metaquotes. As an upgrade of MT4 which was designed for forex trading specifically, MT 5 was designed to accommodate more classes of assets including cryptocurrency. MT5 is an ideal platform for multiple asset traders looking forward to stepping up their trading experience using effective features, and tools for practical trading.
Key Things To Help You Understand Trade With Metatrader 5
To understand how to trade with Metatrader 5, here are the key things to employ.
As a trader, you must cultivate the habit of learning. There are lots of amazing features packed into MT5 and you cannot know about them or understand how to employ them unless you open yourself to learning. To be able to fully utilize and engage the functionality of MT5, you must learn about the following designs featured on this platform. They are:
- asset class types;
- numerous trading tools;
- indicators and graphic objects;
- order types;
- automated market strategies;
- market depth.
If you invest in learning about all the available features of MT5, you will fully exploit the potential of its design.
Download And Install
To install MT5 on your system, it must have the following requirements.
- Windows 7 OS or more (must be 64 bits);
- Pentium 4/Athlon 64 processors or higher;
- as a heavy user who wants to open multiple chats and use a lot of EAs, more powerful hardware should be part of your consideration.
Once the above requirements have been met, to download and install MT5 in your system, follow these steps:
- Click on the MT5 download link.
- Run the setup extension file.
- Input your login details.
- You can create a demo account directly on the platform.
- Start trading.
As you can see, everything is simple enough.
Place Your Order
Once you have logged into your MT5, the next thing to think of is starting your trade. First, you must take note of ways to place your order on MT5. They are:
- Go to the Menu bar and click on tools, then, New Order.
- When you are on the Market Watch Window, double-click to pick the asset you wish to trade.
- Go ahead to right-click on the tab for trade to select New Order.
- For one-click trading on the chart having your favourite asset, click on F9.
Once these steps are taken, the Order Screen pops up, showing symbols, order type, volume, Stop loss/Take profit, and comment.