Are you looking for a successful trading experience in financial markets? It all starts with a rich trading platform with cutting-edge features. MetaTrader 5 is the most suitable choice for the ultimate trader. But what is MetaTrader 5? Does it perform the same functions as its predecessor— Metatrader 4? In this article, you will get a quick rundown on everything you need to know about MetaTrader 5, how to use MetaTrader, and some vital information that will enable you – and traders like you master the state-of-the-art trading platform for optimum profit.
MetaTrader 5 is the newest, multi-functional platform from the developers of its predecessor, MetaQuotes. It comes right after the exceedingly popular MetaTrader 4 (MT4), which was initially optimized for Forex Trading. MetaTrader 5 (MT5) is practically designed to accommodate additional asset classes. This upgrade makes the MetaTrader 5 platform the perfect multi-asset medium for modern traders seeking to enhance their trading experience via a wide variety of new, useful, and insanely powerful features and access resources trading tools.
MetaTrader 5 platform
Many newbie traders are yet to familiarize themselves with MT5 and asking, ‘What is MetaTrader 5 platform when we already have MetaTrader4?’ In reality, MetaTrader 5 offers more robust features than its predecessor, MT4. Traders can use the MetaTrader platform to trade multiple assets such as stocks, CFDs, forex, commodities, futures, indices, cryptocurrencies, and energies with flexible leverage and zero slippages, no re-quotes, and no price rejections.
MetaTrader 5 delivers a formidable trading system with the Market Depth and a separate accounting system of trades and orders. The platform supports the traditional netting system, order accounting systems, and the hedging option system. The platform comes with four order modes available for traders to utilize: Instant, Request, Market, and Exchange execution. The MetaTrader 5 platform promotes every trade order, including pending and stop orders, markets, and trailing stops.
How Does the MetaTrader 5 Works?
If you want to learn how the MetaTrader5 platform works, it is vital to know why you should trade on the MetaTrader platform. MetaTrader 5 platform was released in 2010 as a successor to the popular MT4. It retained the same quintessential logo and was marketed to the experienced or veteran trader. And its extensive suite of remarkable trading tools is pretty impressive.
MetaTrader 5 comes with several features and trading capabilities that its predecessors and others lack. For instance, traders can examine graphs and charts and follow instrument price fluctuations while plotting the trends to locate planned trades. The trading platform also supports and showcases graphs like Candlestick, Renko, and Heikin Ashi charts.
You can set up your trading orders without breaking a sweat, and predetermined targets and stop losses are executed immediately. The pending orders and trailing stop loss can also be easily accessed.
EAs (Expert Advisors) can readily automate your trading via scripts uploaded to the MetaTrader platform and strictly follow the scripts’ instructions. This saves you the hassle of sticking close to your PC or missing out on a lucrative trading opportunity.
Indicators and rich analytic tools make the MetaTrader 5 platform an excellent choice for veteran traders.
How to use MetaTrader 5
The first step to taking advantage of the MetaTrader 5 is downloading on your device of choice. The platform is free to use and directly accessible via your favorite online web browser. You can download MetaTrader 5 to your PC or laptop. MT5 is highly compatible with the Windows operating system: XP, 7, 8, and 10. It should run smoothly on 32-bit and 64-bit processors
You can also download MetaTrader 5 to your Mac and Linux devices. However, it is not compatible with macOS Catalina.
But before you even download MetaTrader 5, make sure you create an account with a broker of your choice. It is essential because your MetaTrader 5 will be practically useless without it unless you settle for a demo account.
how to run MetaTrader 5 on Mac
Getting the MetaTrader 5 to work on Mac OS is possible in two steps.
The MetaTrader 5 was initially written for Windows and will not directly work on the Mac OS. However, with PlayOnMac or Wine —free compatibility layers for macOS, you can run the MetaTrader 5 on the Mac OS.
Step 1: Install Wine or PlayOnMac
Step 2: Install MetaTrader with the help of the compatibility layer.
How to open a demo account in MetaTrader 5
The demo account on MetaTrader 5 is free to use. It is an excellent, preliminary step for a beginner to take before opening a live account. It is where beginners can familiarize themselves with order execution and trend analysis. For instance, you may test a particular strategy on cryptocurrencies or shares without risking your real, hard-earned money. You can experiment with different lot sizes in a Forex strategy or trail risk management tools.
Take note that one lot is equal to 100,000 of your base currency, while a mini-lot is equal to 10,000, and a micro-lot is equal to 1,000. In other words, you can use virtual funds to trade in the demo account.
Step 1: Visit the official website: ‘www.mql5.com‘ Select the ‘WebTerminal’ link located at the navigation bar.
Step 2: On landing on the page, you will be prompted to log in and generate both an ID and a password. Click the ‘Demo’ button.
Step 3: A new window pops up immediately, prompting you to register. Your email will be the only requirement here. Fill in the details required on the online form presented to you. Make sure you tick the ‘I agree with the terms and conditions’ checkbox. And then click ‘Next.’
Information about your demo trading account will be presented to you: a login (which is also your demo account number), a password, and an investor password.
Step 4: Click the ‘Complete’ tab, and you will be directed automatically to the trading terminal with a currency pair chart and $100,000 virtual money as a deposit.
How to open a live account in MetaTrader 5
If you are set to trade live markets, you need to learn how to open a live account on MetaTrader 5.
Create an account on your broker’s website. You will be required to provide proof of address and a copy of your ID. Ensure you supply the required information on your broker’s site and agree to the terms and conditions.
The login details, including an ID and password for your trading account, will be provided when your broker accepts your request.
How to trade using MetaTrader 5
Step 1: Select the currency pair you’d like to trade, e.g., EUR/CHF
Step 2: Select a financial instrument within the Market Watch window.
Step 3: Open its context menu and then click ‘New Order.’
Step 4: To execute a Buy trade if you believe the market will rise in value, click ‘Buy.’ For a Sell trade, i.e., the market will fall in value, click ‘Sell.’ This action will instantly place your trade.
The MetaTrader 5 comes with the most important Forex indicators, and with such technical tools, you can scale through financial markets with great ease. With the steps above, you can download and install the platform on a compatible device to start a successful trading journey.