Metatrader 5 was created to address some of the shortcomings of Metatrader 4. However, it works only for forex trading. When you download MetaTrader 5, you will be able to trade via markets other than Forex, like stocks and commodities.
It is so because it is the best platform to connect to a centralised trading exchange. Forex is a completely decentralised market. It comes with several broad range participants providing liquidity at versatile prices and in an imbalanced manner into this broad width market.
23% of Australia’s 9 million people have invested in trading, says a report from 2021. Commodities are primarily traded as futures contracts, unlike stocks. Several contracts with different expiration dates must typically be exchanged via trade brokers.
Using MT5: Its Different Operations
Because it is highly configurable to your specific trading preferences, MT4 is immensely popular. It can also be used to automate trading rates with the help of algorithms that open and terminate deals on your behalf based on preset parameters. Here is a list of some basic operations you will follow on MT5,
- The startup
- To begin with, download the application via the official link. After you’ve downloaded the file, run it. A security popup may display, requesting confirmation of the action, depending on the system security settings- Select Yes.
- Go over the licensing agreement carefully. Before installing Metatrader 5, carefully read and agree to the Metatrader 5 License Agreement. Now, Download Metatrader 5 and then install it.
- To begin the installation, click Next. The installation wizard will download and install the required files from Metaquotes Data Network on your computer.
- Install Metatrader 5. Run the software after installation. You’ll see a list of servers. Select one of the available servers.
- Go to your account and log in. Enter your account number and password. You may now use Metatrader 5 on your computer.
- Placing an order
- In the Market Watch window, right-click on the desirable financial instrument.
- Choose “New Order” from the drop-down menu.
- Next, determine whether you wish to execute a pending order, an instant order, or a market order.
- Order right away.
- If you choose an immediate order, you must first determine the magnitude of your location (volume) (volume) the levels of your take-profit and stop-loss orders.
- Then, based on your selected situation, click “Sell” or “Buy,” and your order will be performed at the next available price.
- Using price charts
There are several ways to open a chart on the MetaTrader 5 platform. Here are some of them,
- Go to File, click ew chart. MT5 Chart. You can scroll through the new chart options and select a contract from the list below. After selection, the chart for the specified contract will open in the platform window.
- MT5 Chart 7 Users can also open the chart from the marker watch board. Go to the MarketWatch Board on the left side of the platform window. The MarketWatch Board acts as a pricing board for the MT5 platform. Add your contract to the MarketWatch Board by clicking + to add. Then right-click on the added contract.
- Alternatively, right-click on one of the available contracts already listed. Select Chart Window from the New menu to open the chart for the selected contract.
Summing up with some quick trading tips
Trade only the money you can afford to lose because, as a beginner, random trades can turn pretty risky. Always work on your financial and economic knowledge, as understanding how financial markets and transactions work is essential to your success. Apply consistent trading strategies and respect money management rules. Since you cannot make money without implementing a trading routine, follow the trading method and respect the money management parameters.