MT5 Trading Software Course for Beginners
MT5 Platform Guide for Beginners
If you want to learn how to set-up MT5 software this indices lesson explains the trading step by step guide on how to setup MT5 Trading Software for beginners with examples - MT5 Software Setup - MetaTrader 5 Software Guide for Beginners.
The following example explained and illustrated below shows the main MT5 platform inter-face. As a beginner trying to learn how to execute orders in online market, the main trading tool for trading the trading market is the MT5 software. This is the software that you'll connect to your broker with & execute indices transactions & monitor your trading account equity balance.
The MT5 platform for indices trading is provided for free by trading brokers. This MetaTrader 5 platform looks like the trading examples explained below:
Learn MT5 Platform - MT5 Software Setup - MetaTrader 5 Software Guide for Beginners
Main Areas of this MT5 platform as illustrated above are:
- Navigation Menus
- Tool-Bars
- Chart Window
- Navigator
- Market Watch
- Terminal
- Connection Bars
For this MT5 Software Setup guide we shall look at a brief introduction for each of these:
1. MT5 Navigation Menus MT5 Software Setup - MetaTrader 5 Software Guide for Beginners
The MetaTrader 5 navigation menus are:
- File Tab
- View Tab
- Insert Tab
- Charts Tab
- Tools Tab
- Window Tab
- Help Tab
These MetaTrader 5 menus are the main navigation menus that can be used to navigate the MetaTrader 5 platform. As a beginner you can begin by just clicking on any of these MT5 software navigation menus to familiarize yourself with the various buttons that are arranged as submenus within these navigation menus.
The MT5 platform navigation menus will be discussed in details in the next MetaTrader5 setup tutorials about navigation menus - MT5 Software Guide for Beginners.
2. MT5 Tool Bars MT5 Software Setup - MetaTrader 5 Software Guide for Beginners
The MetaTrader 5 tool-bars are used to manipulate charts, either by placing technical indicators, line studies, change chart timeframes & load an MetaTrader 4 template from a list of saved templates on the MT5 platform.
The MT5 tool bars will be discussed on other MT5 software setup tutorials which will outline each button on this tool bar and how to add and customize these MT5 tool bars - MetaTrader 5 Trading Platform Setup Guide.
3. MT5 Chart Window MT5 Software Setup - MetaTrader 5 Trading Software Lesson for Beginners - MT5 Platform Tutorial
MT5 Chart Panel is the main area where charts are portrayed and one can analyze the trend direction of a chart whether up or down, place indicators for technical analysis & even place trade orders from these charts - MT5 Trading Strategy Setup.
5. MT5 Navigator MT5 Software Setup - MetaTrader 5 Trading Software Lesson for Beginners - MT5 Trading Software Setup
MetaTrader 5 Navigator will contain information about accounts, whether practice trading account or live account, this window will also have a list of all the MT5 indicators as well as Expert Advisors and scripts.
One can select which MT5 account to sign in by expanding the Accounts menu, choose a chart indicator by expanding the MT5 indicator menu or choose an Automated Expert Advisor by expanding the MT5 Automated Expert Advisor menu - MT5 Software Guide for Beginners.
5. MT5 Market Watch MT5 Software Setup - MetaTrader 5 Software Guide for Beginners
MT5 Market watch is used to show streaming quotes for indices. This can list as many quotes that are provided by your broker or a few chosen by a trader. To save internet band width, right-click inside the trading market watch window and select "Hide All", so that to hide the MetaTrader 4 symbols that you are not transacting and save on inter-net band width.
6. MT5 Terminal MT5 Software Setup - MetaTrader 5 Software Guide for Beginners
This is panel that's like the bank account trade area for your trades, on this panel you can view your account equity balance, profit & losses statement, equity, margin used and also to retrieve a copy of all your stock trades transactions history.
This will also listing all open trades & calculate all the profit & loss in real-time as the prices move upward or downwards.
7. MT5 Connection Bar MT5 Software Setup - MetaTrader 5 Software Guide for Beginners
Red bars are for no connectivity, green bars show that there's connection to the servers & trading orders can be set. These MT5 connection bars should always be green when one logged into their demo trading account or real account.
The main areas form the MT5 Platform Setup guide and will be the main areas to be covered in detail in next learn MetaTrader 5 platform guides. For now it's best to download MT5 platform and familiarize yourself with the MetaTrader 5 software interface.
Why MetaTrader 5 Software is Required for Placing Trade Transactions with Online Brokers
MT5 platform is the software which is used to access the market and interpret these price movements using analysis. There are various reasons why one requires to use a good platform. A good software can determine if a as a trader you make profit or not.
So why does a trader need a good platform:
To connect to the Server:
To place an order when trading online a trader needs to use a platform which will connect to the trading servers of their trading broker & allow them to open & close trading orders. Good softwares will connect with ease to the brokers' servers & allow traders to place orders at any time from their desktop PC computer.
To analyze charts using analysis
To place a buy or sell order one needs to first analyze the direction of indices. This is why all good platforms provide traders with technical tools such as price charts, indicators & various different timeframes from which trader can analyze price moves using the time frames of their choice.
MT5 Software Setup - MetaTrader 5 Software Course for Beginners
From the above MT5 platform inter-face, summary of all information required by a trader is provided on this MetaTrader 5 interface
- Connection - connection to the broker servers
- Charts - price charts that display prices
- Toolbars - toolbars to add tools & analysis technical indicators
- Market Watch - for displaying available financial instruments
- Data window - provides trading account data & other indicator data
- Exchange rates - shows current market price on a chart
- Menu bar - Shows all menu items in MT5 software
MT5 Platform Setup - MT5 Platform Course for Beginners
