How To Trade With MT5 - A Beginners Guide
The first true lesson a newbie trader learns is that taking on a trade is like a foray into unpredictable new grounds. On every one of these adventures in investing, a trader must take with him or her, the tools that will enable the highest chances of besting the quest, anticipating the outcome, and making a profit.
One such tool is the trading platform, and the best of these platforms is MetaTrader 5 (MT5).
The MetaTrader 5 (MT5) platform is a popular choice for forex traders around the world. It’s an advanced trading platform that offers a range of features and tools that can be used to trade a variety of financial instruments.
One of the key features of MT5 is its ability to offer advanced charting tools and indicators. This makes it an ideal choice for technical analysis, as well as for fundamental analysis.
If you’re new to the world of forex trading, the MetaTrader 5 (MT5) platform can be a little daunting. But don’t worry – we’re here to help. In this guide, we’ll take you through everything you need to know about how to trade with MT5.
What is MT5 and what are its features?
MetaTrader 5 (MT5) is the latest version of the MetaTrader platform, one of the most popular and widely used forex trading platforms in the world.
In this new version, MT5 has a number of additional features and enhancements. Some of these include:
- Advanced charting tools
- Improved order management
- More sophisticated market analysis
- A wider range of technical indicators
- Direct news feed from Thomson Reuters
- Customisable interface
How to install MT5 and create a live account?
Installing MT5 is a simple process that should only take a few minutes. Once you have downloaded the installation file via QuickTrade, simply run it and follow the instructions. After MT5 is installed, you will need to create a live trading account in order to start trading. Creating a live account is quick and easy. You’ll be up and running in no time to place your first trade. What’s more, creating a live account will allow you to test out all of the features of the platform before committing to real money trading.
To create a live trading account, simply click on the “Create Live Account” button on the main MT5 screen. You will then be prompted to enter your personal information, such as your name and email address. Once you have completed this step, you will be able to log in to your new account and start trading today.
How to read charts and make trades on MT5
Charts are an important part of any trading platform, and MetaTrader 5 is no different. In order to make trades on MT5, you need to be able to read and interpret the charts correctly. This can be a challenge for some traders, but with a little practice it becomes much easier.
Types of charts
There are two main types of charts on MT5: candlestick and line.
Candlestick charts
Candlestick charts are the most popular, as they provide more information than line charts. Each candlestick represents a certain period of time, and the price movement during that period is shown by the shape of the candlestick. For instance, if the candlestick is green, it means that the price went up during that period. If it is red, the price went down.
Line charts
Line charts are simpler, as they only show the closing price for each period. This can make them harder to read, but some traders prefer them as they can be less confusing.
Timeframe
Once you have chosen which type of chart you want to use, you need to select the time frame that you want to view. The time frame can be anything from 1 minute to 1 month and will depend on your trading strategy. A shorter time frame will give you more information but can also be more volatile, while a longer time frame will be less volatile but may provide less information.
Action, resistance and trends
When looking at a chart, there are a few things that you need to pay attention to in order to make informed trades. The first is the price action, which is the movement of the price over time. You need to look for patterns in the price action in order to predict where the price is likely to go next.
The second thing to pay attention to is support and resistance levels. These are points at which the price has previously struggled to break through and can be used to predict where the price is likely to reverse.
Finally, you need to be aware of trend lines. These are lines that connect highs or lows on a chart and can be used to identify the direction of the current trend. If the line is going up, it means that the trend is bullish (the price is going up); if it is going down, the trend is bearish (the price is going down).
Once you’ve got to grips with the basics, QuickTrade is standing by to show you how to set up your first trade on the MT5 platform. We’ll also give you some top tips on how to trade with MT5 successfully.
