One of the best ways to achieve financial independence and climb the investment ladder is with cutting-edge tools and proper investment education. The forex market is a great investment opportunity, especially since it’s one of the largest and most liquid markets.
MetaTrader 5 (MT5) is one of the most prominent trading platforms for CFD traders, retail investors, forex traders, and day traders, allowing them to make informed trading decisions. In this guide, we take a closer look at the MT5 platform and how you can use it to improve your trading strategy.
What is MetaTrader 5?
MetaTrader 5 is a cutting-edge online trading platform where traders can buy and sell forex, CFDs, stocks, and commodities, and it’s an upgrade from MT4. With MT5, you get 38 built-in technical indicators, 46 graphic objects, and 22 analytical tools. It also offers unmatched order processing speed and opens opposite trading positions.
MetaTrader 5 offers one-click trading and different kinds of orders, including Market, Limit, Trailing Stop, Stop Loss, and Stop Entry. It also features an integrated MQL5 development environment and an advanced strategy tester, making it suitable for any investor who needs some form of assistance.
MT4 vs MT5: Impressive Upgrades
MetaTrader 5 is an upgrade from the widely popular MetaTrader 4 (MT4). When MT4 was first released, it was highly popular and optimized for forex trading. MetaQuotes, the renowned developer that developed MetaTrader, has upgraded the platform, and MT5 is an impressive multi-asset platform for a modern trader. MT5 has added features for enhanced trading and analysis and is made with the MQL5 programming language.
Unlike MT4, which has limited open charts, MT5 offers 100 simultaneously. It also increased its time intervals from nine to twenty-one. The available time frames on MT5 include M1, M2, M3, M4, M5, M6, M10, M12, M15, M20, M30, H1, H2, H3, H4, H6, H8, H12, D1, W1, and MN. It also comes with an economic calendar.
As for reports, MT5 comes with basic and advanced tables that provide more information. The strategy tester on this platform is multi-threaded, so rather than testing one instrument at a time, like with MT4, you can test multiple instruments simultaneously and store the calculations in the cloud.
How To Use MetaTrader 5
It’s relatively easy to use MetaTrader 5 for your trading and investment needs. Before you get started, it’s a good idea to test the demo version. All you have to do is visit the MT5 website and complete the form. Then, you get a virtual trading amount of EUR 50,000 in the demo account. You can use this to test out the platform before signing up.
The MetaTrader 5 platform is available on the web and mobile, and you can install it on your computer.
- Download the MetaTrader 5 platform.
- Run the setup file.
- Enter your account login information.
- Start trading.
MetaTrader 5 has different order types, including Market, Limit, Trailing Stop, Stop Loss, and Stop Entry. You can make multiple orders simultaneously, and the multi-threaded platform would cause the orders to be processed faster.
You can trade on MetaTrader 5 using market orders and pending orders. The market order allows you to buy or sell an asset at the current price and execute it in real time. Then, a pending order is an order for selling an asset at a particular price in the future.
Tips and Tricks for Beginners
Before using MetaTrader 5 for your trading needs, there are some tips and tricks you should keep in mind.
Use Multiple Order Types
MT5 comes with different types of orders, and you can place all of them simultaneously. With multiple order types, traders can increase their odds of having successful trades.
Take Advantage of the Technical Analysis Tools
MT5 offers different technical analysis tools, from oscillators to indicators, making it easy for traders to identify potential trades. It allows you to make informed decisions when trading.
Use the Alerts
You can set up alerts on MT5 for particular events like technical indicators, price changes, and opening or closing the trade.
Customize the Charts
For a better understanding of the trends and charts, you can switch between different chart types on the MT5 platform. It allows you to customize the charts and toolbars, including line charts, candle charts, and bar charts.
Reasons Why You Should Use MetaTrader 5
There are three main reasons why MetaTrader 5 is a good assistant in climbing the investment ladder.
- MetaTrader 5 offers impressive speed, making investing easy from the comfort of your home. You can place orders quickly and simultaneously, and the platform is still user-friendly.
- MetaTrader 5 allows you to customize features, including charts, graphs, orders, indicators, and robots. It comes with the modern programming language, which is MQL5.
- MetaTrader 5 comes with extensive analysis tools for automated trading. There is an extensive library of indicators and analysis tools.
Conclusion
As a cutting-edge platform for forex and other types of trading, MetaTrader 5 is a reliable trading tool for climbing the investment ladder. The platform is a fantastic investment choice, as it supports automated trading and different order types. It’s essential to keep yourself updated with the latest news and trends before diving into the world of investments.
