Meta trader 5 is widely used by traders globally. It is a web-based platform that provides algorithms for automated trading. It enhances trading through forex robots. MT5 offers flawless trading of forex, CFDs, and futures. If you are new to the use of MT5, here are tips for you.
What is MT5?
Probably you already want to know what is meta trader 5. MT5 is the short form for Meta trader 5. The platform is compatible with a wide variety of forex robots available at the Forex Store. It is an advanced version of MT4 and comes with more features for forex trading.
MT5 is an online-based platform that allows traders to buy and sell forex, stocks, CFDs, and commodities. Robots provide algorithms for automated trading. To succeed in automated forex trading, it is important to understand how to use MT5.
MT5 vs MT4
There are several differences between MT4 and MT5, as follows:
- Total pending orders available: The MT4 has 4, and the MT5 has 6 types of pending orders. The two extra pending orders allow users to place limitations on their conditional orders.
- Total frames: MT4 has 9, and MT5 has 21. Frames allow you to set a time within which to enter and exit the forex market. Many traders set 15 minutes to one hour.
- Uses: With MetaTrader 4, you can only trade with forex. MT5 allows multiple-asset trading. You can use it to trade stocks, indices, forex, and a variety of commodities.
- Technical indicators: MT4 has 30 while mt5 has 38. Indicators are charts that show price movements and volume.
- Strategy tester: MT4 has 1 while metatrader 5 has multiple threads. When using forex robots, you need to have a trading plan. Strategy testing helps you know if your plan will work.
How to trade on Metatrader 5
Many new traders want to know is metatrader 5 legit and whether they will lose money using it. It is a legit platform developed by Metaquotes Software Corporation. If you understand how to use mt5, you minimize losses and maximize profits. Here are tips to follow.
Read MT5 resources: A lot of Meta trader 5 resources are available online. Read extensively to understand how the platform works. Get information about buying, selling, understanding market movements, and loss prevention. The platform contains features like the main menu, toolbar, charts, and market watch. Understand how to use each mt5 feature.
Download and install: You need to download the platform and install it on your phone or computer. Search Metatrader 5 online and download it. It is compatible with iOS, Windows, Android, and macOS.
Open a broker account: You cannot trade on MT5 without a broker account. Brokers have access to the various forex markets around the world. You may want to know the fees the broker charges and the minimum deposit you need to make for trading. With a broker account, you can program a forex robot to trade for you all day and night.
Start trading: After downloading and setting up, you are now ready to start trading on MT5. You can use the Menu bar on Tools to place a new order. Your other option is to double-click on the currency you want to trade and then choose New order. Choose your currency pair and the market you want to trade. Choose the volume of your lot and click buy.
Build skills and develop patience: Keep building your skills by trading more often. To get the best benefits, you need to develop patience. Sometimes benefits take time to accumulate but as you become skilled, you will benefit more.
Summary
MT5 is a forex trading platform that allows automated trading. You need to download and install it to use the platform. Open a forex account with a broker and deposit your first forex investment. Always keep reading information about trading and keep boosting your experience in forex.