Some of the unique features of a trading tool called MetaTrader 5 include automated trading, multiple open positions, multiple analytical tools, currency charts, and accurate technical analysis.
What is MetaTrader 5
Also known as MT5, MetaTrader 5 is a platform that allows you to use algorithmic trading applications to automate trading of Forex, Contract for Differences (CFDs), Stocks, and Futures.
MetaTrader 5 allows you to build your own Expert Advisors (EA) or import already built-in EAs onto the platform.
Features of MT5
Automated trading
If you want a tool that can trade positions on your behalf, MT 5 should be something you should use or work with. All you need to do is to activate the automated trading, you would see it trade and execute trades on your behalf even when you are attending to other important things.
With the automation process, you will be able to process in-depth information and several orders faster.
Advanced market depth
This feature enables you to see the best bids and offers for specific assets. Through this, you can have an idea of security’s market liquidity, including the number of standing buy and sell orders at different price levels. Your ability to effectively deploy this feature means that you can minimize losses.
Multiple analytical tools to enhance predictions
Apart from the 80 built-in analytical indicators, MetaTrader 5 also has technical and graphical built-in tools to help you understand price movement, which is very important in forecasting.
Specifically, one unique thing that makes it stand out is its 38 technical and 39 graphical indicators that will guide you in understanding the market movement and direction better.
Multiple open positions
It has a feature that allows you to open multiple positions and the ability to automate them and check at your convenient time.
Advanced reporting for analysis
MT5 has an in-built tool that puts reports of trading in your hand, thereby enabling it to quickly track trading activities and final values of instruments.
Now that you’ve known the key features of MT5, here below is a simple guide on how to use this tool to trade.
You can use it to come up with your own custom modes, which allows you to trade even when their machine is offline.
How easy is it to use MT5?
It may sound easy on the surface, yet it requires an understanding of how it works. You will need an expert to guide you through the use of the advanced tools built in it. The advanced tools simplify the process of analysis and trades in the financial markets.
How to trade on MetaTrader 5
There are more than two dozens A-list broker you can sign up, the top ones among them include:
- RoboForex
- FXTM
- Blueberry Markets
- AvaTrade
- FXPro
- FXCM
- Exness
- TickMill
- FusionMarkets
- PepperStone etc
So, when you sign up with any of the above brokers, look for the MT5 extension the broker offers. Some of them offer MT5 extensions for free.
Download the MT5 platform on your device and log into your account
On the Order window, open your first position.
When opening your first position, there is an option to choose from multiple order and execution types. If you like, you can let the system place orders on your behalf.
On the Terminal window, there is an option for you to monitor your positions.
Through the Terminal window, you can modify stops, limits, and orders as per your trading objectives
Customize charts, and indicators, and set up price alerts that update you on market prices.
Continue to view trade history from your Terminal window and download trade reports with detailed information on your trades and account summary.
Note: Some of the brokers that offer free access to the MT5 platform also allow you to place your trades automatically and view several charts and tools.
Those who have been in the financial markets for more than two decades will attest to the fact that technological advancement and the software at the disposal of forex traders have simplified the process of trading.