MetaTrader 5, the successor to MT4, was introduced with an aim to offer more advanced features and capabilities. Launched in 2010, MT5 is not just a platform for forex trading but is designed to accommodate stocks, futures, and commodities trading as well. With its enhanced charting tools, more timeframes, economic calendars integrated directly into the platform, and improved strategy tester for EAs, MT5 caters to traders looking for a more comprehensive trading experience.
How to use MetaTrader 5 on Desktop
Below is our step-by-step guide on how to access and use MT5 for desktop.
Similar to MT4, setting up MT5 involves selecting a reputable broker that supports the platform, downloading the software, and installing it. The process is straightforward:
1.) Create an account
In order to use MT5, you’ll first need to create an account with a forex broker or prop firm. Once you have done that, you can set up a live MT5 account or an MT5 demo account.
1.) Download MT5
- Visit this website to find the MT5 download link.
- Download the setup file and run the installation.
- Once installed, open MT5 and click File > Open an Account
- Search for your forex broker of one of the many prop firms in the search bar and then select the correct company.
- Enter your login details that you received from signing up to your broker (your MT5 account login will be a 7 digit number like this ‘1111111’ while your password will be the same one you used to create your account.)
This section will guide users through each step, ensuring they can smoothly set up MT5 on their computers.
How to use the MetaTrader 5 App on iOS and Android
Installing and Setting Up MT5 (on mobile)
- Visit the App Store to and download ‘Metatrader 5’
- Once installed, open MT5 and click Settings > New Accounts
- Search for your broker in the search bar and then select your broker.
- Enter your login details that you received from signing up to your broker (your MT5 account login will be a 7 digit number like this ‘1111111’ while your password will be the same one you used to create your account.)
Though MT5 shares a similar look and feel with MT4, it boasts additional features and a slightly different interface layout. This part of the guide will focus on the distinctions, such as the economic calendar, additional timeframes for analysis, and the Market Depth feature, which provides insights into market liquidity. Understanding how to navigate through the MT5 interface is crucial for leveraging its full potential.
Advanced Features on MT5
1. Utilizing Technical Indicators
- MT5 comes equipped with a vast array of technical indicators for comprehensive market analysis, including trend indicators, oscillators, and volume indicators.
- Add any indicator to your chart by dragging it from the Navigator window or selecting it from the ‘Insert’ menu.
2. Employing Trading Robots (Expert Advisors)
- Expert Advisors (EAs) can automate trading based on predetermined criteria.
- You can either develop your own EAs using MQL5 or download pre-built ones from the MetaTrader Market.
3. Customizing the Platform
- MT5 allows extensive customization — from changing the look and feel of the trading interface to creating custom indicators if you have programming knowledge.
- Save your trading environment setup by using profiles and templates for quicker access in future sessions.
Effective Trading Strategies on MT5
1. Strategy Testing with Strategy Tester
- Test and optimize your trading strategies using the built-in Strategy Tester.
- Evaluate the performance of EAs with historical data before applying them in real trading scenarios.
2. Risk Management Tools
- Implement risk management tools such as stop-loss orders, take-profit orders, and trailing stops to protect your investments.
- Utilize the ‘One-Click Trading’ feature for faster execution during volatile market conditions.
3. Using Plugins and Add-Ons
- Enhance your trading capabilities by adding plugins like the Mini Terminal for advanced order management and the Trade Terminal for comprehensive market analysis.
- These tools can be found in the MetaTrader Market, where both free and paid add-ons are available.
Educational Resources and Community
- Engage with the MT5 community through forums and webinars to gain insights and share trading experiences.
- Access a wide range of educational resources provided by your broker to better understand how to utilize MT5 effectively.
MetaTrader 5 is a robust trading platform that offers a plethora of functionalities for traders looking to explore Forex and other financial markets. By understanding and leveraging its comprehensive tools and features, traders can significantly enhance their trading experience, streamline operations, and potentially increase profitability. Whether you’re a beginner or an experienced trader, MT5 provides the necessary tools to support your trading strategies in a dynamic market environment.
Executing Trades on MT5
Trading on MT5 follows a similar process to MT4 but includes more options and features, such as more order types and the ability to trade a wider range of assets. This section will detail how to place trades, set stop losses and take profits, and use the advanced order types available on MT5, providing beginners with a clear understanding of executing trades effectively on the platform.
Comparison Between MT4 and MT5
While both platforms are designed by the same company and share many similarities, there are several key differences that traders should be aware of. This includes the range of markets available (with MT5 offering access to stock exchanges), the depth of market functionality, and the different programming languages used for custom indicators and EAs (MQL4 for MT4 and MQL5 for MT5). Understanding these differences can help traders choose the platform that best fits their trading strategy and market interests.
Choosing the Right Platform
The choice between MT4 and MT5 ultimately depends on the trader’s needs, trading style, and the markets they wish to access. This section will provide guidance on how to make this decision, considering factors such as the trader’s preference for simplicity vs. advanced features, the assets they plan to trade, and their interest in using automated trading systems.
Advanced Features and Tips for Using MT5 and MT4
Both MT5 and MT4 allow the use of custom indicators and scripts to enhance trading strategies. These tools can be downloaded from the internet or developed using the platforms’ respective programming languages. This section will guide beginners on how to install and utilize custom indicators and scripts, significantly improving their market analysis and trading efficiency.
Automated Trading and Expert Advisors (EAs)
Automated trading is a significant feature of both platforms, allowing traders to use algorithms (Expert Advisors) to trade on their behalf. This part will introduce the concept of EAs, how they work, and how to implement them on MT4 and MT5. Additionally, it will provide tips for selecting EAs, testing them on demo accounts, and optimizing their settings for better performance.
Conclusion and Further Learning Resources
To wrap up, this blog post will summarize the key points covered, reinforcing the essential steps and considerations for beginners starting with MT4 and MT5. It will highlight the importance of practice, continuous learning, and staying informed about market conditions and platform updates.
Moreover, it will offer recommendations for further learning resources, such as online courses, webinars, forums, and tutorials, where beginners can deepen their understanding of forex trading and the MetaTrader platforms. These resources will help new traders develop their skills, refine their strategies, and become more confident and effective in their trading endeavors.
This comprehensive guide aims to equip beginners with the knowledge and tools needed to embark on their trading journey with MetaTrader 4 and MetaTrader 5. By understanding the platforms’ features, capabilities, and differences, traders can make informed decisions and harness the full potential of these powerful trading tools.
