Forex traders all over the world use MT5, an advanced platform packed with useful tools and information. Discover the basics of working with the software.
How to Use MetaTrader5 for Trading
This state-of-the-art platform is the top choice for retail traders around the world. Residents of Nigeria may now learn to benefit from currency exchange thanks to Alpari. The internationally recognized broker enables users to download mt5 and explore its features with a live or demo account. Here is how you can do it.
Range of Devices
The finance software is optimized for both desktop and portable devices. For Windows and Mac versions, head over to the broker’s website and download the installation file. Owners of Apple computers may need to follow the standard procedure for the third-party software. Launching of the .exe file starts a wizard that guides you through the necessary setup steps.
Smartphone users in South Africa may take advantage of trading on the go. Both Android and iOS-based apps have thousands of genuine user reviews. Just check the official app markets.
Once you have downloaded and installed the platform, obtain login details from your broker. Typically, the procedure for demo account registration is instant, with the credentials emailed right away. Live trading requires submission of a few documents and verifiable contact details.
Naturally, real trading requires the transfer of actual funds to your account, which is done through a variety of payment methods. Aside from currencies, it is possible to trade stocks and commodities, depending on the account type.
How Trades Are Opened
The interface is clear and largely intuitive. For instance, to open a new trade immediately, you can simply use the window titled “Order”. In addition, there is a shortcut for that. Titled ‘New Order”, it is found on the toolbar in your trading chart. The F9 key achieves the same goal. Now, you may enter the amount to be traded.
The fastest way to open a new position, however, is through the ‘One-Click Trading’ option summoned by right-clicking on a trading chart. All you need to specify here is the number of lots.
Alternatively, head to the ‘Market Watch’ window located on the ‘View’ tab (or via the Ctrl+M combo). This is followed by double-clicking on the desired instrument and pressing the “Sell” or “Buy” button. To complete the operation, you need to fill in the “Volume” field and specify how much you want to trade (in lots).
If you want the trade to commence instantaneously, the ‘Market Execution’ type must be chosen. If, however, you would like to delay it until more favorable market conditions, take advantage of the so-called “limit order” (by filling in the “Stop Loss” or “Take Profit” field).
Placing Limit Orders
The “Stop Loss” and “Take Profit” scenarios cause your initiated trade to auto-close once a certain price level is approached. The former protects you from making a loss, while the latter secures your profit. Both may be either set up on the stage of initiating a trade or added later.
Situation 1: Creating a Trade
In the first case, when new order parameters are being filled in, highlight the corresponding fields in the window. In the loss-related space, type in a value lower than the current sale price. In the second space, type in a value exceeding the current buy price. Both these prices may be found next to the ‘buy by market’ button.
Finalize the process by clicking ‘Buy by market’. Done! Now the trade will be closed without your participation. There is no need to sit at the computer monitoring the charts.
Situation 2: Modifying a Trade
If you need to modify a trade that is already being executed, open up the chart window and highlight the following values:
- The price at which your trade emerged (it is represented by the green line);
- Stop loss (represented by the red line at the bottom);
- Take profit (represented by the red line at the top).
Now, modify the stop loss value by dragging it to the desired level. At this point, a window with terms and conditions will pop up. Accept and continue.
More to Learn
These are the most basic operations conducted via MT5. Your broker should be able to provide tutorials and expert guidance to help you delve deeper into the world of Forex trading.