The very first thing that you need to do before starting off your journey as a trader is looking for a reliable trading platform to help you succeed in the financial markets. Most traders end their search with the popular MetaTrader platforms. Today, we will be talking about MT5 which is one of the most sophisticated trading softwares that is available today. In fact, the advanced capabilities of MetaTrader 5 has allowed it to emerge and expand its client base by becoming the go-to platform for traders around the world. But what exactly is MetaTrader 5, and how can it benefit you? In this guide, we’ll be giving you a detailed introduction to the MT5 platform and its unique features in order to help you get the most out of MT5 trading.
Why MetaTrader 5 is a Popular Choice for Traders?
You might already know that MT5 was launched as a successor of MetaQuotes’s previous release MetaTrader 4 which was a huge success and was well-received by millions of traders from all parts of the world. MT5 was firstly introduced to remove the shortcomings of MT4 while retaining all the powerful features and user-friendliness which made MT4 the most preferred forex trading platform in the first place. But the developers decided to level up their game with MT5 as it was designed as a multi-asset trading platform which is able to execute complex strategies with greater efficiency.
Why MT5 is better than MT4?
It is needless to mention that MT5 overtakes its predecessor in terms of speed and stability and the advanced programming language used makes it a better choice for trading automation. Basically MT5 is very similar to MT4 but still very different as the trading experience that you get will be superior due to the added tools and features you get on the modern trading platform. So, the reason behind the growing popularity of MT5 is pretty clear as each and every trader will be interested in exploring the markets with the best set of tools that they can find. Currently, MT5 is not offered by a lot of brokers in comparison to MT4 but many top brokers have already integrated MT5 as it is being demanded by a lot of traders.
Now, let’s have a look at the added features and tools of MT5 to understand this better.
Added Features & Tools of MT5:
- Multiple Markets: Like we mentioned before, MT5 supports multiple markets, unlike its predecessor MT4 which is predominantly used for Forex trading. MT5 can be used to trade multiple asset classes including stocks, futures, options, cryptocurrencies, commodities, indices and more. This makes it an all-in-one platform for traders who wish to diversify their portfolio.
- Advanced Charting Tools: MT5’s charting capabilities are second to none. The platform provides a range of charting tools, including 21 timeframes, 80 technical indicators, and analytical objects, allowing traders to conduct in-depth analysis of the markets. You also get a lot of pending order types which are not there on the classic MT4 version.
- Built-in Economic Calendar: One of the most useful features of MT5 is the built-in economic calendar. The calendar provides a comprehensive overview of upcoming economic events that can impact the markets. Traders can use this information to make informed trading decisions.
- Depth of Market (DOM): MT5’s Depth of Market feature allows traders to see the volume of buy and sell orders at different price levels. This information helps traders to gauge market sentiment and make informed trading decisions.
- Multi-Currency Strategy Tester: MT5’s Multi-Currency Strategy Tester allows traders to backtest their strategies on multiple currency pairs simultaneously. This feature saves traders time and allows them to optimize their strategies more efficiently.
- Algorithmic Trading: MT5’s advanced algorithmic trading capabilities make it a favourite among automated traders. The platform supports MQL5, a programming language that allows traders to develop their own trading robots and custom indicators.
- Copy Trading: MT5’s copy trading feature allows traders to replicate the trades of other traders. This feature is particularly useful for beginners who wish to learn from more experienced traders.
- Trading Signals: MT5’s Trading Signals feature allows traders to subscribe to signals from other traders. These signals provide valuable insights into the markets and can help traders make informed trading decisions.
- Market Depth: MT5’s Market Depth feature provides traders with real-time market data, including the volume of buy and sell orders at different price levels. This information helps traders to gauge market sentiment and make informed trading decisions.
- Virtual Hosting: MT5’s Virtual Hosting feature allows traders to run their trading robots 24/7, without the need for a dedicated computer. This feature is particularly useful for traders who use algorithmic trading strategies.
Easy steps to download and start trading on MT5
- Choose a broker: To start trading on MT5, you need to find a broker that supports the platform. There are quite a few brokers that offer MT5 trading accounts, so do some research and choose one that suits your needs. Don’t forget to consider the trading conditions offered and make sure you find a broker whom you can trust not only with your money but also the trading process.
- Download the MT5 platform: Once you’ve chosen a broker, you can download the MT5 platform from their website. The download and installation process will differ based on the operating system or device that you use. MT5 is available for download for many systems and devices including windows, Mac, ios & android smartphones.
- Create an account: After you’ve installed the MT5 platform, you’ll need to create a trading account with your chosen broker. You will have to register by filling an online form with your personal information and agreeing to the terms and conditions. Then, you will receive a confirmation via mail which also comes with login credentials for your MT5 account.
- Add Funds to your account : Once you login to your real trading account, you’ll need to add funds to it before you can start trading. You will get a number of payment methods to choose from based on the broker you choose.
- Choose your trading instrument: MT5 supports a wide range of trading instruments falling to different asset classes. You can add the chosen trading instruments to your watchlist.
- Analyse the market: Before placing a trade, it’s important to analyse the market and identify potential entry and exit points. MT5 offers a variety of technical analysis tools, such as charts, indicators, and oscillators, to help you with this process.
- Place your trade: Once you’ve identified a trading opportunity, you can place your trade directly from the MT5 platform. Simply choose your trading instrument, select the trade size, and click the buy or sell button.
- Monitor your trade: After you’ve placed your trade, you’ll need to monitor it to ensure that it’s performing as expected. You can use the MT5 platform to track your trades in real-time and adjust your strategy if necessary.
Overall, trading on MT5 can be a fulfilling and rewarding experience, but it’s important to educate yourself and practise well on a forex demo account as live trading without knowledge would be a risky venture for a beginner. So, take it slow and go live when you feel confident and ready.