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Everything you need to know about MetaTrader 5

Everything you need to know about MetaTrader 5

January 09, 2021 0 Comments

Everything you need to know about MetaTrader 5 

Undoubtedly, MetaQuotes has been famous over the years for introducing one of the most institutional and multi-asset trading platforms like MetaTrader 5. The MT5 platform is an updated version of the favorite MetaTrader 4 trading platform. Factually, the platform has a wide range of assets, functions, and opportunities for successful trading to its users. The proof that the platform is gaining popularity in the Forex market is that MT4, in 2019, won the title of the best trading platform in the market, along with the best multi-asset trading platform.  

It was just a short description of the all famous MetaTrader 5. If you want to discover the platform in detail, then you must go through the blog thoroughly. The article will discuss everything mandatory for a trader to know before trading on such an institutional platform.

What is MetaTrader 5?

MetaTrader 5 is an online trading platform that is an updated version of MetaTrader 4 but has many more additional features than MT4. The famous platform, MT5, is known for supporting multiple trading assets. The traders can trade stocks and futures on the platform along with Forex. The analysis tools on the platform are wealthy and are extremely helpful for price analysis while trading. Also, the traders have the opportunity to keep an eye on trading in other markets. The platform has in-built robots for automatic trading, copy trading, virtual hosting, and a database of developers who guide you through each step.

Who Should Trade on MetaTrader 5?

MetaTrader 5 is the best pick for both day traders and experts. If you are a day trader, you must be looking for a top-notch quality platform. A highly stable platform, wholly reliable, and extremely efficient is every day trader's choice. So, MetaTrader 5 has all the qualities and functionalities that you, as a day trader, might find in a trading platform.

Similarly, if you are an expert and have a good idea of the market, you would want to trade on a platform with a lot to offer you in terms of tools and functions. Therefore, MT5 offers you multiple tools, charts, and analysis products for trading efficiently. Additionally, you can pair up with different brokers at a time for trading.

Why Trade Using MetaTrader 5?

In terms of functionality, freedom of movement, capabilities, MetaTrader 5 is a comprehensive platform offering exceptional benefits to its traders. Hence, there are tens of thousands of reasons why MT5 is a trustworthy, robust, and stable trading platform for all users.

Multiple Versions of MetaTrader 5:

First of all, the platform users can quickly move without worrying about its effects on their trading as the MetaTrader 5 is available in different versions. All the users get access to a desktop, mobile, and web version of the platform. You can trade from any browser, including Mac, Linux, and Android. The web version that works without installing the top-notch platform can be reached out directly through mobiles, tablets, and laptops. However, the desktop version offers a more diverse platform with numerous copy trading, analysis, algorithmic trading, and automated trading tools.

Uses MetaQuotes Language 5 (MQL 5):

One another reason why MT5 is a great platform is that it utilizes the MetaQuotes Language 5. MQL 5 is a particular programming language with high object orientation. The experts also consider it automated trading software that serves as the basis for running the trading processes. The MetaQuotes Language 5 is to enable the development of various trading robots and indicators on the platforms, create coy deals, analyze the updates, track all the signs, and offer a specific customizable graphical interface for every trader.

Optimization of Expert Advisors:

A unique feature of the MetaTrader 5 is that it allows the users to customize their Expert Advisors according to their trading needs. It is on the traders to create, customize, and optimize the EA's as per their trading strategies. If you are new and are not sure to customize your Expert Advisor, you can download EA's, purchase or rent them, get help from EA applications or hire professionals for trading advice. Although experts do not consider it a great choice, the EA feature on the platform can be very beneficial for beginners.

Demo Account for New Users:

Creating a live account directly without practice can be risky for traders. Thereby, the MT5 platform brings a free and fully-featured demo account for beginners in trading. All the traders have to do is make a demo account and familiarize themselves with the trends, tools, and orders of the Forex trading platform. The advantage of the demo account is that the traders will remain away from risking their real-time money.

Diverse Educational Material:

The well-known trading platform offers a wide variety of news regarding the trends and updates in the form of newsletters of the FX market. Furthermore, there are useful educational guides, tutorials, and videos on how to trade and use MetaTrader 5 to trade. There is a proper economic calendar with marked essential events in the Forex market and predetermined and previous values.  

A Robust Platform for Free:

You can get MetaTrader 5 without spending a penny. Experts recommend trying the platform and understanding its functionality by creating an account for the demo version first. Depending upon your preference and trading interest, you can get either a standard entry or an enterprise license and instantly begin trading. The license's primary difference is the number of real accounts the users can create on MT4.

Safe and Secure Platform:

Testing trading skills on the famous MT5 platform is risk-free as it has a distributed design having an encrypted connection. From creating an account to the execution of trades and withdrawing money, the MetaTrader 5 platform is a safe choice. The data that the system transfers from one platform to the other is with end-to-end encryption. Also, All the information that the traders provide on the platform is anonymous and will never disclose to a third party for any reason. Additionally, on an individual level, each account has built-in systems of verification and two-step authentication. In the worst case, if there is a loss of data, there is even an option of backups and recovery of trading accounts on the MetaTrader 5 platform.

Easy to Access:

One of the most distinctive features of the updated version of MT4 is that you can understand the platform within a few seconds. The user interface is simple and easy, making accessing all the features from the toolbar quick. Everything, including the instruments, tools, and other features, is easily accessible; for example, the market watch includes all the trading market instruments and quotes. You can find the trading tools and manage the analysis tools using the navigator.

Features of the famous MetaTrader 5 Platform:

The widely known platform, the MetaTrader 5, is full of advanced features and tools for its clients in terms of features. Surprisingly, the platform has a choice in execution modes, analysis charts, timeframes, indicators, and other analytical tools on the trading platform. The traders have the following execution modes: request, market, instant, and exchange.

The platform offers four execution modes, namely market, instant, request, and exchange execution. Also, MetaTrader 5 supports six pending orders, two stops, and market orders. The platform has above twenty timeframes to enable the users to have a comprehensive analysis of the price movements. Moreover, you can view nearly a hundred charts and stocks in the market at one time. You can even get numerous technical indicators and analytical objects on MT5.

Competent Technical Analysis:

The features and tools the MT5 platform has for the clients are beyond imagination. Not ten or twenty, but the platform allows to open approximately one hundred currency and stock quotes at a single time. There are twenty-one timeframes and above eighty technical indicators to guide you at every step of Forex trading.

Also, suppose that the MT5 traders feel that the built-in tools are not enough at any point in the time. In that case, they can add the indicators of their choice from thousands of indicator options available on the internet or even create their indicators. All in all, all the features available on MetaTrader play a significant role in enhancing the famous platform's analytical capacity and improving your trades by having an in-detail technical analysis.

Versatile Trading Platform:

Factually, MT5 is a powerful trading platform with matchless features, opportunities, and trading systems. The platform has a market depth and includes the usual netting system and the modern hedging system for orders and trades. You will discover numerous options in terms of types of orders or execution of orders. Therefore, a trader with a unique trading strategy will never face difficulty implementing his or her plan on MetaTrader 5.

Fundamental Analysis:

The purpose of the fundamental analysis feature is to predict the prices of the assets in the market. With the tool's help, the traders on the platform can keep a check on different indicators. You can receive the exact data of the fundamentals on the MT5 platform itself, along with market news, trends, and events to take place. The economic calendar of the populous platform plays an integral part in every trader's trading journey.

Copy Trading and Hedging Options:

The MetaTrader 5 platform also allows traders to copy trading and hedging. Just like EA, copy trading is another opportunity for novice traders. It helps you to see how the professionals and trading experts trade successfully. After analyzing the trading patterns, if you think the strategy and trick of any trader are convincing enough, then you have the full choice to copy the market movements, trades, and strategies of the expert traders. Likewise, MT5 allows a hedging method, and through this, the traders can open numerous positions of a single instrument.

Algorithmic Trading:

An exciting feature of MetaTrader 5 is its algorithmic trading, in which the platform uses automated robots for trading automatically. If users do not have much time to spend on the forex markets and are looking for a smart solution, then here it is. So, the robots use the algorithm for analyzing quotes and performing trades. All you have to do is customize your trading robots and leave the rest on them.

Pros and Cons of MetaTrader 5:

Some of the pros and cons of the world-famous MetaTrader 5 is given below:

Pros:

  • Simple interface
  • Wide range of analytical tools
  • Allows eight various pending orders at a single time
  • Numerous asset classes
  • Has twenty-one timeframes at a time
  • A built-in economic calendar

Con of the platform:

  • The hedging feature is not available for exchange markets

Getting Started with MetaTrader 5:

When starting with MetaTrader 5, first pick a device that fits the system requirements of the platform. Next, download the free trading platform directly from sites on the internet. The downloading of the platform is quick into your system. Once the file downloads, run the setup of MT5 on your system. We recommend reading the terms and condition of the MetaTrader 5 before completing the installation process. Next, complete the installation and run MT5 on your system. Next, pick one of the trading servers from the list and then put your login credentials for logging into your MT5 account. You can now start implementing your strategies, get indicators, and make the best of your trades for yourself.

Choosing the Right Indicator:

Every trader has a different trading style, and the choice of indicators wholly depends on the traders' trading preferences. Often beginner traders face trouble while making trade decisions initially. In such a situation, the traders look for indicators that fit their personality, trading style, and trading choices.

Choosing the best indicator is difficult, so after research, we introduce you to Shah Advisor with the best indicators for different trading styles and preferences. All the indicators are brought to you after complete testing and verification. The famous educational platform will tell you everything that a trader needs to know before making a move in the FX market. You can make specific changes in the indicators' settings to make it fully functional; you need to double click the indicator and click on inputs. You will find that two additional features will be added to your inputs, ATR Multiplier and Reactor. Each of them has a default setting, and changes in the settings will affect the signals' number and sensitivity. Once you make the changes in the setting, press ok.

Conclusion:

So, the successor of MetaTrader 4 is a complete suite that is the best pick for all the traders, especially the modern ones. All the modern traders looking for a comprehensive platform with modern features, interactive charts, and indicators must be familiar with MT5. Hopefully, the guide above was helpful for new and expert traders. Now it is time for you to implement all the strategies mentioned above and make the best out of it and mark the FX trading world.

 

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