There is some basic information that you need to know when opening a MetaTrader 5 account. Below, we will provide you with some of the basic facts that you will need when starting with MT5.
Key Elements of MetaTrader 5
In MT5 5, they have an interface that’s user-friendly and simple to use. The commands are all accessible in the main menu and for those that are frequently used, they are settled in the toolbar. As for the quotes, they are displayed at the Market Watch. At the Navigator, you can see the technical analysis as well as the algorithmic trading tools.
Opening a Demo Account
The best way to promote training is by opening a demo account. It provides you with the best opportunity to train without spending your funds. Demo accounts also test your trading strategy which is very good for beginners. Opening a demo account, you first need to select a trading server then specify the registration data. After the platform connects to the server, you can now start to work on the platform.
Making the First Trade
Practicing in the demo account is much convenient than trading in a live account and risking real money. Here’s how you can make your first trade:
- Choose your preferred financial instrument located at the Market Watch window.
- Then, open the context menu.
- Click the ‘New Order’ tab. You will find two options here – the ‘Buy’ and ‘Sell’.
Other Trading Opportunities in MetaTrader 5
There are a lot of useful features offered in the MQL5.community– things like ready-made trading robots that can purchase from the market, automated copy trading, or robots that keep your trade running 24/7 in the platform. All of these make your trading life more convenient.
This is where your applications are found which are mainly used in the platform. You can find paid or free trading robots, technical indicators, and other tools that are very useful in your trading life.
Here, you can copy trades that are from professional traders and use them directly into your own trading account, automatically. You can choose from an array of providers and you can subscribe from here just with a few clicks.
Using an MQL5.community account, you are allowed to rent a virtual hosting right from the platform. This runs as a trading robot or makes you copy signals. These virtual platforms are found in special hosting servers that make sure your operation is uninterrupted all throughout the day.
There is no need to worry if you cannot find the appropriate application that you need, you can simply order it in the Freelance section of the website. MetaTrader 4 and MT5 have similarities and differences at the same time. Therefore, it is important to know their strong points and weak points so you can benefit from them. These trading tools makes it so much easier to trade and earn even without monitoring your trades all throughout the day. You just need the right tools capable of doing it.