Start with MetaTrader 5: beginner’s essentials

31 Oct 2023
Start with MetaTrader 5: beginner's essentials

If you are a beginner with a strong intention to learn and master MetaTrader 5 (MT5), then don’t go any further! Everything you would like to know about this online trading platform, we’ll try to highlight in this article. Of course, we don’t offer you a comprehensive guide. But you can find here all the basics you need.

We'll start by answering common questions novice traders ask when they first face this platform. More often than not, they ask: "Is MetaTrader 5 a good platform?" Of course, it is. Or, "Are there many differences between MetaTrader 5 and MetaTrader 4 (MT4)?". The answer is also positive. Even though we already told you in our MetaTrader 4 guide that MT4 is considered the industry standard, the MT5 platform offers more features.

For traders using automated trading systems, MT5 is faster and more efficient in testing strategies. Not only does it offer a multithreaded approach but also the ability to test a few currency pairs at once. So, let's get started!

How to trade with MT5

Unlike many other MetaTrader guides, we won’t tell you how to download and install MT5. If you have used MT4 before, you surely know how to do that. For new traders, we recommend practicing on an MT5 demo account before diving into the live markets. The process of opening a demo trading account does not differ that much from opening a live account. We can walk you through both processes.

Opening a demo account

Opening a demo account has never been easier. It suffices to visit our website and complete the form. After that, we’ll send you an email with account credentials, which you can use to log in to the trading platform.

Opening a live account

Just take the following steps:

  1. Click the button 'Open Live Account';
  2. Add and confirm your phone number;
  3. Provide all the requested information;
  4. Verify your identity by uploading the requested documents;
  5. Start placing orders.

Or simply go to our website and purchase an evaluation challenge, which will give you access to the demo account. Once you pass it, you will receive access to the live account with real money to trade.

Start with MetaTrader 5 beginner's

So, how to place the order? There are a few ways:

  1. Select New Order in Tools on the Menu bar;
  2. Press F9 button;
  3. Double-click on the asset you’d like to trade on the Market Watch window;
  4. Select New Order on the lower terminal by right-clicking on the Trade tab.

Once it’s done, you will see the Order Screen with the tick chart on the left and customizable order details on the right side. The tick chart displays the difference between the bid/ask prices. The order details include symbol, order type, volume, stop loss and take profit, and comment.

Start with MetaTrader 5

Order types in MT5

There are two order types on the MT5 FX trading platform: Market Order and Pending Order. A market order is a real-time one. It allows buying or selling an asset at a current price. On the other hand, a pending order will be executed in the future at a certain price. These orders come in six types:

  • Buy Stop;
  • Sell Stop;
  • Buy Limit;
  • Sell Limit;
  • Buy Stop Limit;
  • Sell Stop Limit.

Stop Limit orders are available for pending orders (in MT4, only Stop and Limit orders can be placed). Setting Stop Loss and Take Profit levels is possible in ticks. In this case, all your trading positions will be closed automatically when they are triggered. You can also close them manually at any time before these orders have been triggered.

MT5 for market analysis

1. Technical analysis with MT5

Under certain conditions, Forex markets tend to react in certain ways. When behaviors are repeated, it means that certain price patterns will occur time and again. The purpose of technical analysis is to forecast it with the utmost precision. MT5 is the best trading platform for determining possible price fluctuation as it performs extensive price analysis on a wide range of assets by using 38 technical indicators, 44 graphical objects, and 21 timeframes. Apart from that, it allows the opening of unlimited charts in the trading space.

The best Forex indicators help traders better understand price fluctuation. You'll find many installed indicators, such as Heikin Ashi, Pivot Point, Supertrend, and others. Adding more is easy. By their application, they have been divided into the following groups:

  1. Trend;
  2. Oscillators;
  3. Volume;
  4. Bill William’s tools;
  5. Custom indicators.

best MT5 for market analysis

While indicators are applied automatically, graphical objects are applied manually on the MT5 charts. They include such tools as channels, geometric shapes, Gann tools, Elliot, and Fibonacci tools. A trader can add custom tools – and that’s exactly what makes MT5 a top forex platform.

There are 21 timeframes that allow choosing a period from 1 minute (M1) to 1 month (MN1). Contrary to MT4, which can use just a few preset timeframes for each chart, MT5 allows the use of custom units, such as M1 for 1 min, M3 for 3 min, M5 for 15 min, H1 for 1 hour, H4 for 4 hrs, etc.

MT5 for market for analysis

A trader can set a custom time unit by using the default toolbar at the top right of the MT5 platform. It takes the right-click on the chart, then pressing 'Timeframes' and choosing to change the unit of time.

2. Fundamental analysis in MT5

Fundamental Analysis studies how economic, political, and social factors take their toll on demand and supply for underlying assets. Performing it is now easier than ever. It all comes down to using the MT5 forex trading platform.

The most frequently used tools of Fundamental Analysis are Financial News and an Economic Calendar. These tools are built-in and can be accessed directly from the platform.

Financial News allows users to stay on top of major economic and political news from leading agencies. It also provides newsletters relevant to different tradable financial assets.

In the Economic Calendar, traders can track the real-time releases of major economic and political events that may have an immediate impact on tradable financial assets.

the best MT5 for market analysis

Trade on the go with MT5

The top forex trading platform MT5 has a web version, which is accessible through both mobile and desktop browsers. There is also a downloadable mobile MT5 App for mobile devices that run on Android or iOS. It allows trading anytime and from anywhere.

It’s worth mentioning that MT5 for mobile, besides a news tab, has a separate forex economic calendar integration – Tradays. That way, traders can be notified about fundamental events, which they wish to track, by alerts. This economic calendar is available in 9 different languages.

MetaTrader 4 vs MetaTrader 5: who wins?

This question bothers thousands of novice traders: should I opt for MetaTrader 5 or its older version? Let's see.

MT5 is faster than MT4. By being the latest version of the software, MT5 runs excellent on 64-bit OS, while MT4 is good for a 32-bit one. However, MT5 runs on the 32-bit operating systems, too.

In contrast to MT4, MT5 uses four main servers:

  • the access server;
  • the trade server;
  • the history server;
  • the backup server.

MetaTrader 4 uses only one server.

MT4 has around 30 built-in indicators plus 33 analytical objects. MT5 has 38 in-built indicators. It provides six types of pending orders and Depth of Market access. There are 31 analytical objects on MT4 and 44 on MT5. These objects can build channels, detect support/resistance levels and cycles, and more.

Contrary to MT4, log files in MT5 are automatically compressed. On MT5, codes can be received from the code base. Zipped folders can be stored on your local drive.

The industry is evolving and advancing. Therefore, the focus is shifting to MT5.

The benefits of trading with FXCI

FXCI prop trading firm provides both novice and experienced traders with all the knowledge, tools, services, and features they require to realize their trading potential.

We give traders peace of mind by assuring that they are partnering with a company that operates within the guidelines set out by recognized, international regulatory bodies. FXCI provides traders access to popular and powerful crypto trading platforms MT4 and MT5.

Apart from forex pairs, traders at FXCI have access to a good number of trading instruments. With us, traders can gain an edge in automated trading.

At FXCI, we hold all clients’ funds in a separate account. For secure payments, we provide access to various deposit and withdrawal options. They include but aren’t limited to credit cards, e-wallets, and bank accounts.

We offer plenty of resources that can help traders get the most out of their activities. With us, you never trade alone!

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