Each forex broker offers different trading platforms for its users. Each platform is unique, providing various indicators and analysis tools. One of the most popular tools offered by multiple brokers is MetaTrader 5.
What exactly is MetaTrader 5, what makes it so special and how do you use it? We’ll answer all these questions, so you know what to do when you find MT5 brokers for US residents.
What Is MetaTrader 5?
MetaTrader 5 is a great trading platform that comes from MetaQuotes. It is an improved version of MetaTrader 4.
The difference is that unlike MT4, which was made for forex trading, MT5 also includes different asset classes, allowing you to work with them as desired. So, you can even deal with cryptocurrencies if you use MT5, as well as CFDs, Futures, and Stocks.
MT5 allows you to take advantage of algorithmic trading applications, which makes it possible for you to automate your trades. Some of these applications include Expert Advisors and trading robots.
Some of the amazing features of MT5 include:
- Up to 100 currency charts and stock quotes are available
- Very accurate fundamental and technical analysis
- Numerous open positions
- 21 unique timeframes
Order Types Offered by MT5
MetaTrader 5 offers the following order types:
- Sell Stop
- Sell Limit
- Sell Stop Limit
- Buy Stop
- Buy Limit
- Buy Stop Limit
How Do You Use MT5?
If you settled for a broker that offers MT5, there are a few things you must do in order to begin your trading journey. Let’s take a look at the necessary steps:
- Learn About the Features
First things first, you must educate yourself about all the features offered by MetaTrader 5, as well as how they can be applied. This way, you’ll know what to do on the platform and how to implement different strategies.
You can find many educational materials about MT5 online, so it shouldn’t be difficult to learn about it.
- Download and Install the Platform
Once you learn more about MT5, it is time to download and install it. But first, you should make sure you meet all the minimum system requirements.
You must have a Windows 7 operating system or higher, and very powerful hardware options. Then, you simply go to the broker’s website and download their MT5 platform.
You should get a file that will let you install the platform. All you have to do is enter your login details and begin your journey. The platform also allows you to create a demo account. Now, you can start trading.
- Make an Order
Next, you can begin trading different assets.
To do so, you must click on Tools, which is located on the Menu Bar, then click “New Order”. After that, you should double-click on the asset you want to trade from the Marker Watch window. On the lower terminal, right-click and then choose “New Order”. To trade on your favorite asset’s chart, you simply press F9.
So, are you ready to use MT5? Make sure to use these steps so that the trading experience can be as smooth as possible.
