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MetaTrader 5, commonly referred to as MT5, is a currency trading platform, which is software provided by financial brokers to give access to traders to the forex markets. It is faster than its predecessor MetaTrader 4 (MT4) and doesn’t slow down your platform. One of the greatest benefits of the MT5 platform (similar to MT4) is that it does not limit traders to only using the built-in analytical resources like tables, graphs, timeframes, candlesticks and custom indicators. Because of its MQL5 high-performance programming, MT5 offers its traders the opportunity to create their own technical indicators.

MT5 can be accessed through a web-based portal, a mobile app, a standalone downloadable program or any combination of the three. It is supported by the iOS smartphone platform on iPhones as well as the android smartphone platform on commonly used mobile phones. MT5 does not only give access to multiple financial instruments like stock indices, cryptocurrencies, commodities, Forex trading and CFDs, but it also provides tools for research purposes. It can easily be downloaded via the Google or Apple app store.

What follows are 5 important tips to keep in mind when using MT5 on an iOS or Android platform as a beginner.

Monitoring Your Position

Beginners (even experienced traders) sometimes make trades based on emotional reasoning that may even go against the logic of market conditions. Platforms like MT5 have automatic trading abilities designed to make trading decisions unemotional and consistent by allowing traders to set pre-established settings and preferences. But this does not eliminate the risk.

Just like all technologies, automated trading platforms are not entirely without issues. For instance, a trade might not go through due to a loss of connection resulting in a missed opportunity. The market can change quickly, so constant monitoring is crucial, especially when a trader is focused on short-term trading strategies. Mobile trading can play an important role in mitigating that risk.

Through mobile trading, you can constantly monitor your position and even receive push notifications for sudden changes, allowing you to act immediately as the event occurs.

Accessibility

Unlike mobile phones, computers are not the most convenient tools to carry around. By using a mobile trading app, traders can have a sense of security knowing that they have full control over their trading activities and can easily make financial decisions with a touch of their fingertips.

Support

Capitalise on 24/7 multilingual customer support offered by brokerage firms like FP Markets. The importance of having expert advisors at your disposal cannot be emphasised enough. In addition to having easy access to your trading activity via a mobile app, with the extra support provided by expert advisors, you will not only be able to act immediately during any given moment, but you will also be able to do so knowing that you have made an informed decision.

Functionality

Functionality is a critical standpoint for most traders. Hence, ease of installation and use is closely looked at by traders as they compare web-based and downloadable platforms. They may also have to look at whether their brokerage firm can provide them directly with these platforms or whether they need to go through an independent service. These considerations may play a role in the fees that you pay.

The wide functionality available on the platform also needs to be considered. Trading platforms like MT5 are made available by brokerage firms for the use of their clients. Some brokerage firms might offer their own customisable trading platform. Others might offer forex charting packages and forecasting software to gain an edge in online trading.

Choosing the best trading platform will generally depend on the trader’s needs and experience. Considerations include:

• The technical analysis wished to be taken
• The volume and duration of trades
• The kind of device to be used

Starting with a Demo Account

Setting up a mobile trading account can be as simple as downloading and installing the app and then just adding your broker in that app under account management settings. With those simple steps, you end up having immediate access on a platform that allows you to start trading with a real account. However, before taking those steps, it would be advisable to first start off with a demo account. The demo account can act as a trading tutorial that will give you the opportunity to:

• Explore the trading platform
• Familiarise yourself with its capabilities
• Test the abilities of your device
• Play with various trading strategies
• Get a better understanding of your trading preferences

Start your demo now by downloading MT5 here.

Summary

As an investor, you want to be able to forecast the potential direction of the market accurately. The trading tools that you have at your disposal will play a vital role in how accurate your forecasting ability is. Mobile trading is one of those trading tools that can assist you in ensuring that you are receiving the full benefits of a trading platform. Through the mobile trading app, you will be able to:

• Have direct access to expert advisors and research tools when needed
• Be informed of market changes in real-time with pips as low as 0.0 and push notifications
• Keep track of your trading strategies and respond quickly to market changes
• Have peace of mind knowing that you have full control over your trading activities