Metatrader 5: Effective Tips and Tricks to Gain More Profit

Metatrader 5: Effective Tips and Tricks to Gain More Profit, FP Markets

MetaTrader 5: Effective Tips and Tricks to Gain More Profit

One of the largest and most liquid markets in terms of exchanges, the forex market is a great investment opportunity.

MetaTrader 5, a popular trading platform for retail investors, day traders, forex, and CFD traders, allows investing cleverly in the market. MT5 financial instrument has all the advantages a beginner or advanced trader could ask for. A better trading experience for those who prefer a trustworthy multi-asset platform aiming to be successful traders.

The incredible growth in popularity is mainly from those who love the flexibility of trading stocks and futures, forex trading, and more from the one trading account.

Trading CFD stocks & shares can be a fascinating and potentially rewarding experience. Trading stocks on MetaTrader 5 has never been more accessible, and now you can trade stocks on the NYSE, ASX, and Nasdaq forex markets.

 

Metatrader 5: Effective Tips and Tricks to Gain More Profit, FP Markets

Seven reasons to use MetaTrader 5 for a successful trading

Many traders use MT5 because of the full charting capabilities on offer, which allows you to trade forex with certain exchanges such as NYSE, ASX, and Nasdaq markets. 

Here are seven important reasons why to use MetaTrader 5 for your trading activity

  • You can trade on multiple exchanges (such as NYSE, ASX, and Nasdaq);
  • It’s a free trading platform built by Metaquotes Software Corp;
  • The charting capabilities are excellent on both desktop and mobile trading; 
  • There is an easy to use, intuitive interface, with advanced ordering options; 
  • You can automate your trading strategies by creating Expert Advisors and running them through the strategy tester;
  • It is faster and more powerful than MT4, with an account type for new or pro traders; and
  • The mobile app is ideal for both iPhone, iPad, Android, and Windows systems.

There are also multiple asset classes you can start trading on with MT5, such as Share CFDs, ETFs, Forex, Commodities, Indices, Precious Metals, and Cryptocurrencies. As for the last one, you can trade on MT5, but you do not need a wallet. All trades are cash-settled CFDs.

 

Trading types available on the MT5 platform

  • Market — the store of applications for the trading platform. The MT5 platform offers free and paid trading robots, trading signals, technical indicators, and copy trading. Using these powerful features can help you work in the financial markets.
  • Signals — Copy trading copy trades of professional traders directly to your account automatically. Choose from multiple providers and subscribe in just a few clicks.
  • Virtual Hosting — with an MQL5. Community account, you can rent a virtual hosting straight from the platform to run your trading robot or to copy signals. Virtual platforms are located on special hosting servers to ensure uninterrupted operation 24 hours a day.
  • Freelance — if you cannot find the desired application in the Code Base or Market, order one from a professional developer in the Freelance section of the MQL5.community website.

 

Tips that may help you gain more profits

Risk management

Many beginners make the mistake of believing that risk management means nothing more than putting stop-loss orders very close to their trade entry point. Furthermore, depending on whether the price hits your stop loss or take profit order first, MetaTrader cancels the other. It’s true that part of good money management means that you shouldn’t put on trades with stop-loss levels so far away from your entry point that they give the trade an unfavorable risk/reward ratio.

Charting Customization 

The toolbars are customizable, allowing you to change chart timeframes, chart types (line chart, bar chart, candle chart), and more.

Creating a custom chart using MetaTrader 5 is a great way to clarify essential data visually. 

The easiest way to change the chart type is to click the candlestick icon to switch to a candlestick bar icon for bar charts, etc. 

To modify chart properties, right-click on the chart and then click properties. You can change the color settings by entering the RGB code directly or clicking on the drop-down list. 

To change the time frame, you can use the periodicity toolbar. To save a template, right-click on the chart, hover over “template,” and then click save template. 

If you want to load a template (that you have created yourself or found elsewhere), right-click on the chart, hover over templates and click “load template,” and then select the relevant template (file extension should be .tpl)

 Autochartist for Metatrader 5

Autochartist is a charting plugin to fulfil all of MetaTrader 5 trading platform needs, aiding your CFD and Forex trading. Autochartist’s technical analysis tools provide real-time trade setups for both beginners and experienced forex traders. Autochartist has built-in volatility analysis tools and trend analysis capabilities and includes forex trading alerts when chart patterns such as Fibonacci emerge. 

Ruler Function

MetaTrader 5 trading platform has a ruler function allowing forex traders to receive important data across a trendline. 

You can use this tool to know how many pips you want to put a stop loss or profit target or know the size of trend waves to quickly see if it aligns with your CFDs and forex trading strategy. 

The trading tool provides three pieces of information when used. The numbers of bars between the start and end point, the number of pips between the first point to the second (because most forex brokers use fractional pip pricing a reading of 1 = 0.1 pips, meaning that, for example, 52 would mean 5.4 pips) and the final piece of data given is the price of the instrument where your cursor is. The ruler function is helpful for technical analysis.

Compounding Indicators

One of the most helpful features that MetaTrader 5 offers is compounding your indicators. This increases the amount of information simultaneously available to forex traders. 

 Better understanding better performance

Through a better understanding of the functionalities offered by MetaTrader 5 and using advanced charting plugins, forex traders can increase the ease with which they execute their trading strategy and the quality of their technical analysis. 

Whether you’re using a demo account or a live trading account regardless of your strategy, day trading, scalping, or using expert advisors, these tips should help in your MetaTrader 5 analysis.

 

Next steps

As you have seen, MT5 is a great trading platform for day traders who want to take their trading to the next level and make money. Before you start using it, be sure to fully understand how it works and how you can customize your MT5 trading environment to improve your trading process.

When it comes to online trading, the ability to access a wide range of trading tools, and to access more global markets than your traditional stock brokers, MT5 is an excellent trading platform. However, if you are starting out, then a demo account might be a great first step when finding a reputable brokerage. 

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