Thinking about trading? Metatrader 5 is considered one of the most reputable multi-asset trading software. The platform’s ease of accessibility and diversity of features has propelled it to the ‘go-to’ trading software for browser, desktop or even mobile trading, meaning you can access the full version of MT5 and start trading just about anywhere with an internet connection.
Developed by MetaQuotes, the Metatrader 5 platform was built specifically for real-time trading of foreign exchange (forex), Contracts for Differences (CFDs) on stocks, and various commodities. All users have access to a range of high-end analytical tools along with 21 different time frames. Interested in making the most of what MT5 has to offer?
First Steps In Setting Up MT5
So you’ve chosen Metatrader 5 as the engine for your trading journey. The next step? Ensuring the platform setup is as hassle-free as it should be, and that everything is aligned with your specific requirements if you have any. First, the user will need to access the Metatrader download file via the official Metaquotes website. Metatrader 5 is only available for Windows, so unfortunately Mac fans will be limited to the browser-based Web trader or the mobile app.
The download should only take a few minutes…after which the MT5 platform will be launched. You might get notified about any outstanding updates – running these will ensure the smoothest operation of the platform when you get started.
Upon the opening of the platform for the first time, it might seem a little daunting unless you’re already well-versed in financial terminology and typical trading practices. Navigating the platform, exploring different areas, and reading the MT5 manual will clear up any continued confusion so you can open your first trade with confidence.
Tricks to Simplify
The opening layout can easily be edited to match your specific trading requirements. For example, the provided price charts can be edited or removed. Equally, you might want to edit the symbol list on the left-hand side of the interface to suit your favourite trading pairs, commodities etc.
So once your charts and symbols are set up effectively to suit your trading style, you might want to edit the horizontal bar at the top of the interface. To do this, right-click on the icon second from the left, and select customize from the drop-down menu. You can then remove and insert necessary symbols at your discretion. Once this is tailored to your satisfaction, you might want to make sure that features like one-click trading are enabled, which will make executing trades that little bit smoother. To do this, click on Tools in the top-left corner, then in the Options pop-up you will see a ‘Trade’ tab. Here you will find an unticked box labelled one-click trading; simply tick the box to enable the feature.
Sync With Your Mobile Device
To make the most out of your Metatrader 5 experience wherever you are, you’ll want to link the desktop platform with the app on your mobile device, ensuring a truly fluid trading experience.
Any successful trader will vouch for the importance of accuracy in trade execution and management so that multiple platform integration can play a critical role in the effective setup of your MT5 software.
To do this, head to the Notifications tab in the same Tools/Options section where you enabled one-click trading. Ensure the ‘Enable Push Notifications’ box is ticked. You will then be able to link your MT5 mobile account by entering your MetaQuotes ID in the respective box, meaning price action notifications will be synced across your desktop and mobile.
Setting Up Extras
The platform is officially set up, with currency pairs and financial instruments tailored toward your specific trading requirements. Your account is synced with your mobile and push notifications are turned on. This might be as far as many traders venture, but there are more tricks to get the most out of Metatrader. Through joining the MQL5 community, users are provided with a complex, diverse range of extra programs to elevate the software’s analytical and autonomous capabilities. These add-ons range massively in price but arguably can provide invaluable insight.
All in all, the Metatrader 5 trading platform is relatively straightforward to set up. If you’re a seasoned trader, It will be worth setting up your chosen analytical tools and trading pairs suited to your preference from the get-go, but beginners might want to navigate through different tools and layouts to find what works. As your Metatrader experience develops, you will pick up a heap of new tips and tricks along the way – learning first-hand is the key here.