What is the Purpose of MetaTrader 5?
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What is MetaTrader 5?
Developed by MetaQuotes Software Corp, MetaTrader 5 (MT5) is a unique trading platform that allows traders and investors to buy and sell securities through one interface. Offering a comprehensive solution for retail traders and investors across the Forex and CFD markets, MT5 is available on multiple devices, including desktop, mobile, and web browsers, and is used by millions worldwide. Finally, the platform, among other features, delivers advanced analytics and reports, various order types (including an automated trailing stop-loss option), personalised watchlists and adaptable graphical charting features.
Through MT5, traders can create multiple accounts, conduct in-depth technical analysis, and trade multiple asset classes, including markets such as currencies, commodities, bonds and cryptocurrencies. Furthermore, for non-discretionary traders, the software includes facilities to create and run automated trading systems (Expert Advisors [EAs] or algorithmic trading strategies). Adding to this, the charting package contains a library of customisable indicators and access to numerous technical analysis tools.
For back-testing trading strategies, the software features a powerful back-testing system that permits traders to simulate and test different trading strategies in a wide range of market scenarios (uptrends, rangebound markets and downtrends). Additionally, the platform has built-in scripting tools that enable traders to build, customise, and test their trading strategies. In addition to its powerful trading tools, MT5 integrates numerous social trading networks, a place where traders can interact with other traders and discuss strategies that focus on technical and fundamental analysis.
The Purpose of the MT5 Trading Platform
The purpose of MT5’s trading platform is simple: enable traders and investors to trade multiple asset classes using an advanced interface and varied tools. MT5 is an innovative, multi-asset trading platform designed to provide traders and investors with the scalability to run manual, automated, and copy trades in one trading environment.
With a range of advanced features, such as integrated programming language (MQL5), 21 timeframes, and nearly 40 preinstalled technical indicators, the MT5 platform lets traders implement their own custom trading strategies with the added sophistication of testing and broad compatibility with many brokerages, providing a truly comprehensive trading solution. The platform also provides broad news and market analysis, allowing traders to make the most of their trading decisions.
In short, MT5 is a tool that enables traders and investors to manage their trading operations and gives them the information and tools necessary to analyse and oversee their investments.
How to Download MT5?
The first step involves registering and opening either a live or demo trading account with FP Markets, if you have not done so already. Subsequent to this, you must log in to your Client Portal using the credentials provided upon signing up. After this, you are required to select the Downloads section on the left-hand toolbar and choose MT5 Platform. From this point, you can choose which device to download MT5 to. For example, FP Markets allows clients to download for Windows, Mac, IOS, Android and Web Trader.
Once the software is downloaded to your computer, open and install it, following the prompts. And once the installation process is complete and the software is running, open the MT5 platform and log in with the same information from your broker account.
Now you are ready to begin trading with the MT5 platform.
MT5’s Demo Account
MT5's Demo Account deliver a great way to practice trading and familiarise yourself with the platform. Demo
Accounts are normally available with a simulated balance of 100,000 USD. However, many brokers, including FP
Markets, let Demo users alter this monetary amount to real-life traded values (what you would trade in a live account
if using real money). So, traders can essentially test out trading strategies, develop trading skills and familiarise themselves with the environment risk free. The Demo Account, therefore, is a perfect solution for those beginning their trading journey and for experienced traders who want to explore more advanced strategies and tools.
As you can see, MT5 is intuitive and user friendly and is suitable for experienced professionals and beginners.