How to Start Forex Trading with Metatrader 5 Platform
Metatrader 5 is multi-asset platform which facilitates trading futures, CFDs, Commodity, Cryptocurrency, forex, and stocks. The platform provides superior tools copy trading, use of algorithmic trading applications like an expert advisor, and comprehensive price analysis. It provides a simplified, and user-friendly interface, with all commands being accessible from one menu.
All frequently used menus can be found on the user's toolbar. From the Navigator, you can be able to manage algorithmic trading tools, and perform technical analysis. All your quotes will be displayed in the section known as Market Watch.
Opening a Demo Account
A demo account is necessary for those who are trading for the very first time. They allow users to work in the training mode, which means that they will not be using real money. The training mode is meant to make it possible for first-time traders to test out different trading strategies.
As you are opening the demo account, you will need to select your preferred trading server. This will also necessitate specifying registration data. Once you have opened a demo trading account, the Forex Metatrader 5 platform will connect to you a server, which will then enable you to work on the platform.
Making Your First Trade
Immediately the demo account has been created; you can now begin practicing your skills. Attempt to make your first trades without running the risk of losing real money. You will need to head to the Watch Market Window to select your financial instrument. Follow the prompts to make an order.
The trading operations are very simple. For a sell trade, you simply click "Sell," and vice versa.
Live Account Opening
Once you are sure of your trading skills, you can now proceed to open a live account. But unlike the demo, it is not possible to open a live account directly from the trading platform. You can only open such an account through a MT5 forex broker within certain terms and conditions. It is, however, possible to open one by sending an account request from the trading platform to a broker.
Now head to the account type section, and clicking on "New real account." Follow the account opening prompts and enter your personal details just like you did with the demo account. When done, a preliminary account will be opened for you on the servers belonging to the broker. On completion, its opening balance will be nil, and the trading form will at the moment be disabled.
A representative from forex broker will then get in touch with you once the preliminary account has been opened. The rep will take you through the steps you must complete before the real account can be opened for you. When this is complete, the preliminary account now becomes the real account, and you can begin making your trades.
It is customary for the Forex Metatrader 5 platform to send you an email from its internal mailing system once the preliminary account has been created. To know whether it has been converted into a real trading account, you should be on the lookout for a gold icon located in the accounts sections. This is a section found in the navigation window.
Trading Operations
As with any other forex trading platform, the rule of thumb here is to buy low and sell high. The purpose of Forex Metatrader 5 is to give you access to opportunities where you can execute buy and sell transactions. The platform features a number of additional services ranging from copy trading to purchase of ready-made trade robots. The robots can be let to run twenty-four hours a day on the virtual platform as they make trades on your behalf.
The Forex Metatrader, 5 platform community, provides access to services such as:
- Freelance—If you are unable to find a good application in the market or Code Base, you can always purchase one from a developer in its community.
- Market—This is a store for all the applications that can be used on this particular platform. Here, there are free and paid technical indicators as well as robots. It is also the place to go for all your trading tools.
- Signals—This allows you to copy the trades being made by professional traders. The trades are copied directly to your trading account. You also have the ability to choose trades from multiple providers in a few clicks.
You can register you trading account now by going to the metatrader 5 registration page. Input your username and email, and you can start making trades in a few minutes.