If you have recently found the MetaTrader platform and want to try it, you have to learn the basics. There is an MT5 trader new generation available for users. The platform was created for professional traders and newcomers. It offers you the opportunity to earn money by using advanced tools and smart mechanisms. Let’s discuss how you can benefit from this platform.
Table of Contents
What Is MetaTrader?
MetaTrader is the trading platform created by MetaQuotes. Its new generation is MetaTrader 5, which follows the widely popular MT4. While the previous version was focused on Forex, MetaTrader 5 works with a wide range of options, concentrating on every asset, including the cryptocurrency.
You can use the platform to buy and sell anything you want: Forex, crypto, indices, commodities, futures, stocks, and energies. You don’t have to limit yourself to a single option and can trade on every market on the list. MT5 offers you to trade from any corner of the world, regardless of your location. You can use your phone to perform all procedures on the market. If you can’t do it right now, you can rely on smart AI to help you.
Begin to Work
The first thing you have to do is to download the file on your computer or phone. Once it is done, register in the system. The account must contain the real name and information you can be reached by. You can start with exploring the platform or go straight to trading. This is how you can place an order:
- Press the “Tools” icon you see on the Menu bar. Pick the “New order” from the list.
- Double click on the asset you want to trade on the window of the Market Watch that appears in front of you.
- Once you pick the asset, you will see the “Order Screen” window. There will be a list of options available for you.
- Pick the Symbol, which is the asset you are going to trade.
- Choose the Order Type. There are 2 options: Pending Execution and Market Execution.
- Decide upon the Volume. How much do you want to trade? Select the number. Keep in mind that 1 lot is usually equal to 100 000 units. One pip movement equals $10 on such assets.
- Attach the Stop Loss to your trading. You may pick the maximum loss you can take. After that, your trading will be automatically closed.
- Provide a comment on each asset you want to trade. It will help you to keep in mind details on the specific trade.
- Start trading procedure. You can repeat these moves with numerous assets, depending on your market strategy.
Use MetaTrader as a Pro
MetaTrader is a user-friendly platform, and everyone can learn how to navigate it, no matter their previous experience. Once you start working there, you will have to make numerous decisions on the assets, money, and time. Make sure you learn all the instruments that will help you in your work on the platform.
Have you ever used MT before? Do you have any recommendations related to its work? Share your thoughts in the comments below.