Anyone who’s made money with trading knows that it’s not easy. To make the most money, you need to know how to trade and how to build a trading strategy around your goals. You need to know when to take a risk, when to stay clear of futures markets, and when to launch into full swing trading. All in all, it can feel as though there are too many choices when it comes to making money with trading. If you think about it, there are more than 100 different types of forex (foreign exchange) markets. Each one of these has its own unique characteristics.
The type of currency you trade, whether you want long or short exposure, and even which methodology is right for you will all play a role in determining how successful you are as an investor. If you’re looking to explore the world of trading with MetaTrader 5 (MT5), then this article is for you! In this article, we’ll cover everything from what MT5 is, where to download it from, the differences between MT4 and MT5 platforms, and our top-notch recommendations for each individual category. So without further ado… let’s get started!
An Overview of MT5
MetaTrader 5 is a modern and simplified forex trading platform designed to provide a user-friendly trading environment with powerful tools and real-time trading. With MT5, you can trade almost any currency pair in the world, including stocks, bonds, commodities, candles, and indices. The interface is streamlined, making it easy to understand and use. The platform is highly flexible, allowing you to create a trading strategy based on your unique financial goals and trading environment.
After you download Metatrader 5, next step is to log into your trading account and click “Reports” on the top right-hand side of the screen. From there, click “Create New Report” to bring up the “Create New Report Wizard.” Next, select the “Forex” tab. From there, select the “Pairs” option, and then select the “Foreign Exchange” tab. From there, you can add various Forex pairs to your strategy. Next, add any other assets that you’d like to trade such as commodities, stocks, or bonds. You can also add indicators and tools that can further enhance your trading strategy, such as Leveraged Positional Trading, the ability to put options on stocks, and more.
The best place to download MetaTrader 5 is from our partners at MetaTrader.com. From there, select the “Get MetaTrader 5” button, and then select the “Get MetaTrader 5 (Free Trial)” option. You can also try out the free version and any functionality that you’d like to test out, but please note that there is a 30-day trial period after which you’ll have to pay for the full version. Once you’ve downloaded and installed MetaTrader 5, log into your account and select “Home” from the top-right-hand corner. From there, select “New Strategy” and name your strategy. From there, you can create a new strategy by choosing from a variety of available templates. Next, you can choose between a candlestick chart or a bar chart and further adjust their properties such as the candle’s color, candle’s basic diploma, and its volatility. Once you’ve created your strategy, click “Run Strategy” to launch your strategy.
MT4 Versus MT5
When it comes to the differences between MetaTrader 4 and 5, we have a few suggestions. First, understand your exchange traded product (ETP) investing goals and trade in that regard. For example, an investor who is looking to make high- yield investments may want to focus their trading on stocks that have a high chance of appreciation, while an investor who is more about safety will choose stocks with a low chance of loss. Now, when it comes to the technicalities, there are a few things to keep in mind. One, although the methodology for technical analysis remains largely the same in both platforms, the indicators have been optimized for MT5. Second, the order book and market sentiment indicators can also be found in both platforms, but in different forms. And lastly, the range and volatility of prices can be different between the platforms, with volatility being more prevalent in MT5 than in MT4.