If you’ve ever looked into forex or CFD trading or are a seasoned trader already, you’ve probably heard about trading platforms, specifically MetaTrader.
While MetaTrader 4 (MT4) still has its loyal fanbase, MetaTrader 5 (MT5) is the newer and more advanced version. Whether you’re completely new to trading or just tired of clunky interfaces, switching to MT5 could be the best decision for your trading strategy.
Let’s break it down.
What Is MetaTrader 5?
MT5, or MetaTrader 5, is a multi-asset trading platform designed for trading forex, stocks, futures, and CFDs. It’s free to use, insanely powerful, and packed with tools that even the most professional traders rely on.
Compared to MT4, MT5 offers:
- More order types
- More timeframes
- A built-in economic calendar
- Faster processing and execution
- Access to more asset classes
It’s the upgrade you’d expect.
Choose a Broker That Supports MT5
Before you even download the platform, you need to find a broker that supports MT5. Not all brokers do, so make sure to confirm MT5 availability before signing up with one.
Also, look at their fees, spreads, and leverage. Read online reviews and forums before making a choice.
Once you’ve got your broker, you’ll be able to create a trading account, which gives you login credentials for MT5.
Download and Install MT5
Your broker’s site should offer the download feature. If not, you can head over to the official MT5 website and download the version you need.
The installation process is simple:
- Download the setup file for Windows, Mac, or mobile
- Follow the prompts
- Launch the app
- Enter your broker login details
And you’re in.
Familiarise Yourself with the Interface
At first glance, MT5 can look a little complex. But you can take your time and get comfortable with the interface.
Pay attention to the:
- Market watch. It’s a list of available trading instruments and their prices.
- Navigator. This is where your accounts and indicators are.
- Chart window. The heart of your trading is your charts. You can customise them.
Don’t hesitate to look around and click things. You won’t break anything as long as you’re not placing real trades.
Try a Demo Account
Don’t jump straight into live trading, especially when you’re not familiar with the platform yet. MT5, fortunately, offers a demo account as well.
A demo account lets you practice with fake money in real market conditions. You can learn how orders work, how to read charts, and how it feels when a trade goes wrong without actually losing your money.
Use this account to get used to:
- Placing and closing orders
- Using stop-loss and take-profit levels
- Analysing charts and applying indicators
- Managing multiple positions
Understand the Order Types
MT5 supports more order types than its predecessor, which gives you more control. But it can be a bit overwhelming at first.
Here are some types of orders:
- Market order. Buy or sell now at the current price.
- Pending order. Buy or sell later at a specified price.
- Stop loss. Automatically close a losing trade to limit damage.
- Take profit. Close a trade when it hits your profit target.
These are the most important order types for your trading game. Learn them well.