MetaTrader 5 (MT5) is a well-known trading platform that is used by millions of traders worldwide. Through MT5, a trader can trade on Forex, Commodities, Indices, Metals, CFDs and ETFs.
Here are some tips and tricks to help you get the most out of this platform:
- Take advantage of multiple order types:
MT5 offers a range of order types, including market orders, limit orders, stop loss orders, and more. By using different order types, traders can increase their chances of executing successful trades.
To place an order, right click, then click on trading, new order and place the market order. Here, there is a feature that allows the trader to determine the number of stop loss points and take profits they wish to place by pressing on the stop loss or take profit level on the chart, then dragging it up or down.
(Figure 1): Market orders, MetaTrader 5, CFI Brokerage
- Charting Customization and multiple timeframes:
To get a better understanding of market trends, traders can switch between different chart types (line chart, bar chart, candle chart) and different timeframes (monthly, weekly, daily and hourly) . The toolbars are highly customizable.
To change the properties of a chart, right click over it and click select properties. You can change the background colors, place or remove the grid, change the color of the candles, bars and line, along with several other options.
(Figure 2): Chart Properties, MetaTrader 5, CFI Brokerage
- MT5 offers a wide range of technical analysis tools:
Including indicators and oscillators can help traders identify potential trades, allowing them to make informed decisions based on market trends and price action. To insert an indicator click on insert, indicators and then choose the indicator you want to use.
(Figure 3): Technical Analysis tools, MetaTrader 5, CFI Brokerage
- Keep an eye on economic events:
Economic events such as central bank announcements, economic data releases, and political events can have a significant impact on the markets. Traders should keep an eye on these events and be prepared to make adjustments to their trades if necessary. To follow up with the economic events, click on toolbox, then click on news.
(Figure 4): News, MetaTrader 5, CFI Brokerage
- Set up alerts:
MT5 allows traders to set up alerts for specific events such as price changes, technical indicators reaching certain levels, or the opening or closing of a trade.
(Figure 5): alert, MetaTrader 5, CFI Brokerage
These are just some of the tips and tricks traders can use to make the most out of the MT5 trading platform. By following these tips and combining them with a well thought out trading strategy, traders can increase their chances of success in the financial markets.
Making profits in the financial markets can be challenging, but with the right strategy and tools, it's possible to achieve consistent returns.
The content published above has been prepared by CFI for informational purposes only and should not be considered as investment advice. Any view expressed does not constitute a personal recommendation or solicitation to buy or sell. The information provided does not have regard to the specific investment objectives, financial situation, and needs of any specific person who may receive it, and is not held out as independent investment research and may have been acted upon by persons connected with CFI. Market data is derived from independent sources believed to be reliable, however, CFI makes no guarantee of its accuracy or completeness, and accepts no responsibility for any consequence of its use by recipients.