About Metatrader 5
Metatrader 5 is one of the most sought-after and widely used trading platforms in the world. It’s the successor to Metatrader 4 which is currently being phased out by most trading providers in favor of the more powerful and highly customizable Metatrader 5.
In this guide, we will look at setting up Metatrader 5 as well as understanding the basic functions and learning how to place a trade.
Installing Metatrader 5 mobile app
There are different ways to obtain the CFI Metatrader 5 file which will be used to install the platform. Most of our clients will start with a demo by going to the following link:
At the top of the page, click on “Try Demo Account”
Fill out the form and shortly after, you will receive an email with all the necessary details to get started.
At the bottom of the email, you will see your username and password along with links to download the platform.
Select windows, download the file and install the platform. The process is easy and requires just following the steps.
Once ready, double-click on the Metatrader 5 icon to start the platform.
Logging into your demo account
Once inside, click on “File” at the top left of the platform and then on “Login to Trade Account”. You will be prompted with a small form that includes Login, Password, save password functionality, and the ability to select the server.
Enter the details received through email and make sure the server is set to demo and then click on “Ok”.
If you entered the info correctly, you should see prices moving in the watch list on the left side and the charts updating.
Metatrader 5 includes a highly intuitive and easy-to-navigate interface, allowing traders to focus on their trading needs and less on details.
The Menu includes most of the functions found in Metatrader 5. Below, we will explore a few of the major actions under each.
The file includes important system and platform functions such as the ability to open a new chart, saving screenshots, closing the platform, opening a demo account, and logging into a previous demo or real account. You can also access the web trader from the File menu.
This section includes language settings with the platform offering dozens of languages as well as the ability to hide the toolbar and enable/disable viewing other major sections of the interface such as the Navigator and the Toolbox.
Here, the user can insert a variety of chart-related tools and objects such as indicators, expert advisors, drawing objects, and certain trading and charts related scripts.
Under Charts, you can view the indicator list which shows you all your active indicators on the chart, change the chart type (bars, candlesticks, and line charts), change the template, change the timeframe, enable grid, volume, trade history, and trade levels as well as zooming and the properties of the chart which includes colors.
With tools, you can place a new order, open the metaquotes language editor for development purposes or view the options of the entire platform.
Under Windows, you can tile and cascade the different charts opened at one time.
The Help section contains a wealth of information including articles on MQL5, help topics covering all aspects of the platform, and links to the platform as well as an update checker.
The Watch list is one of the most important windows within the platform. This section includes all your tradable instruments. The default view includes different instruments along with the bid and ask prices, changing in real-time.
If you are looking to add more, you can scroll to the bottom of the list where it says “click to add” and then start typing your instrument of choice. Once done, you will see it in a drop-down menu. Select it and hit enter.
You can also right-click on a specific instrument for a variety of functions including new order, new chart windows, the ability to hide that specific instrument, adding/ removing columns, and more. The watch list is highly customizable so exploring its different functionalities helps you build something that suits your trading needs.
The toolbox contains a variety of vital information starting with the Trade tab. The Trade tab shows you your current positions along with the profit/loss and any associated info. Furthermore, it shows you your balance, equity, used margin, free margin, and margin level in percentage.
Right-clicking on a position allows you to do a variety of functions including closing the trade or editing the stop loss and take profit levels.
The Exposure tab shows you your current exposure to a specific current, commodity, index, or any specific trading product.
The History function allows you to review closed trades or canceled orders along with the ability to select a period to analyze. It also shows you your profit and loss for the day or any specific period you select and gives you the ability to generate statements and reports.
The news tab displays updates and short articles depending on the service your broker is providing. CFI provides updates from Trading Central which are technical in nature and supports the daily decisions of traders. Other providers may not be displaying anything or may choose to offer different types of news such as headlines or articles.
The mailbox displays important information related to your account or platform and directly from your broker. You will receive notifications with new messages and it’s good to keep an eye on the tab for updates or announcements.
The calendar displays upcoming economic events including economic releases, central bank announcements, and decisions, public holidays among other important information. The focus is on G10 countries but information from other countries may be displayed.
The market section is where third-party developers display their indicators, scripts, and expert advisors. Some of them are free while others need to be purchased before being used. This is an extensive section and many traders may find certain indicators and scripts beneficial to their trading strategy.
This tab allows you to place, modify and delete alerts on the instrument of choice. You can place alerts based on the bid or ask price as well as volume and time.
This tab displays articles posted on MQL5 which could pertain to script codes, new strategies, backtesting information, and other bits and pieces that could enhance trading. They are posted by experts in their fields and are all MT5 related.
Code base includes a wealth of indicators, scripts, and expert advisors that can be explored and quickly installed on the charts or at least downloaded for later use.
The journal details, by timestamp, all the actions that are taken on the platform including new trades, errors, transfers, inserting indicators, and anything that comes to mind and is related to performing any action on Metatrader 5.
The Navigator is found on the left side of the platform and just under the watch list. This section shows you your demo and real accounts as well as all available indicators, scripts, and expert advisors in addition to the ones you have downloaded. It’s an easy way to switch accounts or add/remove indicators.
The strategy tester can be accessed by clicking on “strategy tester” at the bottom right of the platform or by clicking on the function under “view” in the main menu at the top of the platform. The strategy tester allows you to test and optimize different strategies with a wealth of customization. It’s a good way of testing newly built or already available trading strategies against a variety of instruments and timeframes.
Charts will show you the price action of a trading product along with deep customizations such as timeframe, precision, the ability to place indicators, and plenty of analytical tools. Charts are used by most traders to determine trends as well as trading opportunities and play an important role for those active traders who focus on the movements of price across a specific period. We will explore Charts more in-depth in a different guide.
Placing Your First Trade
There’s a variety of ways you can use to open the new trade/order function. You can start by right-clicking on the instrument of choice and selecting “new order”. From there, you can input the volume, stop loss if any, and take profit if any then hit the buy or sell button.
You can also select pending order instead of market execution which gives you the ability to set a pending buy or sell order, above or below the market price. Some traders may choose to transact when a certain price has been reached instead of entering the market at current prices.
Whichever order type you choose; the rest of the process is easy. You can also right-click on the chart and select “one-click trading” which enables two buttons that allows you to buy or sell with the click of a button after entering the desired volume between them. This is a great tool for traders looking for speed when entering and exiting the market. They can enter trades and then edit the stop loss and take profit levels from the “trade” tab in the toolbox.
Metatrader 5 has been the go-to platform for many traders around the world due to the simplicity, speed, and efficiency of trading the global financial markets through it. At CFI, it’s no different and while this guide does not cover every single detail of the platform, it serves to help new traders become familiar with such an extraordinary platform.
Furthermore, our account managers and support team members are always ready to assist and will do so when you start your trading journey with CFI. You will be assigned someone who will follow up and ensure that CFI is covering all your trading requirements. Once you take that step, our representatives will assist you with everything you need.