Trading In MetaTrader 5 For Beginners

The next-generation stock exchange from MetaQuotes is called MetaTrader 5, replacing the wildly successful Metatrader 4. While MT4 was designed with currency trading in mind, the mt5 platform is technically meant to support a broader range of asset classes, including cryptocurrencies. 

For the contemporary trader who wants to improve their trading experience by utilising a variety of solid and valuable new features and handy trading tools and resources, the mt5 platform is the appropriate multi-asset platform.

Type of MetaTrader 5 orders

You can exchange your prefered assets utilising the Trading strategy and Deferred request order types.

The following are the six pending order types available on the AvaTrade MT5 platform:

Purchase limit

An instruction to purchase an item at a discounted rate from its present value with the expectation that the asset’s value would increase until it reaches the target price.

Buy limit

An instruction to sell an item at a price above its present value with the expectation that the asset’s value would decline once it reaches the higher price.

Stop limit

A purchase limit order that combines a buy stop order to prevent slippages. A purchase limit order is placed when the purchase stop limit, which you set at a price higher than the asset’s current price, is met.

Stop limit in terms of selling.

A sell limit order that combines a sell stop order to prevent slippages. You issue a selling limit order when your sell stop limit is reached, which you may do by setting it below the market price.

Buy stop limit

An order to purchase an asset at a price above its present value with the expectation that the trend will keep rising if that price is reached.

Sell or halt

An instruction to sell an item for less than its present value with the understanding that if that price is reached, the trend will remain downward.

Fundamental analysis feature

  • In addition to technical analysis, fundamental analysis investigates how different economic, social, and political factors affect supply and demand dynamics for any underlying asset. 
  • The MetaTrader 5 platform has made real-time fundamental analysis simpler than ever. Direct access to built-in tools is available from the platform. Both desktop and mobile browsers are used to access the platform.
  • Indicators are mathematical instruments that give traders a better understanding of price behaviour. On mt5 platform charts, indicators are automatically applied and, for your comfort, are divided into several categories that indicate their applicability.
  • In addition to having a distinct “Tradays” page for integrating the FX economic calendar, MetaTrader 5 for smartphones now offers a new tab. The smartphone Economic Calendar version offers notifications so that traders may be informed of their favourite primary events, which they desire to follow, and is accessible in nine different languages.

The takeaway

Numerous tools and trading resources are included in MetaTrader 5, all intended to improve your trading. To ensure you are prepared to utilise the platform’s full capability, knowing all the powers and how they apply is critical. 

You will be able to fully utilise the sheer power of the mt5 platform if you spend some time reacquainting yourself with the features offered by this user-friendly platform. These include the seven asset class types, numerous trading tools, indicators, graphical objects, six order types, multiple automated strategies, and market depth.

Clare Louise