Day traders like to use the MetaTrader 5 (MT5) because it is fast and convenient. Plus, it is cost-effective and allows them to do trading in the best possible condition. What you have to look for is a reliable broker that offers MetaTrader 5. From there, you can open a demo account to be able to test your strategy or simply to experience what it feels like to trade. This is also a risk-free environment to discover more about the trading platform and even check out its unique features.
Day Trading in MetaTrader 5
Now that you are on the platform, you are going to see the key features of the trading platform. You will also notice how simple the user-interface is, perfect for beginner traders. From what you have seen, all the commands are readily accessible at the main menu bar. Tabs like help, file, view, charts, insert, and option are seen here. All of these functions are significant in settling the charts, several platform settings, and analytical tools.
Right after the main menu, you will see various kinds of built-in tools that can be replaced with the commands and functions that are found in the main menu. As for the toolbars, they are highly customizable, which allows the change of chart timeframes, candle chart, line chart, bar chart and so much more.
On the left side of the chart, it is the section for Market Watch. This section is where prices of several selected financial assets are found, namely; EUR/USD, GBP/USD, crude oil, and gold. Other information is also available in this section, things like the specification of some financial contracts, details, and even the one-click trading.
Let’s go down below your chart. You will see a toolbox that lets you see the history of your trading positions. It also includes the pending trading orders which can be modified whenever you want to. It is a multifunctional window that allows access to information vital on your trading like news, alerts, account history, expert journals, internal mailbox and so much more.
Is it easier than expected? Many traders commend MetaTrader 5 for being simple and easy to use. Also, it provides vital trading tools as well as information needed to successfully start every trade in the market. The menus and toolbars are also easy to customize and very convenient for every trader, no matter if you are a newbie or experienced traders. This will encourage simplified trading for everyone.
Placing Orders
- Now that you’ve known the advantages of MT5, it is time to place your first order. No worries, it is fast and easy! Just follow these simple steps:
- Select a financial instrument that’s perfect for you. After doing so, you can now right-click and you will be redirected to the Market Watch window.
- Tap the ‘New Order’ tab.
- You now have to think of the type of order that you want to use – it can either be an instant order, a pending order, or a market order.
- Finally, click ‘Place’ to place your orders.