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How to Use MT5

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Setting Up MetaTrader 5

How to Set Up MetaTrader 5

It’s actually easy to install Meta Trader4 and it’s available for a variety of operating systems. Once you have downloaded MT5, simply run the .exe file and follow the on-screen instructions within the installation wizard. it is also avilable for Mac,iphone,ipad and android also.

How to Sign in on MetaTrader 5

When you first run MT5, it should prompt you to enter your account details, but if not, you can just click on the ‘File’ tab at the top left of the platform, and then select ‘Login to Trade Account’. You can then enter either your demo trading account or live trading account details.

How to Logout of MetaTrader 5

There is no specific function for logging out of MT5. If you do not want MT5 to save your login details, ensure that ‘Save Account Information’ is not checked when you first login. Then, when you close MT5, you will automatically be logged out.

Trading With MetaTrader 5

How to Trade A Currency Pair Using MetaTrader 5

The simplest way to open a trade in MetaTrader 5 is to use the ‘Order’ window and then place an instant order on the market. Select the currency pair of your choice by clicking on the ‘Window’ tab at the top of the MT5 platform, and then select ‘New Window’. You can then click ‘New Order’ on the MT5 toolbar or press F9 to open an ‘Order’ window.

The screenshot below displays an ‘Order’ window for the EUR/USD currency pair. From this, you should be able to see how easy it is to buy and sell with MetaTrader 5. To trade at the market bid/offer, you would need to enter your desired trade size (in lots) in the ‘Volume’ box and then click ‘Sell or Buy’, with ‘Market Execution’ selected as the order type.It is the ‘Market Execution’ setting that allows an instant order within MetaTrader 5.

How to Close a Trade in MetaTrader 5

How to place a trade with MetaTrader 5 is only part of the information that a trader needs, of course. Once you’ve opened a trade, there will eventually come a point when you want to close the trade. So how do I exit a trade in MetaTrader 5? Select the ‘Trade’ tab from the ‘Terminal’ window (press CTRL+T to summon or dismiss the ‘Terminal’ window). You will see any open trades you have displayed in the ‘Trade’ section of the ‘Terminal’ window. Right-click on the order you wish to close and select ‘Close Order’.

This opens an ‘Order’ window. Click the yellow ‘Close’ button to close your trade. So if you have two positions or more open in MetaTrader 5, and are wondering how to close one, this manual method is the way to do it, as you are specifying which individual trade you wish to exit. This manual method is not the only answer for how to exit a trade in MetaTrader 5 though. You can also close using a stop or limit order.

How to Set a Stop-Loss in MetaTrader 5

As you can see from the ‘Order’ window (shown in the screenshot still below), there are fields provided for you to enter a stop loss level and a take profit level. If you click on either the up or down arrow in the ‘Stop Loss’ field, the box will automatically populate with the current market price (the platform uses the bid price). On the tick chart on the left you can see how your proposed stop level relates to the current bid and offer prices.

How to Place a Limit Order in MetaTrader 5

To place a limit order to close a position, you simply enter a target price level in the ‘Take Profit’ field shown in the ‘Order’ window (as demonstrated above). You can also use a limit order to open a position. To do this, you need to change the ‘Type’ field from ‘Market Execution’ to ‘Pending Order’. You can then choose ‘Buy Limit’ or ‘Sell Limit’ from the ‘Pending Order Type’ dropdown menu as required.

How to Change the Volume of a Trade in MetaTrader 5

In MetaTrader 5, the volume of a trade refers to the size of the trade in terms of the number of lots. As we discussed above, when you open a trade, you need to specify a value in the ‘Volume’ field of the ‘Order’ window. Once you have opened a trade in a certain market, you can add to the volume (or the position size) by opening a further position in the same direction on the same market (obviously at a new price), or you can reduce the volume by part-closing your position

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