Since you’ve concluded that day trading is the perfect trading style for you, you should be certain you’re exchanging at the best platform. All you require is a dependable, powerful, and easy to use platform, as MetaTrader 5 (MT5). Through its official site, the monetary forms, indices, and commodities brokers offer its customers a superior method to exchange the into the financial market through powerful trading platforms such as MT5.
Thus, being an effective and well-informed trader requires a ground-breaking trading platform with cutting-edge exchanging capabilities – numerical, specialized, and other fundamental analysis tools that help determine the right entry and exit points. This will help achieve a thorough and very precise timing.
Starting to trade with MetaTrader 5 (MT5)
Day traders like to utilize the multi-resource stage MetaTrader 5, as it’s “the quickest, proficient and financially savvy trading platform” permitting them to exchange under the best conditions. With dependable and secure agents, you can open a demo account on MT5 following a couple of simple steps. Once on the stage, you’ll see all the vital components of the basic and easy to use interface to encourage a more convenient day trading routine.
All orders are available from the fundamental menu bar, which incorporates these tabs: document, see, insert, help, charts, and options. These capacities assist you with settling your gra.phs with pointers, other logical instruments, and different stages to establish your own customized trading platform.
Beneath the main menu, you will discover diverse underlying toolbars that will copy a portion of the orders that you originally see in the main menu. The toolbars are adjustable, permitting you to create changes in the chart timeframes, chart types such as bar chart, line chart, candle chart, and a lot more.
On the left side of the chart, you can see the Market Watch segment, where costs of the chosen currency pair, for example, EUR/USD, GBP/USD, gold, and oil are shown. This is the part that gives information, details, and other financial specifications just in a single click.
Underneath your chart, you’ll discover a toolbox area where you can follow the advancement of your open positions, your pending orders where you can apply modifications as needed such as limit prices, stop-loss, and take profit. This multifunctional window also possesses other important information that is beneficial when trading like news, alerts, internal mailbox, account history, expert journals and so much more.
Steps When Making the First Order
MT5 has a very simple interface. It also provides all the important information and tools to jumpstart your trades. You can also easily customize things like menus, service windows, and toolbars as these things simplify your trading life.
- To place your first orders, you have to follow these steps:
- Select a financial instrument by right-clicking it from the Market Watch window.
- Then choose “New Order”
- Pick the type of order to execute – market order, pending order, or instant order. Selecting an instant order needs to determine the following – position size and take profit or stop-loss levels. After that, you can click the ‘Buy’ or ‘Sell’ options depending on your chosen scenario.