The world of financial markets can be both interesting and challenging for beginners. It’s interesting if you have appropriate financial education and challenging otherwise.
While there are many ways to gather financial education, particularly on financial markets, learning with trading platforms is often efficient as it allows you to be practically involved.
Ideally, trading platforms give access to risk management strategies and tools, real-time prices of commodities and assets, market liquidity information, etc. Such information is important to make the right financial decisions and maximize profits.
However, not all platforms are similar, meaning some will give you limited financial education, limiting your exploration of financial markets.
One of the most trusted and educative online trading platforms is MT5, MetaTrader 5, launched in 2010. It’s a friendly platform for beginner and experienced traders, following its superior trading features, automated trading capabilities, and technical market analysis.
Want to know why MT5 is important for financial education? We’ll focus on that in this article, so read on!
What is MT5?
Technically, MT5 or MetaTrader 5 is the latest generation of MetaQuotes trading platforms and a successor of the MT4, MetaTrader 4. It’s an improved version that surpasses basic forex trading, like its predecessors, offering more functionality by accommodating asset classes and digital wallets.
Better still, MT5 is a multi-asset software, perfect, especially in the current trading world, that requires powerful features and practical training resources and tools. Whether you want to trade CFDs, stocks, indices, commodities, cryptocurrencies, energies, or futures with convenient leverage, zero slippage, no price rejections, and no requotes, MT5 is a typical platform.
Moreover, with MT5, you can trade using a mobile phone, desktop, or any other device in the app or web. Another core benefit of MT5 is that it provides trading signals, copy trading, and trading robots to prompt your trading pursuits better.
Traders can also interact through MQL5, a community chat feature, sharing insights and strategies to maximize profits.
Getting Started with MT5
Before using MT5 as your trading platform, register a live or demo account with a broker. Most people start using the MetaQuotes Demo Account to have an overview of how trading works before investing their resources and time, and you should start here.
You can register a demo account with a broker who supports MetaTrader 5, but it’s often easier to first register with a broker and then connect with them using your log-ins.
So, how do you create a demo account on MetaTrader 5?
1. Installation and Account Setup
The first step is downloading and installing the MT5 platform from a reputable broker’s website. After that, set up your demo account by filling in the required details. Yes, you can directly register a live trading account. It’s only better to stay with the demo one for practice reasons.
2. Navigate the Interface
Since you’re a beginner, you aren’t familiar with trade terminals, charts, market watches, and features that are efficient when trading. Therefore, understand how to navigate the platform and its integral features for smooth trading.
3. Chart analysis
There are various chart tools in MetaTrader 5, including candlesticks, trend lines, patterns, and technical indicators. So, explore each and how they can affect your trading decisions.
4. Customize your Trading Pursuit
A likable feature of MT5 is the ability to customize it. What this means is that you can play with the settings to tune it to your preference. You can readjust the chart layout and indicators to suit your trading style. This makes it easy for beginners and seasoned traders to create a friendly trading environment.
5. Placing Trades
After mastering the interface navigation and analysis, the real gist is placing trade. Learning where to enter and exit trades is the best way to gain financial education, and MT5 gives you a platform to do that exactly.
Take advantage of the automation features like taking profit and stopping loss to manage your risks better. There’s also a list of tradable assets to try on a demo before going live. Analyze market trends using the chart analysis features and play with the trades to test your strategies.
What You Need to Know Before Starting to Trade
Opening an account is just one of the integral steps to start your trading journey with MT5. Otherwise, you must understand the various terminologies and knowledge that a demo account won’t provide satisfactorily, especially to a beginner.
So, propel your trading journey with aspects like:
- Researching multiple kinds of trading to determine the best for you
- Embracing technology like technical indicators for better results
- Develop an effective trading plan according to objectives, risk management plans, needs, time, and personality
- Learning how to implement strategies gained through demo account
In addition, research cautiously on the type of broker you engage with, plus their fees and services.
To get an ideal broker, consider things like:
- Reviews and testimonials
- The level of support and customer service that the broker provides
- The education resources that the broker has
- The trading platform that the broker provides – you need MT5
- Fee chargeable
- Reputation and whether a reputable entity regulate the broker
Conclusion
MetaTrader 5 uses robust technology and is the advanced MetaQuotes trading platform available today. Its extensive tools and features make it a friendly platform for traders of all ages to develop their trading skills.
As a beginner, you can get started with MT5 using a demo account that simulates real market scenarios. It allows you to hone your trading skills and gain financial knowledge without risking your money. So, go ahead and install MT5 for free on your PC and begin your journey to becoming a successful trader.
