Maximize Your Profit With Metatrader 5

The forex market Metatrader 5 offers plenty of investment opportunities since it is one of the largest and one of the most liquid markets in the world.

MetaTrader 5 is a great trading platform that suits everyone right from retail investors, day traders, forex, and CFD traders. It also makes clever investments in the financial markets.

MT5 is a financial trading tool laced with all the key features that every seasoned, as well as amateur trader, would find useful. It improves the overall trading experience for everyone who wants to be successful traders and wishes to opt for a multi-asset platform that is also trustworthy.

It has become so popular because people like flexibility in trading from a single account, be it stocks and futures, forex trading, or more.

Reasons to use MT5 for successful trading

Several traders prefer to use MT5 in wikipedia given the full charting capabilities it offers. It lets you trade forex with particular exchanges.

Below are the top seven reasons why MetaTrader5 is the one for your trading activities:

  • You are allowed to trade on multiple exchanges like NYSE, ASX, and Nasdaq

  • Built by Metaquotes Software Corp, the platform is completely free

  • It offers exceptional charting capabilities on both desktop and mobile trading

  • The intuitive interface is easy to use with advanced ordering options

  • Your trading strategies can be automated with the help of Expert Advisors in forbes. You can also test them with the strategy tester

  • It has an account type for both new or pro traders and is much more efficient than Mt4

  • The mobile app is compatible with iPhone, iPad, Android, and Windows systems.

There are a number of asset classes that can be traded with MT5, such as:

  1. Share CFDs

  2. ETFs

  3. Forex

  4. Commodities

  5. Indices

  6. Precious Metals

  7. Cryptocurrencies

Cryptocurrencies can also be traded on MT4 but without a digital wallet. All trades are cash-settled CFDs.

Trading types available on MT5

  • Market — this is where applications are stored for the trading platform. The MT5 platform provides free and paid trading robots, trading signals, technical indicators, and copy trading. With the help of these robust elements, one can navigate their way through the financial markets.

  • Signals — Copy trading happens when you mimic trades of expert traders directly to your account by default. You can pick from a number of providers and subscribe in a couple of clicks.

  • Virtual Hosting — with the help of MQL5. It allows you to rent virtual hosting directly from the platform to operate your trading robot or to copy signals. These virtual platforms are placed on special hosting servers that make sure the operations remain smooth 24 hours a day

  • Freelance — if you are unable to look for the right application in the Code Base or Market, you can buy one from a professional developer by going to the Freelance section of the MQL5 community website.

Tips to maximize your profit

Risk management

Amateur traders often tend to make the mistake of thinking that risk management is simply putting stop-loss orders near their trade entry point. Additionally, on the basis of whether the price meets your stop loss or take profit order first, MetaTrader rules out the other order. Remember that your trades should not have stop-loss orders so far away from your entry point that your risk-reward ratio goes off balance.

Charting Customization

The toolbars can be totally customized that let you update chart timeframes, and chart types such as line charts, bar charts, candle chart etc. To be able to put out a clear picture of the data, a custom chart on MetaTrader5 is a great option.

To change or update the chart properties, you can right-click on the chart and choose properties. The colour settings can be changed by entering the RGB code directly or clicking on the drop-down list.

If you want to change the time frame, select the periodicity toolbar. To be able to save a template, right-click on the chart, and hover over “template”. Choose save the template.

To be able to load a template that has been designed by you or you have managed to find one, right-click on the chart, hover over templates, and choose “load template.” After this you choose the right template (file extension should be .tpl)

Ruler Function

MetaTrader 5 trading platform comes with a ruler function that lets forex traders receive relevant and noteworthy data on the basis of a trendline.

This tool is helpful when you want to know the pips you want to be able to put a stop loss or profit target. It can also help in knowing the size of the trend waves to find out whether it is in harmony with your CFDs and forex trading strategy.

There are three points of information that you get when you use the trading tool. The numbers of bars that lay between the start and end point, the total number of pips between the first point to the second (since most forex brokers tend to use fractional pip pricing which has a reading of 1 = 0.1 pips. This implies that 52 would mean 5.4 pips). Here the final piece of data you have is the price of the instrument which lies where your cursor is. A ruler function is a great tool for technical analysis.

Compounding Indicators

MetaTrader 5 allows you to compound your indicators. This is one of the best features of MT5 as it implies that the amount of information that forex traders have access to also increases.

Better understanding better performance

By developing a thorough understanding of functionalities that MetaTrader 5 offers and by being able to use advanced charting plugins, forex trading can become easy. It will also enable traders to execute their trading strategy and enhance the quality of their technical analysis.

If you are using a demo account or a live trading account, then irrespective of whether your strategy is day trading, scalping, or if you are using expert forex advisors your MetaTrader 5 analysis should get a boost from these tips.

Bottom line

You may already know by now that MT5 is a great trading platform for day traders who wish to boost their trading skills and take it up a few notches. Make sure you know how MT5 works and what its functions are before you start using it. Learn more from our YouTube resources.