How to Start Day Trading with MetaTrader 5
MetaTrader 5 or MT5 is a well-designed multi-asset platform put together by MetaQuotes. Apart from forex, it allows you to trade in futures and stocks. As is the case with other trading platforms that operate online, MT5 offers traders the scope to have a look at price charts, compare prices, and place orders. Know more about our services.
When you trade on MT5, you gain access to a plethora of financial markets including indices, foreign exchange, CFDs, commodities, futures, and stocks. It also offers you to choose from multiple technical and fundamental analysis tools. Since it facilitates automated trading, it is used by a large number of traders who prefer modern methods over traditional processes.
One of the most striking aspects of MT5 is the fact that it uses trading robots which are referred to as Expert Advisors or EAs. These trading robots can operate without the trader controlling or monitoring their activities actively. The robots follow an algorithm and monitor market prices and carry out a variety of trading operations.
There are several other advantages associated with using the MT5 platform. It provides you with a strategy tester that has multiple layers to it. You can use MT5 to transfer funds across multiple accounts and keep you abreast of all the important events taking place in the market.
MT5 also enables you to create strong bonds and network effectively within the trading community. The MQL5 community chat will help you reach out to several traders and discuss trading strategies or market conditions with them.
MT5, as a trading platform, provides traders with endless possibilities. Apart from offering access to automated trading systems, you can also try out copy trading. In several ways, it proves to be an all-in-one trading platform for anybody who is interested in trading activities. It also makes you aware of the tricks and techniques used by different traders across the world so that you can replicate them in your own way.
Why Choose MT5 for Day Trading?
Now, that you are aware of the numerous benefits associated with the MT5 platform, you should educate yourself on day trading. Though there are different trading styles to choose from, many traders opt for this owing to the convenience it provides.
When you decide to go for day trading, you must ensure that you are operating in a healthy trading environment. A reliable and trustworthy trading platform is what you need and that’s where MT5 comes into the picture. After you download it, you have to work towards studying the different elements associated with day trading.
What Is Day Trading?
Day trading refers to the process of purchasing and selling stocks in a limited time frame. Everything happens in a day. In day trading, a trader aspires to make a small amount of profit on every trade and then, benefit from compounded gains after a point of time.
How to Engage in Day Trading with MT5?
A good broker will help you open an MT5 account in no time. To have a quick look at the various features offered by MT5, you can create a demo account and use it for a while. The platform has a user-friendly interface that you can explore without facing any hurdles or complexities. It is important to understand it well so that you can have a structured trading routine.
What Can You Find on the MT5 Platform?
On the main menu bar, you will find all the important commands that you will be using. You will also come across multiple tabs including file, insert, view, option, charts, and help. These are the functions that will enable you to deal with analytical tools, indicators, and different types of platform settings.
When you wish to track your open trading positions, you will have to go to the toolbox section. You can also have a look at your pending trading orders here and make suitable changes to them as and when required.
Designed as a multi-functional window, the toolbox section can also be utilized to gain other important information pertaining to trading. Apart from checking your account history, you can go through trading news, the latest alerts, expert journals and an internal mailbox.
What You Should Remember
When you decide to embark upon day trading, there are a few important things you need to remember. Since trading has never been a very safe proposition, you should only trade with the money that you are not afraid to lose.
Unless you put together a proper trading routine, you cannot expect to make any money out of it. Apart from having an understanding of how the market operates, you must also develop your own style as a trader with time. Apart from market conditions, your skills as a trader will determine whether you make some money or not.