MetaTrader 5 (MT5) has all new features and updated tools for trading. Another great feature of this trading platform is its capability to trade on mobile. This gives traders the freedom to trade wherever they want, any time of the day. As long as they have the software downloaded into their mobile phones, then trading is possible even when you are on the go.
So to take full control over this trading platform, you need to get started with a quick tutorial. This will help you understand the MT5 and know its basic functions such as the installation process, the use of charts, the placing of trades and so much more.
Installation of the MetaTrader 5 Mobile App
On your device, download the application by going to the app store, iOS App Store for Apple users, and Google Play Store for Android users. This process is similar to downloading your favorite apps in the app store.
Connecting To The Broker
Find a broker that fits your trading style since you will need them after you install the application into your device. After the installation process, you may now log in to your brokerage account. Remember that you have to make sure that the broker you will choose also supports the use of the MT5 platform. After logging in with your username and password, click the ‘Settings’ then ‘New Account’. You can now search your broker at the search bar.
Tip: The setup you have in your demo account will automatically go into your live account once you install the app. Demo accounts are perfect for traders who want to utilize this trading platform for alerts and chartings.
Setting Up A Watchlist For Currency Pairs
The next thing that you have to do on the app is to set up a watchlist for currency pairs. At the bottom of the application, you will see a ‘Quote’ icon, and the list of the currency that you want to watch is found here. Adding currency pairs is very simple. You simply need to tap the ‘+’ symbol located at the upper corner of the app. If you want to edit your watchlist, you can just tap the ‘pencil’ icon located in the left upper corner of the screen.
You may now reorder your currency pairs or hold the handle with three lines on the left side to move the currency pairs according to your preference. Drag the pair into the spot where you want them to be. To delete currency pairs, tap the circles on the left side of the screen. A red check will be seen once you select a pair. After selecting the pairs that you want to delete, tap the trash icon above to completely delete the currency pairs.
Alert indicators can be customized in MetaTrader 5. These indicators will send alerts directly to your mobile app or via email. But if you are not a programmer type of trader then you still enjoy their feature but finding a programmer to do the coding.