Why Should Novice Traders Prefer MT5 For Forex Trading?

MetaTrader 5 (MT5) is more than just a trading platform, it’s a powerful tool for forex traders looking to gain an edge in the markets. Released in 2010, MT5 was developed to provide traders with even more advanced features than its predecessor, MetaTrader 4. It offers quotes in real-time quotes, advanced tools for forex analysis, and an option to place trades directly from the platform. One of the key benefits of MT5 is that it allows traders to access different financial markets from one platform. With support for several order types, including limit, market, stop and trailing stop. MT5 offers traders the flexibility they need to execute successful trades and maximise profits.    

That’s not all! Even more benefits of MT5 make it worth exploring, which will be explained in the next section, so keep reading! 

Reasons Why Traders Should Download MT5 

1. A Large Set of Tools and Indicators: It may be thrilling for a Forex trader to accurately forecast the market’s course, which is made possible by MT5’s analytical tools. Traders have all the tools they need for technical analysis, including up to 100 charts, 21 time-frames, 80 analytical objects, 38 technical indicators, and 39 graphical objects. Additionally, there are four scale settings and 17 display styles, so traders may tailor their charts to their preferences. With access to such exceptional tools, traders can prepare themselves for any market changes that come their way, increasing their chances of success. 

2. Supports Algorithmic Trading: With algorithmic trading on Mt5, traders may set up specific commands and delegate the job of analysing the market and placing trades to the robots. The MQL5 environment, which enables algorithmic trading, facilitates the development, testing, and optimisation of trading robots to suit the individual requirements of traders. In addition, the MT5 environment supports processing huge volumes of data and enables quicker order execution than the MetaTrader 4 platform. You just need to calculate the right values such as the position size, margin, lot size, profits, etc., and the rest will be done by the software. Even for calculation, you can use a trading calculator, which quickly processes the data and gives accurate results. Doing this enables traders to benefit from automated trading while freeing up time to concentrate on other elements of their trading strategy. 

3. Easy Order Ladder: MT5’s Easy Order Ladder Trading feature offers traders unprecedented accuracy and convenience when opening and managing positions. The new order ladder makes it simple for traders to open pending and market orders, determine risk and return, and swiftly select take-profit and stop-loss settings. It is easy to open a pending order by hitting the blue ladder at the desired price and dragging the mouse up for a take-profit or down for a stop-loss. Traders may open a market order by merely floating the mouse on the ladder using the SHIFT key on the keyboard. With the help of this feature, trading is more precise, efficient, and hassle-free, giving traders more time to research the market and make informed decisions. 

4. Multi-asset platform: Multi-asset trading is another significant advantage of MT5. With various asset classes on the MT5 platform, including currencies, commodities, stocks and other instruments, traders can diversify their portfolios to get better opportunities in the market. Moreover, the concentration on a single asset class will also be reduced, thus protecting their investments from unfavourable market fluctuations. This strategy also has the potential to increase returns and offer some protection from market volatility. 

5. Offers Mobile Trading: The mobile trading option on MT5 allows traders to stay up-to-date with the financial markets and execute trades quickly and easily. The user-friendly interface and advanced charting capabilities make it simple for traders to analyse market trends and make informed decisions. The MT5 mobile app is also available for iOS and Android devices, making it accessible to a wide range of traders. With the ability to trade on the go, traders can react quickly to market news and events, improving their chances of success.  

Disadvantages of Metatrader 5 

Even though MT5 is a superior trading platform, like any other thing on earth, it also has its own drawbacks: 

1. Restricts Hedging: Hedging is disabled on MT5, and this can be disappointing for traders who prefer to use it as their risk management strategy. Hedging involves opening two opposing positions on the same currency pair, which can help to reduce losses in volatile markets. However, MT5 doesn’t support hedging, so traders may need to consider alternative platforms or strategies to manage their risk effectively. 

2. Doesn’t support EAs Created with MQL4 Programming Language: Another disadvantage of MT5 is that it is not backwards compatible with MT4. This implies that you must completely recode any custom indicators or expert advisors created with MQL4 for MT4 to use them with MQL5. Additionally, as MT5 is a brand-new platform created from the ground up, there could still be some issues. Even though MT5 has been around for a while, it’s vital to be aware that certain flaws still could remain. For this reason, it’s best to properly test a new platform on a demo account before using it for live trading. 

Where to Download MetaTrader 5 and How to Install It? 

MetaTrader 5 (MT5) is a popular trading platform that can be downloaded from the broker’s website you wish to use. The software is free and can be installed on various devices, including Windows, Mac, iOS, and Android. 

To install MT5 on a Windows computer, Simply download the mt5setup.exe file from the broker’s website and follow the guidelines provided by the Windows developer to install MT5 on a Windows PC. When completed, save the new file to your computer and press “Done.” The application should now have a shortcut on your desktop that you can double-click to open. 

To install MT5 on a Mac, Download the most recent version of MT5 from the broker’s website, find the programme folder, copy the file, and double-click the file to begin the installation process. Accept the security request from the system, then input the data as an administrator. You may use the programme to start trading as soon as it is opened on your computer after installation. 

Conclusion 

With MT5, you can enjoy a wide range of features, including advanced charting tools, a variety of indicators, trading calculator, and the ability to trade multiple asset classes. Whether you are a novice or an experienced trader, MT5 is an excellent platform for managing your investments and taking advantage of market opportunities.