If you’re in the process of starting out on your trading journey, the chances are you’re still scouring the web researching the best trading platforms to get stuck into the markets. There’s an even greater probability that every site you read is pushing you towards MetaTrader 5, the latest trading platform from the team at MetaQuotes – and they’d be right to do so. Both MetaTrader 4 and MetaTrader 5 have been the industry benchmark for retail traders for many years, with the latest iteration providing increased functionality that’s better suited to a broad spectrum of asset classes.
MetaTrader 4 was originally designed for retail forex traders and is still used today. However, MetaTrader 5 is a step change for those wanting a robust, fast and scalable trading platform across multiple asset classes, including equities, commodities, indices and futures.
Installing MetaTrader 5
First and foremost, you’ll need to choose a suitable broker that’s compatible with the MetaTrader 5 platform. INFINOX is one such broker that’s fully compatible with MT 5, with those who open STP or ECN INFINOX accounts able to access their liquidity through the MT 5 software. The trading platform can be downloaded and installed on desktop or mobile devices. Once your compatible broker account is verified and live, it’s then just a case of connecting to your broker’s server to trade on the go at any time.
Getting to Know the Market Watch Window
The Market Watch window is a very important weapon in your trading arsenal with the MetaTrader 5 software. It enables you to shortlist an unlimited number of instruments to monitor throughout the day – or as long as you need. The Market Watch window can display all kinds of data surrounding the instruments you’re interested in, including the current spread and the high/low values. Think of it as your strategy board, helping you to find the optimal entry points on assets that fit your overall trading plan.
One-Click Trading With MetaTrader 5
MetaTrader 5 also makes it more efficient to enter the markets by placing market orders with one-click functionality. To activate this feature, head to the Tools menu and go to Options > Trade and ensure the One-Click mode is ticked. Once live, you can one-click ‘SELL’ (short) or ‘BUY’ (long) positions on any of your chosen assets. When doing so, you are placing a Market Execution order at the latest available price and the displayed volume. It’s possible to alter the volume of your order using the up and down arrow keys or you can type the specific volume you want using your keyboard.
Expert Advisors in MetaTrader 5
If you want to dip your toes into the world of semi-automated or even automated trading, MT 5 also makes this possible. Its Expert Advisor functionality allows you to program algorithms to trigger trading processes using standardized or custom indicators. You can teach yourself how to build your own Expert Advisor. Alternatively, you may decide to download one of hundreds of Expert Advisors shared within the MT 5 trading community, which is another huge plus for this software.
Ultimately, MT 5 is one of the most intuitive trading platforms for those serious about trading for a living or enhancing their future lifestyle. It's why millions of brokers and retail traders choose it for multi-asset market orders.