Introduction to MetaTrader 5 Interface
The following screen shot below shows the main MetaTrader 5 platform interface. As a beginner trader trying to learn how to execute forex orders in the online forex market, the main tool for trading the forex market is the MetaTrader 5 platform software. This MT5 platform is the software that you will connect to your forex trading broker with and execute forex trade transactions and monitor your forex MT5 account balance from this MT5 platform.
The MetaTrader 5 Forex Trading Platform software is provided for free through the various Forex broker websites. This MetaTrader 5 software looks like the forex trading example below:
The Main Areas of this MT5 platform as shown above are:
- MT5 Navigation Menus
- Toolbars
- MT5 Chart Window
- MT5 Navigator Window
- MT5 Market Watch Window
- MT5 Terminal
- MT5 Connection Bars
For this MT5 tutorial we shall look at a brief introduction for each of these learn forex MetaTrader 5 Forex Trading Platform:
1. Navigation Menus
The MT5 navigation menus are:
- File
- View
- Insert
- Charts
- Tools
- Window
- Help
These are the main MT5 navigation menus that can be used to navigate the MetaTrader 5 software. As a beginner trader you can start by just clicking any of these MT5 navigation menus to familiarize yourself with the various MT5 buttons that are arranged as MT5 sub menus within these MT5 navigation menus.
These MT5 navigation menus will be discussed in details in the next MT5 tutorials about navigation menus.
2. Tool Bars
The MT5 tool bars are used to manipulate MT5 charts, either by placing MT5 indicators, MT5 line studies, change MT5 chart time frames and load MT5 chart template from a list of saved MT5 chart templates.
These MT5 tool bars will be discussed on other MT5 tutorials that will outline each MT5 button on this MT5 tool bar and how to add and customize these MT5 tool bars.
3. Chart Window
This MT5 chart window is the main area where MT5 forex charts are displayed and a forex trader can analyze the forex trend direction of a MT5 chart whether up or down, place MT5 chart indicators for forex technical analysis and even place orders from these MT5 charts.
4. Navigator
MT5 Navigator will contain information about MT5 trading accounts, whether demo or real, this MT5 window will also have a list of all the MT5 forex indicators as well as MT5 Automated Forex Trading Expert Advisors and scripts.
A forex trader can choose which MT5 account to login by expanding the Accounts menu, choose an MT5 indicator by expanding the MT5 indicator menu or choose an MT5 Automated Forex Trading Expert Advisor by expanding the Automated Forex Trading Expert Advisor menu.
5. Market Watch
MT5 Market watch is used to show streaming forex quotes for MT5 currency pairs. This can list as many quotes provided by your MT5 Forex broker or a few selected by a trader. To save internet bandwidth, right click inside the MT5 market watch window and select "Hide All", so as to hide the currencies that you are not transacting on this MT5 Forex Trading Platform and save on internet bandwidth.
6. Terminal
This is the MT5 window that is like the bank MT5 account transaction area for your MT5 forex trade transactions, on this MT5 window you can view your MT5 account balance, profit and losses statement, equity, margin used also retrieve a copy of all your MT5 forex trade transactions history.
This MT5 window will also list all open forex trade transactions and calculate all the profit and loss in real time as the forex currencies move up or down.
7. Connection Bar
MT5 connection bars - Red bars are for no connection, green bars show that there is connection to the servers and MT5 forex trade transaction orders can be placed. These MT5 connection bars should always be green when one logged into their MT5 demo MT5 account or MT5 live account.
These MT5 Forex Trading Platform main areas form the MT5 Forex Trading Platform interface and will be the main areas to be covered in detail in the next learn MT5 tutorials. For now it is best to download MT5 Forex Trading Platform software and familiarize yourself with the MT5 software interface.
Why Forex Software is Required for Placing forex Transactions with Forex Brokers
Forex platform is the software that is used to access the forex market and analyze these currencies using forex charts and forex technical analysis tools. There are various reasons why a forex trader requires to use a good forex trading platform. A good forex trading platform can determine if a as a forex trader you make a profit or not.
So why does a Forex Trading trader need a good Forex Software:
To connect to the Forex Broker Trading Server:
To place a forex trade order one needs to use a forex trading platform that will connect to the trading servers of their forex broker and this will allow them to open and close forex trade orders. Good forex trading platforms will connect with ease to the forex brokers' servers and allow forex traders to place forex orders at any time from their computer.
To analyze forex charts and currencies using forex technical analysis trading tools
To place a buy or sell forex order one needs to first analyze the direction of a currency pair using forex charts. This is why all good forex trading platforms provide forex trading technical tools such as forex price charts, forex technical indicators and various different forex chart time frames from which one can analyze forex price moves using the forex chart time frames of their choice.
From the above forex trading platform interface, the summary of all information required by a forex trader is provided on this MT5 Forex Trading Platform interface
- Connection - connection to the forex broker servers
- Charts - forex price graphs that display forex prices
- Toolbars - MT5 tool bars to add tools and forex technical analysis indicators on forex charts
- Market Watch - for displaying available financial instruments on MT5
- Data window - provides MT5 account information and other indicator data
- Exchange rates - shows current market forex price of a currency pair
- Menu bar - Shows all menu items on the MT5 Platform
