If this is your first time trading with MT5, there are several things to do and avoid. It doesn’t matter whether you are a novice or an expert trader; you can trade with MT5 from anywhere. MT5 also allows you to trade multiple assets, such as forex, stocks, futures, and commodities. The best part of trading with MT5 is that you can trade various assets with flexible leverage, no price rejections, and zero slippages.
Read on to learn about the dos and don’ts of trading with MT5.
Educate Yourself First
If you are new to MT5 reading, you should know that this trading platform comprises loads of features, which is why it is crucial to educate yourself first on the numerous trading resources and features. These resources and features are exclusively designed to improve your trading experience. To make the most of the various features, you must develop an in-depth understanding so you can apply the features and put them to use.
With proper education, you can take advantage of the full functionality of this trading platform. Without developing an in-depth understanding, you won’t be able to take advantage of the full functionality of the tools, indicators, and objects that are designed to ensure a smooth trading experience.
Download MT5 and Install
To leverage the trading platform of MT5, you must decide on the assets that you want to trade and then proceed to download metatrader 5 on your desired device. If you want to download MT5 on your PC, the minimum requirements will be as follows:
- 64-bit system or higher
- Windows 7 OS
- Pentium 4
You must also ensure that you have powerful hardware, especially if you are a heavy user and prone to opening multiple charts, using multiple EAs, etc.
Understand the Order Types of MetaTrader 5
Before you start trading, you must also understand the order types. Generally, there are two order types to know about: the market order and the pending order. The market order is the order to sell or buy an asset at the existing price. The market order is executed in real time. Pending order, on the other hand, is where you buy or sell an asset at a specific price in the future.
The pending orders can be further categorized as follows:
- Buy-stop order
- Sell-stop order
- Buy-limit order
- Sell-limit order
- Buy stop-limit order
- Sell-stop limit order
Don’t Fall Prey to Emotional Trading
If you want to become a professional trader, you cannot fall prey to emotional trading. Discipline and practice are key, which is why you must practice trading first in a simulated environment. However, when it comes to emotions, you must control greed and fear, as these two emotions are most likely to affect newbie traders. You should know that trading is 90% mind, and the remaining 10% is trading.
Keep this interesting statistic in mind when trading. Also, you need to have a trading plan in place, as you should never go into a war without preparation and protection. With a trading plan, you will have a clear set of strategies and instructions to trade, which will give you confidence.
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