MT5 review: is metatrader 5 good for beginners?

If you're new to trading, starting with MetaTrader 4 could be a great choice. Its user-friendly interface makes it easy to navigate. Placing trades in both MT4 and MT5 is relatively straightforward, but as a beginner, you might find yourself less familiar with the advanced trading tools in MetaTrader 5.

Ultimately, your success will hinge more on your trading strategy than on the platform you choose. Both MT4 and MT5 provide demo accounts, allowing you to practice and refine your strategy without any risk.

What is MT5?

MetaTrader 5 (MT5) is the latest platform from MetaQuotes, following the widely popular MetaTrader 4 (MT4). While MT4 was primarily designed for forex trading, MT5 is built to support a broader range of asset classes. MT5 serves as an ideal multi-asset platform for today’s traders, offering enhanced trading experiences through a variety of powerful new features, as well as useful trading tools and resources.

Markets.com provides its traders with the robust MT5 platform, enabling them to trade various assets, including forex, commodities, and energies, with flexible conditions. This comes with no re-quotes, no price rejections, and zero slippage.

A key advantage of the MetaTrader 5 platform is the ability to trade from anywhere at any time using your smartphone or tablet. Thanks to the Web platform, traders can access their preferred assets from any web browser and device. MT5 offers trading robots, trading signals, and a full suite of tools and features.

Automated Trading and Expert Advisors

One of the standout features of MT5 is its automated trading functionality. The platform enables traders to implement their strategies automatically using Expert Advisors (EAs). These programs can analyze market conditions and execute trades based on predefined criteria, saving traders time and reducing the influence of emotional decision-making.

MT5 also includes a built-in MetaEditor for creating and editing EAs. With its user-friendly interface and support for MQL5 (MetaQuotes Language 5)—a high-level programming language for developing trading robots and technical indicators—traders can easily create their own EAs, even without prior programming experience.

MT5's Depth of Market and Economic Calendar

The Depth of Market (DOM) feature in MT5 offers a clear view of market liquidity across various price levels. It displays the number of buy and sell orders for specific financial instruments at different prices, helping traders grasp supply and demand dynamics, which can inform their trading decisions.

MT5 includes an integrated economic calendar that highlights upcoming economic events, such as news releases, speeches, and key economic indicators. This calendar shows the date and time of each event, the relevant currency, its expected impact, and previous, forecasted, and actual values. This information enables traders to stay updated on market-moving events and plan their trading strategies accordingly.

MetaTrader 5 – Order Types

As mentioned above, you can trade your favourite assets using 2 order types: Market order and Pending order.
Buy Stop: An order to buy an asset at a higher price than the current price, in anticipation that when that price is achieved, the trend will continue higher.

Sell Stop: An order to sell an asset at a lower price than the current price, in anticipation that when that price is achieved, the trend will continue lower.

Buy Limit: An order to buy an asset at a lower price than the current price, in anticipation that the asset price will turn higher after having achieved a certain price.

Sell Limit: An order to sell an asset at a higher price than the current price, in anticipation that the asset price will turn lower after having achieved a certain price.

Buy Stop Limit: A combination of buy stop and buy limit orders designed to eliminate slippages. You set a buy stop limit at a price above the current asset price, and when achieved, a buy limit order will be placed.

Sell Stop Limit: A combination of sell stop and sell limit orders designed to eliminate slippages. You set a sell stop limit at a price below the current price, and when achieved, a sell limit order will be placed.

Conclusion

In summary, MetaTrader 5 is a robust and versatile trading platform that provides a wide range of features and tools for navigating the financial markets. Its user-friendly interface, customizable layout, technical and fundamental analysis tools, automated trading options, and multi-threaded strategy tester make it a popular choice among traders.

Whether you're a beginner just getting started or an experienced trader seeking a comprehensive solution, MT5 has something to meet your needs. With its advanced trading and analytical technologies, it delivers a powerful platform for engaging with the global financial markets.

When considering shares, indices, forex (foreign exchange) and commodities for trading and price predictions, remember that trading CFDs involves a significant degree of risk and could result in capital loss.

Past performance is not indicative of any future results. This information is provided for informative purposes only and should not be construed to be investment advice. Trading cryptocurrency CFDs and spread bets is restricted for all UK retail clients.