A Useful Guide to Using MetaTrader 5

EnclaveFX Ltd
Jul 16, 2022

You must ensure you're trading in the ideal environment once you've determined that day trading is your most excellent trading technique. All you need is one unique trading platform that is dependable, strong, and quick, such as MetaTrader 5. (MT5). The multi currencies, indices, stocks, and commodities broker. Enclave FX provides its clients with a better approach to trading the financial markets with powerful platforms like MT5 via its official website.

Timing is crucial since a day trader's objective is to make money from intraday trends on various financial assets while holding trading positions open for only a short period.

A successful day trader needs a robust trading platform with extensive functionalities, including mathematical, technical, and fundamental analytical tools, to establish better entry and exit locations and achieve more exact timing.

How to Launch MetaTrader 5 Trading (MT5)?

The multi-asset platform MetaTrader 5 is a favorite among day traders because it is "one of the fastest, most cost-effective, and efficient trading platforms in the world" and enables them to transact under ideal market conditions.

You can access a demo account on MT5 with trustworthy and secure brokers, such as the authorized Enclave FX broker, by following a few easy steps. This will let you learn more about the trading platform and its unique features.

You'll notice all the essential components of the straightforward and user-friendly layout once you're on the platform.

The main menu bar, which has the following tabs: file, view, insert, charts, option, and help, provides access to all commands. These features enable you to customize your trading environment by adjusting your charts with indicators, additional analytical tools, and different platform settings.

Numerous built-in toolbars are located underneath the main menu and can be used to mimic some of the menu's commands and features. You can modify the toolbars to alter the chart timeframes, chart types (line, bar, candle, etc.), and more.

You can also monitor by keeping a close watch on the Market Watch section on the chart's left side, where the prices of specific financial assets, such the EUR/USD, GBP/USD, gold, and crude oil, are shown. Additional data may be offered in this area, such as the terms and conditions of financial contracts and one-click trading alternatives.

You may track the development of your open trading positions and pending trading orders in the toolbox below your chart(s) and make changes as necessary (stop-loss, take-profit, limit prices, etc.). You can access various information through this multipurpose window, including account history, alerts, news, the internal mailbox, expert journals, and more.

Simple, right?

As you can keep a watch, the MetaTrader 5 interface is user-friendly and offers all the tools and information needed to begin trading the markets. A single highly flexible and practical user interface contains several menus, toolbars, and service windows that will make trading easier.

Do you intend to make your first purchase? It's simple! Take these easy actions.

  1. Right-click the financial instrument you've chosen in the Market Watch window.
  2. Choose "New Order."
  3. Choose whether to execute a pending, instant, or market order.

Immediate order

If you choose an immediate order, you must decide:

  • The scope of your role (volume).
  • Stop-loss, and take-profit levels.
  • Then, based on your selected scenario, click "Sell" or "Buy," and your order will be performed at the following price.

Awaiting order

You must decide the following if you choose a pending order:

The price at which you want your order to be placed, the size of your position (volume), the levels of your stop-loss and take-profit, and the type of order you wish to set (Buy/Sell limit, Buy/Sell stop, Buy stop/Sell stop limit), and the order you want to place.

then select "Place."

A notification will be flashed at the bottom of your interface when your order has been fulfilled.

Are Copy Trading Or Automated Trading Your Thing?

It's no trouble! You can get all your capabilities in MetaTrader 5 (MT5).

The multi-asset platform MT5 is referred to as the EnclaveFX Ltd as having "excellent trading opportunities, technical analysis tools, and support for automated trading systems (trading robots) and copy trading."

Therefore, day traders who like to automate their trading techniques or who prefer to copy trading strategies from the most successful worldwide can use this all-in-one platform to trade the currency, stock, and futures markets.

Using MetaTrader 5 for Day Trading (MT5)

MT5 is a fantastic trading platform for day traders who wish to advance their trading, as you have seen. Please ensure you thoroughly comprehend how it operates and how to personalize your MT5 trading environment to facilitate your trade before you begin utilizing it.

Several things to think about

Trading is a very hazardous yet rewarding activity, so you want to be sure you're only using the money you don't need to survive. Only trade with money that is available and you can afford to lose.

Work on your financial and economic knowledge constantly; success depends on your ability to comprehend how trade and the financial markets operate.

You can't make money if you don't adopt a trading routine, follow your trading method, and respect your money management parameters, so use a consistent trading strategy and adhere to money management rules.