How to Start Trading in MetaTrader 5: Beginner Tutorial

Beginners believe that MetaTrader 5 is only for professional traders. This step-by-step tutorial is here to break the myth. MT5 is an advanced version of MetaTrader and provides a better trading experience. Study the article to navigate the terminal, following the instructions with screenshots, helpful links, and tips for beginners. 

What is MetaTrader 5 (MT5)?

MetaTrader 5 is a trading platform developed by MetaQuotes Software. It is widely used for advanced online trading with an extensive choice of instruments, technical and fundamental analysis, and automated trading. MetaTrader 5 is secure, customizable, and free. 

What is the difference between MT4 and MT5?

MetaTrader 5 is a successor to MetaTrader 4, but not a double. MT4 was released in 2005 and became a trading classic of the industry. To that end, MT5, which was released five years later, is less popular.

The key difference between MT5 and MT4 is that the former has better functionality providing access to a wider range of markets, instruments, and opportunities. MT5 works faster and is designed for trading with heavy reliance on analytical tools.

On Headway, MetaTrader 5 is best for trading stocks, indices, and commodities with lower spreads and quick market execution. See the comparison of MT5 and MT4 to evaluate the difference yourself.

The following instructions will help you navigate MT5 bit by bit.

How to set up MetaTrader 5?

If you need MT5 in offline mode, it is free of charge to download and install. There are software versions available for Windows and macOS, Android and iOS.

For desktop users:

1. Go to the platform page.
2. Choose MT5 for the operation system of your device.
3. Click Download.
4. Find the .exe file in your Downloads on the device.
5. Run the .exe file and follow the installation instructions.

For mobile users:

1. Go to Google Play or App Store.
2. Find MetaTrader 5 (powered by MetaQuotes Software Corp.).
3. Click Install.
4. Run the application.

How to log into the terminal?

Logging in is necessary for the work in the terminal. Without it, you can’t see live quotes, open and close positions, or study the contract specifications. To log in, you need a Headway trading account. If you haven’t opened it yet, do it now.

For desktop users:

The program requires your login and password when you run it for the very first time. 

Later, you can log in manually:

1. Go to File → Login to Trade Account. The Login window pops up.
2. Choose a server depending on the account type: live server or demo server with the IP information you got when creating an account. 
3. Untick Save password if you want to log off your account every time you close the terminal.

Of notice: If you download MetaTrader 5 from other sources, you need to type in the IP address when logging in. For each account type (demo or real), the IP address is different. You can find it in the email you received after opening your trading account (see MetaTrader server). Click on the empty Server field and enter the IP manually. 

If you forgot your password:

1. Go to your Personal Area.
2. Click on the number of your trading account.
3. Choose View password.

If you want to change your trading account password:

1. Go to Personal Area, Dashboard page.
2. Click on the number of a trading account number.
3. Choose More information in the dropdown menu. You are redirected to the page with account history.
4. Find a required account in the list.
5. Click on the open lock icon in the Reset Password column.
6. In the pop up window, create a new password and type in a master password to confirm.
7. Click Reset Password.

For mobile users:

The program requires your login and password when you run it for the very first time. 

Later, you can log in manually:

1. Tap the button in the upper-left corner.
2. Tap “+” to add a new account.
3. Find Headway in the broker list.
4. Type in your login and password that was autogenerated when you created the account. You can find it in the Personal Area: click the account number and choose View password.
5. Choose a server depending on the account type: live server or demo server with the IP information you got when creating an account.
6. Untick Save password if you want to log off your account every time you close the terminal.

If you forgot your password:

1. Go to your Personal Area.
2. Click on the number of your trading account.
3. Choose View password.

MetaTrader 5 terminal overview

Now you have your terminal all set up. A lot is going on here. Learn more about what you see at first (starting from the top left):

Main menu. Here you find all commands and functions: operations with charts, analytical tools, platform settings, and more. 

• File. Managing your trading account, logging in and off, saving charts.
• View. Managing the terminal setup (language and windows) and the list of symbols (i.e., available trading instruments).
• Insert. Managing indicators and other tools applied for technical analysis.
• Charts. Managing the analytical operations with charts.
• Tools. Features for the advanced terminal setup.
• Window. Managing the charts display. 
• Help. Tutorials, videos, and other materials for better navigation. The best section for beginners.

Toolbar. Customizable set of the most-used tools and features.

Learning System (Achievements). The system has over 100 usage tips that you can open anytime and go in-depth about working with MetaTrader 5. The more you study the platform, the more progress you make. 

Data Window. Precise price information, indicators applied, and Expert Advisor data are all in one place.

Market Watch. Use it to monitor your trading instruments: price data and movement, charts, specifications, and quick placement of positions. 

Navigator. A window to help you switch between multiple trading accounts or use robots and indicators for trading. 

Chart and Chart Switch Bar. The space to monitor real-time charts and to use technical analysis tools. You can display any chart with 21 timeframes, from one minute (M1) to one month (MN1).

Toolbox. Here are stored useful resources: your account history and notifications, platforms news, trading articles, and the like. The most important tab here is Trade where you manage your opened positions. 

Strategy Tester. A Pro section for experienced traders who want to test and optimize their Expert Advisors. 

You can customize your workspace anytime. Close any window you don’t need by clicking the X button. If you need to add a new window, go to View and choose any from the menu. Drag any window and drop it where it is comfortable for your work. 

The operational minimum for a beginner contains Windows Toolbox, Navigator, Market Watch, and Charts. 

To manage the chart display, right-click a chart and choose Properties (or press F8). In the pop-up window, you can customize your chart type (bar chart, candlesticks, or line chart), its scale, colors, and required price specifications. 

Where to find instruments (symbols) available for trading?

1. Go to View (or press Cltr+U).
2. Type a symbol in the search bar OR click an instrument group to see what is available on your trading account.
3. Click a symbol to see full instrument specifications.
4. Double-click “$”. When it turns yellow, it means that it is now available in the Market Watch window for your quick access.

If you can’t find a specific instrument in the list, it may be that (1) you misspelt it or (2) it is not available in this version of MetaTrader. Check the instrument specifications on the website.

How to open a position?

1. Click New Order in the Toolbar. A new window pops up.
2. Check the symbol (i.e. instrument) you are about to trade.
3. Choose a type of execution: Market Execution if you want to open a position now/as soon as possible, or Pending Order for later execution).
4. Choose a trading volume (the bigger the volume, the more money you will need to execute your order).
5. Set a Stop Loss and Take Profit if needed.
6. Choose a Fill policy: Fill or Kill if you need to trade a specific volume (default option), or Immediate or Cancel if you seek execution with the maximum volume available on the market.
7. Click Sell By Market or Buy By Market to open your position. 
8. Click OK to close the window. Hurray! The order is placed.

How to track and edit my order?

After you place the order, you find it in the window Toolbox, tab Trade (lower left corner). The terminal automatically calculates your profit based on the entry price and its current ever-changing level.

Right-click the opened position and choose Modify or Delete option (the 3rd in the dropdown menu). Here you find three types of orders:

• Choose Modify Position (default) to place Stop Loss and Take Profit,
• Pending Order to create a new position related to the original order for later,
• Market Execution to “delete” a position, i.e. to close it by the market price.

How to close a position?

MetaTrader 5 offers you many ways to close your position. Take any you like:

The classic scenario:

1. Right-click the position.
2. Choose Close position.
3. Click Close by Market.
4. Done! Position closed.

For quicker execution:

1. Click the X button on the right side of the opened position line.
2. Agree with the terms and conditions of One Click Trading (a MetaTrader system used for quicker order execution).
3. Click the X button again.
4. Ready, next time you’ll click the X and close your positions immediately.

This works too:

1. Right-click the position. 
2. Choose the Modify or Delete option (Type: Market Execution) in the dropdown menu.
3. Click Close by Market.
4. Success! Position closed.

How to use tools of technical analysis?

MetaTrader 5 offers 80+ technical indicators and elements for technical analysis. Essential analytical tools are at hand in the Toolbar. You can check the full list of instruments in the Insert tab of the Main menu: Indicators (e.g., Bollinger Bands), Objects (e.g., Elliot Waves, Fibonacci, Gann), Experts, and Scripts. 

Beginners usually need only a few simple tools, including timeframes, trendlines, the Moving Averages indicator, and the Stochastic Oscillator. 

To apply a trendline or the like on-chart elements, choose a tool and point it at the chart. A single click is enough to draw lines, arrows, and graphical elements.

To apply other objects (e.g., channels, figures), you need to click on the chart and drag the cursor in a direction of your choice. To move an element, double-click it and drag it by the white dot.  

You can also run indicators: choose any in the list, adjust the scale, customize the appearance of it (color, size), and click OK. An indicator appears on the chart immediately.

If you need to remove one object from your chart:

1. Double-click the object.
2. Press Delete.

To remove all objects at once:

1. Right-click the chart.
2. Choose Object List in the menu (or press Cltr+B). A new window pops up. Here you see all objects you applied on the chart.
3. Press Cltr+A to select all.
4. Press Delete or click Delete on the right.

To remove an indicator:

1. Right-click the indicator window.
2. Choose Delete Indicators Window.

We recommend beginners use no more than 2-3 instruments at once to get better trading results.

How to trade better? Use the Economic calendar

An economic calendar is a schedule of important events and data publications concerning the markets and the economy in general. In MetaTrader 5, it is displayed in the Toolbox window, Calendar tab. 

• Right-click the calendar to see data for previous periods, sort out the priority, find a specific country, and more.
• Double-click any event to learn more about it.

Pay attention to the priority of events. High (red square) and Medium (yellow square) priority events influence many markets. Take into account the upcoming reports and publications to plan your trading activity.

You also have an economic calendar right in your Personal Area. Check it regularly to stay updated.

Conclusion

This step-by-step tutorial sure made MetaTrader 5 more user-friendly for you.