Metatrader 5 is the latest version of the MT platforms issued by MetaQuotes Software Corp. The MetaTrader 5 platform offers advanced features for trading Forex, Stocks, Futures and CFDs. More than 80 brokers globally have already adopted MT5.
Metatrader 5 Features
MT5 is the most popular trading platform in the world. It has been around for quite a while, but it’s still considered one of the best platforms available today, and it is loaded with different features discussed in this blog.
Pending orders are an essential tool for traders to use. They can be used to enter a position when the price reaches a certain level or exit a position when it comes to that level.
For example, if you think that the AUD/USD will rise after pulling back from 1.2400, then you can place an order to buy at 1.2250 and another order to sell at 1.2550 (limit stop). This way, if the market moves higher than your target by enough of a margin, then it will trigger your sell limit order and close out your trade with minimal loss (or even make some profit).
Market Order Execution Modes and Stop Orders
The market order is the default, so you are not required to specify it. The market order means that your trade will be executed immediately at the best available price in the market. However, in some cases, it can lead to a loss of profit or even result in a loss because of an unfavourable price movement.
The limit order allows you to specify the price level at which your trade will be executed. It helps avoid too much slippage and ensures you get the best possible price at which your trade could be completed while avoiding any significant losses if prices move against you before your order is executed.
Stop Order Execution Modes
Stop-loss orders are the most basic type of order, and they’re also known as “stop-market,” “stop-close,” or simply “stop” orders. A stop-loss order becomes active once the market touches or goes through a specific trigger price; that’s when it starts to work. Your trade will be closed automatically if the market reaches your specified target price profit.
In this case, you’d need a little luck on your side. And if you enter a stop order but don’t get filled (you don’t get a fill), then there’s nothing else you can do except cancel it and re-submit another one.
Trading Signals Are an Interesting Concept in This Platform
The trading signals are based on technical analysis, which involves observing market data and drawing conclusions from it through visual tools such as charts or graphs. Trading signals can also be found on candlesticks and moving averages.
Hope that this article has helped you with your understanding of the MetaTrader 5 platform. And you may get in touch with a brokerage if you want to know more about this or any other topics in forex trading or other assets. As such, they will try their best to answer all your queries and help you on your way toward becoming a successful trader. In addition to this, for any further information about the platform or how it works, there are several professional analysts and support service centres which you can contact through email, phone, or simply by visiting their website.