One of the most commonly used trading platforms by traders in the world is the MetaTrader 5 (MT5) particularly in Forex and stock trading. Its powerful features provide the traders with the broad scope of the tools to trade effectively. Whether you are a first-time Forex trader or a convert to other trading sites, then this guide will present you with step by step easy to follow procedures in order to start trading.
How to set up and use MetaTrader 5 on your Mac to start your Forex trading journey
What is metatrader 5?
MetaTrader 5 (MT5) is an improved trading platform built to provide the traders with more flexibility and tools to trade as compared to its predecessor, MetaTrader 4 (MT4). It offers advanced charting, technical analysis and automated trading solutions hence it is applicable to all traders.
Why choose metatrader 5 mac for forex?
Forex traders enjoy a smooth interface when trading through the use of MT5 on your Mac. Trading on your Mac is as smooth as trading on other appliances with its powerful features. Trade on the go or chart analysis, within the scope of the trading business, you are always at an advantage with the help of the MT5.
Steps to install metatrader 5 on your mac
Here’s how you can install the MT5 in your Mac:
- Download the MT5 installation package on the internet on a site or on the platform of your broker.
- Click on the install file and drag the MT5 icon to the Applications folder.
- Browse to the Applications folder and open the MT5 and log on using your trading account details.
Your system is installed and you are now ready to trade.
Setting up metatrader 5 for forex trading
Once installed, you will have to make a few important settings before you can start trading Forex using your Mac.
- Sign up a demo account in case you are new to Forex trading. This will make you train on without potentially losing real money.
- Select your preferences of the chart to suit you and your style of trading. MT5 has a variety of the possible types of charts, timeframes and indicators.
- Make your workspace unique and add the tools you require such as news feeds, economic calendar and the ability to use technical analysis.
How to place trades on metatrader 5 mac
It would be fast to place a trade in MT5. Here’s how to do it:
- Select your currency pair by clicking on the Market Watch window.
- Right click on the two and, however, choose a new order.
- Enter your trade instructions: lot, stop loss and profit.
- Click (Buy /Sell) and open a trade.
Tips for successful forex trading on metatrader 5 mac
The following are some of the tips which will assist you make the most out of the Forex trading experience in the MetaTrader 5:
- Use more time period to study trends and make trades.
- Create alerts so that you are notified whenever some conditions are reached.
- Use a law strategy tester to execute your trading strategies by first testing them under the strategy tester before making actual trades.
Advanced features in metatrader 5 mac
Metatrader 5 Mac has some enhanced features that are able to improve your trading life. These include:
- Expert Advisors (EAs): Automate your trading programs.
- Depth of market (DOM): Visualize current market depth.
- Economic calendar integration: Keep on the critical economic events.
Conclusion
MetaTrader 5 is a Mac based powerhouse trading program. MT5 gives you all the tools required to trade whether you are a novice or a seasoned trader. With simple installations up to a complex trading platform, you are about to enter the world of Forex on the right foot. The above steps are very simple to follow and you will be trading with confidence soon.
