Tips on How to Use MT5 Platform for More Profits

MT5 Platform

The forex market is the greatest market in the world and gives numerous opportunities to traders and make profit. MetaTrader 5 is one of the most popular and commonly used trading platforms among forex traders. MetaTrader 5 allows you not only from forex, but also from other markets to trade through the platform.

It offers a wide range of trading assets like currencies, crypto, stocks, commodities, options, and CFD trading. Hence, MetaTrader 5 naturally has a huge range of tools to support traders in their trades. This article covers some tips on how to use the MT5 platform to enhance your profits. 

Risk Management

The prime step to increase profits is to focus on risk management. Almost every beginner has the misconception that risk management is nothing more than putting stop loss and taking profit orders in a trade. They also make the mistake of putting them too close to the entry price. Depending whether the price level hits the stop loss order or take profit order first, the MT5 platform automatically exits the trade thereafter. 

However, good risk management means you need to give the market space to move on its own, execute with right trading psychology, and also manage your capital carefully. One of the top risk-management tools for MetaTrader 5 is Expert Advisor Risk Manager. A trader will be able to regulate the risk in his trading account using this Expert Advisor in both monetary and percentage terms. It may also be applied to manage revenue. 

Customization of Charts

The toolbars in MetaTrader 5 platform are also customizable as per the trader’s own preferences. For example, the trader can change the chart type (bar/chart/line graph), the chart’s timeframe, colour, and a lot more. When a trader creates their own personal chart as per their preferences, it will be easier for them to follow it and instil it in their strategy. 

Another beneficial charting plugin for the MetaTrader 5 trading platform, Autochartist, satisfies all of a trader’s charting requirements and supports CFD and Forex trading. Both trend analysis and volatility analysis features are included into Autochartist. For both newcomers and seasoned forex traders, it offers real-time trade setups through its technical analysis tools. The autochartist tool uses technical indicators to track the markets continuously and can recognise chart patterns like Fibonacci retracements. 

Ruler Function

Traders should also take advantage of the Ruler function in MetaTrader 5 that helps the traders to receive important information across the trendline. Compounding indicators also increase the amount of information that traders can receive simultaneously. 

Algo Trading

The algo trading feature of MetaTrader 5 also helps traders to automate their trading strategy. This helps them to keep out their emotional thoughts from interfering with trading decisions that must be taken rationally.

MetaTrader 5 is an amazing trading platform that can be downloaded onto your device, or can be used in a non-downloadable manner as well. There are numerous tools that are ready to assist a trader to make more profits. Some of the tools have been discussed in this article, but there are a lot more to it, which traders can explore by using the platform.