Here is a step-by-step guide on how to install, set up and get trading on your MT5 platform.
To install MetaTrader 5 for Windows:
- Double-click on the downloaded installation file.
- Read the License Agreement. If you agree, click the checkbox next to Yes, I agree with all the terms of the license agreement. Click Next.
- Choose the folder where the program will be installed. If you want to use the suggested folder, click Next. If not, click Browse, choose a folder, and click Next.
- In the next window, select a group in the Programs menu. Click Next.
- Click Next to install the MetaTrader trading platform, or click Back if you need to change anything. Now, all you have to do is wait until the program has been installed on your computer.
As soon as the installation of the MetaTrader platform is complete, you can open it by clicking Launch MetaTrader, then clicking Finish.
Once you have downloaded MetaTrader 5, watch this video to learn how to login in a few easy steps:
Having difficulty logging in? Try our troubleshooting guide.
Configuring the platform
Setting up MT5 is similar to MT4. Watch this video and find out all about it.
Market Orders: How to open and close them
To place a Market Order, follow these steps:
- Find the New Order command in the menu bar or by clicking Tools > New Order. When you click New Order, a new window will popup. Alternatively, you can also double click on any symbol in the Market Watch section to open the New Order window.
- Select your preferred symbol, transaction size, Stop Loss and Take Profit levels. If you want to check the execution type you can find it under Type. Execution type is auto detected based on the instrument you choose and your account type.
- Click Buy or Sell to place the order.
- Double click on the order you want to close in the Trade tab of the Toolbox section that runs along the bottom of the platform.
- Click Close Position.
- Alternatively, you can also right click on your order and choose Close Position. Another simple way would be to simply click the x beside your order in the Trade tab.
- That’s it. Your order is now closed.
Pending Orders: How to open and close them
There are 6 pending order types to choose from in MT5 (Buy Limit, Sell Limit, Buy Stop, Sell Stop, Buy Stop Limit and Sell Stop Limit). To close a position you can use Stop Loss and Take Profit.
To place a Pending Order, follow these steps:
- Click the New Order icon in the toolbar on the top or click Tools > New Order.
- Select the Symbol you want to trade in, set your Volume and specify your pending order Type.
- Set your desired Price, TP (Take Profit), SL (Stop Loss) levels and Expiration. Note that setting up TP, SL and expiration are optional.
- Click Place to set up your pending order.
To modify/delete a pending order, follow these steps:
- Right click on the pending order in the Trade tab.
- Click Modify/Delete.
- If you want to modify, the fields available for modification are Price, SL, TP and Expiration. Once done, click Modify.
- If you want to delete your pending order, simply click on the Delete option.
Note: Please follow Stop Levels when setting up Pending orders (including SL and TP).