When it comes to money-making opportunities, the traders know that the forex market has the best of it. Online forex trading has become the go-to option for forex traders all across the globe. It is the most active trading market in the world, with daily transactions reaching a total of trillions of dollars.
Now, choosing the best forex trading platform is a must if you also aim to make profits. This is where Finsai Trade’s MetaTrader 5 comes into the picture. It has all the necessary tools and features that can magnify your trading experience, inviting more profits in the long run. Here, we’re providing you with a guide on how to place your first trade on MetaTrader 5. Keep reading it till the end.
What is MetaTrader 5?
MetaTrader 5 is the best forex trading platform from Finsai Trade, allowing its users to dive deep into the complex yet exciting world of forex trading. It has advanced charting capabilities, automated trading features, and a wide range of analytical tools to assist you in your trading journey. You can even access it on any device, making it an ideal cross-platform-based trading platform for all forex traders.
How to Place Your First Trade on MetaTrader 5 (Step-by-Step Guide)?
Here’s how to place your first trade on MT5 using Finsai Trade.
Step 1 – Open your account with Finsai Trade.
The first step involves opening an account with Finsai Trade. To do this:
- Visit the official website of Finsai Trade.
- There, find the “Sign Up” or “Open Account” button on the website and click on it.
- Then, fill all the required fields with information related to your name, email, and contact number.
- Now, upload your identity or proof of residence. This is important to comply with the regulations.
- After signing up and verification, it’s time to add funds to your trading account. On the Finsai Trade website, you’ll find all the payment methods, ranging from credit and debit cards to bank transfers. You can use e-wallets as well.
Step 2 – Get access to MetaTrader5
Once you are done setting up your account on Finsai Trade, it’s time to get access to the MetaTrader5 platform. To do this:
- First, visit the official website of Finsai Trade.
- There, from the above tab, hover over the “Services.”
- Then Finsai Trade > Platform > MT5.
- Now, scroll down a bit and click on “Go to Platform.”
- Enter the details you earlier registered while making the account, and hit the Login button.
Step 3 – Familiarize with MetaTrader5
Once you are logged in, before making any trades, make sure that you have familiarized yourself with MT5. Make yourself familiar with:
- Integrated Economic Calendar: The MT5 platform has an integrated economic calendar, where you can access real-time news and all important economic events to help you make informed trading decisions.
- Advanced strategy tester: The platform has an advanced strategy tester, allowing you to backtest your trading strategies across multiple currencies. This ultimately improves your strategy’s accuracy and reliability.
- Advanced Charting & Analysis Tools: Don’t forget to be familiar with a wide array of technical indicators, charting tools, and analytical features for superior market insights and precision.
This is a very important step. As before starting to trade, it is always beneficial to get comfortable with all the necessary tools and information on the platform.
Step 4 – Analyse the present market conditions
This fourth step involves analyzing the market conditions before making any trades. The better the analysis, the higher the chances of making profits.
Ensure you have used the MT5’s advanced charting & analysis tools for this. Evaluate the trends, and then make a trading move. It is also best to perform a fundamental analysis before proceeding with your trades.
Step 5 – Place your first trade
After performing all the analysis, it’s time to place your first trade. For this:
- Decide for the currency pair that you wish to trade.
- Apply stop loss or take profit settings to manage the risks.
- Then, place the buy or sell call depending on your trading strategy.
At last, keep monitoring your trading sessions for high accuracy and the right decisions. Avoiding monitoring can invite loss to your trading. So, it’s always better to be mindful of this.
Conclusion
So this was all regarding how to place the first trade on MetaTrader 5, a fantastic forex trading platform. It’s always beneficial to go through the steps mentioned above. All of this will eventually help you in achieving your trading goals with utmost safety.
