1. Which is MetaTrader 5 (MT5) – its the platform where all the trading magic happens.
2. And secondly its where you going to manage your funds, for this i recommend FXGT. This is your Trusted Broker that can connects you to the forex markets, it is the broker I use myself as it stands out for me, and especially going well with the Strategy I'm going to teach in our future post.
Meanwhile in this guide, i’ll take you step by step through everything, on what MetaTrader 5 is, and how to set it up with FXGT, and also explain what every section of the app means (like Quotes, Charts, History, and more). Not only that, but what Pips, Spreads, and Leverage are, and how to place your first trade like a real trader without any confusing terms, no long, boring explanations. Just clear, and simple information.
What is MetaTrader 5?
MetaTrader 5 (MT5) like i said is a free app that allows you to trade Forex, Crypto, Metals, Stocks, and more. It works like your personal trading station, you control everything, you can open and close trades, watch prices move in real time, study charts, see your profits or losses, and manage your trading accounts Whether you're using an Android phone, iPhone, tablet, or PC, you can access MT5 anywhere, anytime.
Step 1: Installing MetaTrader 5 on Your Phone.
1. Open Google Play Store, or Apple App Store.
2. Search for "MetaTrader 5"
3. Tap "Install"
4. Once installed, tap "Open" Now let’s connect it to your broker.
Step 2: Connecting MetaTrader 5 to FXGT (Broker)
1. Open MT5
2. Tap “Menu” (3 lines at top left)
3. Tap "Manage Accounts"
4. Tap + then "Login to Existing Account"
5. In the search box, type: FXGT-Live (for real account) or FXGT-Demo (for practice account)
6. Enter the "login ID" and "password" FXGT gave you.
7. Tap "Sign In" Done! You’ve now linked MT5 with your FXGT account.
Now let’s break down what each section in MT5 means, but before doing that I noticed that I might have confused you a little bit when I say "real account" and "demo"/ practice account. To make it clear, real accounts are where you deposit your own money when you feel ready to trade real money.
While on the other hand we have demo accounts, these accounts allows you to practice with fake money to improve your skill before trading with real accounts. These accounts are good for people who are just starting out, and yes if you starting out, I recommend you start practicing what I'm about to teach you, before you can trade real accounts. Now I hope you understand, let's dive in, and explain what everything means in that app.
Step 3: Understanding Every Section of MetaTrader 5
When you first open the app, you’ll see a few tabs at the bottom. Each one is super important. Here's what each section mean, and does:
1. Quotes (Live Prices)
This is the first tab, and it shows all the currency pairs and assets you can trade. For example, EUR/USD, GBP/USD, XAU/USD (Gold), BTC/USD (Bitcoin) Each row has two prices, the Bid (Sell price), and the Ask (Buy price). What it means, Let’s say EUR/USD shows sell at 1.1023, and Buy at 1.1025 - This means you can Buy at 1.1025 and Sell at 1.1023 The difference between those two prices are called the "Spreads". Heres a Tip: Long-press any pair to open a trade, or view its chart.
2. Charts (Where You Analyze the Market)
Tap any pair in Quotes > then tap Chart. This is where you see how the market is moving. You’ll notice "Candlesticks", and each one shows the opening price, and the closing price. The highest point, and the lowest point. You can zoom in or out, switch timeframes (M1, M5, M15, H1, D1), and apply indicators like Moving Averages, RSI (Relative Strength Index), Bollinger Bands which we will cover in other posts. Even if you're a beginner, just watch how candles move over time, and you'll start spotting similar patterns!
3. Trade (Your Live Positions)
This section shows all open trades. Your current profit or loss, your account balance, your Equity, and your Margin Level.
To avoid misleading, heres what each means to understand:
• Balance means your account value without open trades.
• Equity means your balance, plus your open trades, either in profits/ or losses.
• Margin is the amount of money used to keep your trades open.
• While Free Margin is the amount of money you can use for new trades, or to open new trades.
• Margin Level on the other hand, it shows how safe your account is (it should stay above 100%) .
4. History (Your Past Trades)
This section shows your closed trades, total profit or loss, deposits and withdrawals. Use this to track how you’re doing and learn from the past mistakes.
Heres a Tip:
Set a weekly habit to review your history. This is how traders improve.
5. Mail/News/Settings (Extra Tabs)
These tabs aren’t used as much by beginners, but here’s a quick breakdown:
Mail - Messages from your broker (FXGT) - News - Market news and updates - Settings - Change themes, enable/disable options, and manage your account, but honestly thats not what will be focusing on.
Step 4: Let’s Talk about Trading Basics
Before you trade, you need to understand few key terms in order to make out great decisions about your trades. You need to understand what Pips are, what Lot Sizes are, what Leverage is, and lastly what spreads are.
Here what each term means:
1. A Pip is a small movement in a price. For Example, take EUR/USD as it moves from 1.1000 to 1.1001, that means it moved 1 pip. Pips help you to measure profits or losses, as well as to help you study how strong the price is moving.
2. We have a Lot, which is the size of your position, or trade. Standard Lot means 100,000 units = $10/pip, while the Mini Lot means 10,000 units = $1/pip, and lastly we got Micro Lot, which also means 1,000 units = $0.10/pip. I recommend If you're just starting out, to stick with micro lots to stay safe. And if that's overwhelming, because it does sometimes, here's a full review on how to understand lot sizes better since its a broad topic to cover.
3. And Leverage lets you trade bigger with less money. For example, With 1:100 leverage, you can control $10,000 with just $100. Take note that Leverage can grow your money fast, and can also blow your account fast if you're careless. Again if you feel confused, Here I Covered Leverage In More Detail to fully understand it, and how to implement it wisely.
4. Last but not least is Spreads, which is the difference between the buying and selling price. It’s how brokers like FXGT make money. For Example, if EUR/USD Buy is at 1.1002 and Sell is at 1.1000 that way spread = 2 pips. And remember that smaller spreads, means lower costs, while higher spreads, means higher costs. So make sure to fully understand how important spreads are, and why choosing the right broker is the best.
Step 5: How to Place a Trade on MT5 Platform.
Its time to walk you through entering your first trade, and making that money. Let's take a Buy Trade for example, here's a step by step guide:
1. Go to "Quotes"
2. Tap a pair like EUR/USD
3. Tap “New Order”
4. Set your lot size (e.g 0.01 = micro lot)
5. Tap Buy by Market, and Boom! You’ve entered a trade. You can go to the Trade section to watch it live moving.
Other important thing to do after opening a trade, which is optional to do so, Is to set a Stop Loss & Take Profit. Stop Losses help you auto closes your trade if the price goes against you. Meanwhile Take Profit, auto closes your trade when it hits the profit mark. You can use these to manage risk, and avoid losing all of your balance.
Now here's the kicker, why FXGT Is a Good Broker for beginners who are starting out. FXGT is a great choice because It offers MetaTrader 5 access, Has a low spreads, and also offers to trade crypto like Bitcoin, forex like EUR/USD, metals like Gold, and indices such Nasdaq and more. It also offers demo accounts for starters to practice, and also with it's real account starting from minimum deposit of 900 ZAR, depending on your Local Currency. It is fully Regulated and trusted globally.
Bonus Tips for before Trading Live Account:
1. Start with Demo Trading accounts, don’t rush. Use FXGT’s demo account on MT5 until you’re confident.
2. Stick to Major Pairs. Start with easy-to-understand pairs like EUR/USD or GBP/USD, unless you want to trade indices like US30 (index of American Stock Exchange), which is also easy to analyze and trade.
3. Practice Risk Management. Never risk more than 1-2% of your balance on one trade. Have a daily target, this is how professionals trades.
4. Use a Trading Journal. Write down why you placed a trade, and what you learned afterwards. This should help you stay ahead of the game.
5. Don’t Trade on Emotions, always stick to the plan. Trading based on feelings, means losses.
Conclusion:
Your Trading Journey Starts Here MetaTrader 5 + FXGT is the perfect combo for anyone ready to explore the forex world. It might look complicated at first, but once you understand the basics, it becomes exciting, and profitable. Remember, MT5 is your trading tool, while FXGT is your bridge to the market, or where you handle all your money.
Your success depends on learning, patience, and smart decisions. So take your time, explore the MT5 app, and trade smart, not fast.
Next step is to know how to set up Indicators and analyzing your first chart like a pro, even if you’ve never done it before. Indicators are tools that help you discover the price reaction, or even where the price might head next.
You can read the full post Here.