About this video

• Video Title: How to Use MetaTrader 5: A Step-by-Step Guide for Beginners. Making Money Online
• Channel: RockStarrFX
• Speakers: Rico (implied by "It's your boy Rico AKA Rockstar FX")
• Duration: 00:19:46

Overview

This video provides a comprehensive, step-by-step guide for beginners on how to use the MetaTrader 5 (MT5) mobile application for trading, with the aim of making money online, particularly in the Forex market. It covers setting up a demo account, customizing the interface (quotes and charts tabs), understanding trading functions, placing orders, managing positions, and customizing chart appearances.

Key takeaways

• Demo Account Setup: New users are prompted to create a free demo account with virtual money to practice trading without financial risk. The deposit amount can be adjusted, with $3,000 being the minimum option presented.
• Live Account Requirement: To trade with real money, users must first open a live account through a broker, as MetaTrader 5 itself is not a broker.
• Interface Customization: The video demonstrates how to customize the "Quotes" tab to display only desired currency pairs and the "Charts" tab by adjusting timeframes, adding indicators (like Bollinger Bands and Stochastic Oscillator), and using drawing tools (lines, rectangles) for market analysis.
• Trading Execution: It explains various ways to execute trades, including a feature that allows pre-setting pending orders with stop-loss and take-profit levels directly on the chart for faster execution, and the standard "Trade" tab for placing buy/sell orders.
• Position Management: Users can view open trades, monitor profits and losses, close entire positions, or take partial profits. The video also highlights MT5's ability to consolidate partial profit-taking into a single trade entry in the history.
• Orders and History: The "Orders" tab shows filled and canceled pending orders, while the "Deals" tab provides a comprehensive log of all trading activity, which can be filtered by date.
• Chart Customization: Within the "Settings" menu, users can personalize their charts by changing chart types (bar, candle, line) and color schemes.

To create a demo trading account on MetaTrader 5 as a beginner, you typically need to:

1. Open the MetaTrader 5 app.
2. Look for an option to create a demo account, which often appears when you first open the app.
3. If not prompted automatically, navigate to the settings.
4. Select "New Account."
5. Choose "MetaQuotes" and then select "Demo."
6. Fill in your personal information, including an email address where they will send your login credentials.
7. Adjust the deposit amount for the demo account, with $3,000 being a presented option.

After creating your demo account, the next logical steps within the MetaTrader 5 app are to:

1. Explore the Quotes Tab: This is where you'll see a list of all available currency pairs and financial instruments. You can customize this list to show only the assets you're interested in trading.
2. Navigate to the Charts Tab: This is the core area for analyzing market movements. Here you can:
   • Change timeframes (e.g., 1-minute, 5-minute, hourly, daily) to view price action over different periods.
   • Use the crosshair tool to pinpoint specific prices and dates on the chart.
   • Add indicators (like Bollinger Bands or Stochastic Oscillator) to help with your analysis.
   • Utilize drawing tools (like trend lines, rectangles, or Fibonacci retracements) to mark up your charts and identify potential support/resistance levels or trading zones.
3. Understand Trading Functions: Familiarize yourself with the functions available for placing trades, such as:
   • One-Click Trading: A feature that allows for faster order execution.
   • Placing Orders: Learn how to set market orders, buy limits, sell limits, buy stops, and sell stops.
   • Setting Stop-Loss and Take-Profit: Understand how to define these levels to manage risk and secure profits.
4. Practice Trading: Use the demo account to place trades, experiment with different strategies, and get comfortable with the platform's functionalities.
5. Review History: Check the "Trade" and "History" tabs to see your open positions, closed trades, and overall performance.

The video explains trading functions in MetaTrader 5 through several key steps and features:

1. Accessing the Trade Screen: You can initiate a trade by tapping on the screen and selecting the "Trade" button.
2. Order Types: At the top of the trade screen, you can choose your execution type, such as "Instant Execution" or one of the "Pending Orders" (Buy Stop, Sell Stop, Buy Limit, Sell Limit).
3. Lot Size: You need to set your lot size, which determines the volume of the trade. The video shows an example of setting it to 0.50.
4. Stop Loss (SL) and Take Profit (TP): You can set your stop-loss level (to limit potential losses) and your take-profit level (to lock in profits) by entering specific price points.
5. Executing the Trade: Once your parameters are set (order type, lot size, SL, TP), you can execute the trade by clicking "Buy" or "Sell."
6. One-Click Trading Feature: A shortcut available on the chart screen allows you to enable one-click trading. After setting your lot size, you can directly click "Buy" or "Sell" on the chart itself, making trade execution faster. This feature also allows you to pre-set SL and TP levels by dragging them on the chart before placing the order.
7. Placing Pending Orders via Chart Markup: You can mark up your desired entry, stop-loss, and take-profit levels directly on the chart using drawing tools. Then, by clicking an arrow icon associated with these markups, you can quickly place a pending order with those predetermined parameters without manually entering them on the trade screen.
8. Monitoring Open Positions: After placing a trade, it will appear in the "Trade" tab, showing your current profit or loss.
9. Closing Positions: To close a trade, you go to the "Trade" tab, select the position, and tap the "Close Position" icon. You can choose to close the entire position or a partial amount by adjusting the lot size before closing.
10. Viewing History: All closed trades are recorded in the "History" tab, providing a record of your past trading activity. The "Deals" tab offers a combined view of positions and orders.