Tutorial on Using MetaTrader 5 on Android

Complete Tutorial on Using MetaTrader 5 on Android

MetaTrader 5 is an advanced multi-asset platform compared to MetaTrader 4, designed for executing transactions and practicing with a demo account for forex trading, stocks, and other financial instruments. This application facilitates users, as traders, to learn technical and fundamental analysis. Other features offered include automated trading using robots and trading signals. The application can be installed on PC, laptop, or smartphone, making it convenient for users to trade anytime and anywhere.

Here is a tutorial on using MetaTrader 5 as a demo account on an Android smartphone:

1. Install MetaTrader 5 by searching for it on the Play Store. Automatically, you will have a demo account to practice forex trading. A demo account is an account that uses virtual money for practice purposes only.

2. Choose the indicators you will use to analyze candlestick charts technically. You can choose to ignore indicators that are too many to keep the candlestick chart display simpler, such as Bollinger Bands, Moving Average, MACD, and so on.

3. The "Quote" menu displays a list of currency pairs (major/minor pairs) along with ask prices (on the right) and bid prices (on the left). The ask price is the base currency price and is always higher than the bid price. The bid price is the price you would receive when selling the base currency. Select one currency pair and click "New Order."

4. Determine whether you want to sell or buy by pressing the "SELL" or "BUY" button, and the order will be opened immediately.

5. After opening the order, the Trade tab will automatically appear, showing the price movements so you can monitor your open position at any time.

6. To close or modify a trade, press and hold the open trade until options appear. Then select "Close Position" or "Modify Position."

7. After you press the close button, the trade will be closed, and the profit amount will be added to your account.

8. Additionally, to view candlestick charts, select the "Chart" option to observe the technical price movements. It also displays time frames ranging from M1, M5, M15, H1, H4, D1, W1, to MN.

9. In the chart tab, you can also open a trade by pressing the Trade button.

10. Learn other menus available in the MetaTrader 5 application to have a better understanding of technical forex trading analysis.

There are a few differences when using a real account registered with a futures brokerage company and utilizing the deposited margin.

Here is a tutorial for forex trading with a real account using MetaTrader 5 on Android:

1. After registering with the desired broker, install MetaTrader 5 from the Play Store.

2. Open the application and choose one of the following options: "Open a Real Account," "Open a Personal Demo Account," or "Log in to an Existing Account." Select "Log in to an Existing Account."

3. Enter the name of the broker company you wish to connect to in the search box to access its server.

4. Enter your account number and password in the login box. Each user receives an email from the broker with the account number and password upon opening a new account.

5. After successfully logging in, you can start trading.

6. The "Quote" menu displays a list of currency pairs (major/minor pairs) along with ask prices (on the right) and bid prices (on the left). The ask price is the base currency price and is always higher than the bid price. The bid price is the price you would receive when selling the base currency.

7. Select the currency pair you want to trade and choose "New Order."

8. Enter the lot size in the top box (-0.1, -0.001, 0.01, +0.1, etc.).

9. Determine whether you want to sell or buy by pressing the "SELL" or "BUY" button, and the order will be opened immediately.

10. After opening the order, the Trade tab will automatically appear, showing the price movements so you can monitor your open position at any time.

11. To close or modify a trade, press and hold the open trade until options appear, then select "Close Position" or "Modify Position."

12. After pressing the close button, the trade will be closed, and the profit will be added to your account balance.

13. Additionally, to view candlestick charts, select the "Chart" option to observe the technical price movements.

14. In the chart tab, you can also open a trade by pressing the Trade button.

15. Learn about other menus available in the MetaTrader 5 application to enhance your understanding of technical forex trading analysis.

Congratulations on completing the trading tutorial! MetaTrader 5 is a user-friendly application for forex traders. It offers numerous advantages, such as a wide range of time frames (up to 21 time frames), a forex calendar for daily fundamental analysis, and a variety of indicators to assist in technical analysis. Happy trading, anytime and anywhere!