How to Trade on MetaTrader 5 for Beginners: Your First Trade, Step by Step

MetaTrader 5, usually called MT5, is a trading platform for analysing markets, placing Buy and Sell orders, managing open positions and running automated strategies. Here is how to trade on MetaTrader 5 for beginners, reduced to nine moves:

1. Connect a trading account, ideally a practice one first.
2. Add your chosen instrument to the symbol list.
3. Open its price chart and set a timeframe.
4. Launch the order ticket.
5. Decide on position volume.
6. Enter protective exit levels.
7. Press Buy (long) or Sell (short).
8. Follow the position in the Toolbox.
9. Adjust or exit when needed.

Rehearse all of this with virtual funds before risking real money. Below, we walk through every step with screenshots, then tour the main windows, order types and the algorithmic tools we use at Algo Trading Space.

Prefer a printable version? A PDF edition of this guide is offered at the end of the page.

What Is MetaTrader 5?

MT5 is an application developed by MetaQuotes that connects to a broker’s server. It does not hold your money; the broker holds it, and that firm decides which instruments, prices and account options you see. The terminal runs on Windows desktops, in a web browser and on phones, with one login usable across devices. Unlike its predecessor, which was built mainly around forex, MT5 was designed as a multi-asset platform, so the same screen can show forex, indices, commodities, shares and crypto CFDs where the broker lists them.

For a newcomer, platform setup comes down to three things: an account, something to trade, and a clear idea of what each order will do before you click.

Step 1: Open a MetaTrader 5 Demo Account

This lets you trade virtual money inside the real platform. MetaQuotes explains that demo accounts work in a training mode without real money and offer the same functionality as live ones (MetaQuotes account guide).

To create one:

1. Choose File > Open an Account.
2. Search for your broker by name or server address and select it.
3. Pick the demo option.
4. Enter your details and, where offered, account type, virtual balance and leverage.
5. Finish; MT5 logs in automatically and saves the credentials.

Real accounts work differently. They are opened through a broker, which requests identity and proof-of-address documents before you can fund them, as the same MetaQuotes page notes. Choosing that firm carefully matters, and our guide on how to select the right broker for MT5 covers what to compare.

Step 2: Add a Market to Market Watch

Market Watch is the list of instruments on the left of the screen, showing each symbol’s Bid and Ask. The Bid is the price you can sell at and the Ask the price you can buy at, so every quote you see there is really two prices.

Live quotes per symbol

If the instrument you want is missing, right-click anywhere in Market Watch and choose Symbols.

Opening the Symbols list

This opens every instrument your broker offers, grouped by category. On the demo shown here that meant Forex, Commodities, Indices, Stocks (split into US exchanges such as the Dow, NYSE and Nasdaq) and Crypto; another provider’s list may look quite different.

Categories offered by one broker

Some instruments only trade during set sessions, so a symbol may show frozen quotes outside its hours even though it is listed. Double-click an item to add it. In the example, selecting Chevron turns its icon gold and CVX joins Market Watch, ready to chart and trade.

CVX added to the list

Step 3: Open a Chart and Choose a Timeframe

Drag the new symbol onto the workspace, or use Chart Window from its context menu. A price chart opens, normally as candlesticks.

Timeframes

The toolbar buttons M1, M5, M15, M30, H1, H4, D1, W1 and MN set how much time each candle represents, from one minute to one month.

Timeframe buttons on the toolbar

On the Apple (AAPL) example below, M15 is selected, so each candle covers a quarter of an hour. Switching to M30 redraws the same data in half-hour bars.

AAPL on M15

Hovering over a candle reveals its open, high, low and close, and the zoom buttons show more or fewer bars. For how candles are built and which interval suits which style, see our guide to candlestick chart types and timeframes.

OHLC readout on hover

Step 4: Open the New Order Window

The order window is where every manual trade begins. Choose New Order from the symbol’s context menu, or press F9 with its chart active.

[Screenshot to add: order ticket for a demo symbol, with Volume, S/L and T/P fields visible]

Field	Meaning
Symbol	Instrument being traded
Type	Market execution or pending
Volume	Position size in lots
Stop Loss	Level that caps a loss
Take Profit	Level that locks in a gain
Comment	Optional note saved with it
Buy / Sell	Sends the order long or short

Step 5: Choose Your Trade Size

Volume is measured in lots, and what one lot represents depends on the instrument and broker. Never assume 0.01 lot carries the same monetary risk on a currency pair, gold, an index, a share and a cryptocurrency; it rarely does.

Before trading an unfamiliar symbol, check how large one lot is and what a one-point move is worth (covered in the specifications section below), then size the position so that hitting your stop would cost only a small, acceptable share of the balance. The specification also shows the smallest permitted volume and the step between allowed sizes, so MT5 will reject an order that does not fit those increments. Leverage limits apply too: retail clients of EU-regulated brokers are capped at 30:1 on major currency pairs (CNMV summary of ESMA measures, June 2018).

Step 6: Set Stop Loss and Take Profit

These two fields matter most for a beginner. A Stop Loss closes the position automatically if price moves against you to a chosen level; a Take Profit closes it at a chosen gain. MT5 lets you enter both levels when placing market and pending orders (MetaQuotes order-execution help).

For a Buy, the stop sits below entry and the target above; for a Sell, the reverse. Set both before placing trades with real money. A stop does not guarantee the exact exit price during sharp moves or gaps, when the fill can be worse than requested, yet it remains the central risk management tool on any position.

Step 7: Click Buy or Sell

Buy opens a long position that profits when price rises; Sell opens a short that benefits when it falls. MetaQuotes notes that a security is generally bought at the Ask and sold at the Bid (MetaQuotes trading principles), so a fresh Buy starts slightly negative by the width of the spread.

Once you click, the request goes to the broker and, if executed, appears as an open position.

How to Monitor, Modify and Close a Trade

Open positions appear in the Toolbox, the panel beneath the chart. Its Trade tab lists each one with volume, entry price, protective levels and running profit or loss.

Trading Terminal

Positions plus account tabs

Further panels cover Exposure, History, News, Mailbox, a Calendar of economic events, Alerts, Signals and the Journal.

To manage a position:

• Modify: double-click it, or right-click and choose Modify, to change its S/L or T/P.
• Close: press the small button in the Profit column, or pick Close Position from the context menu. According to MetaQuotes, that Profit-column button closes immediately with no extra confirmation (MetaQuotes single-click trading help).
• Pending orders: edit or delete them from that tab until they trigger.

Market Orders vs Pending Orders

A market order executes now; one that is pending waits until price reaches a level you set. MT5 supports six pending types, listed in the same MetaQuotes documentation:

Order	Use it to…
Market Buy	Buy right away
Market Sell	Sell at the current quote
Buy Limit	Buy lower than now
Sell Limit	Sell higher than now
Buy Stop	Buy once price climbs past a level
Sell Stop	Sell once price drops through a level

Buy Stop Limit and Sell Stop Limit combine both ideas: when a stop level is reached, a limit order is placed. They are useful later but rarely needed in a first month of practice.

The Spread

Add a Spread column by right-clicking inside Market Watch, then choosing Columns > Spread.

Adding the Spread field

A new column then shows the gap between the two quotes for each instrument, and every symbol has its own.

Spreads displayed per symbol

The spread is a trading cost, but not necessarily the broker’s only charge. Depending on the account and instrument, commissions and overnight swaps may also apply, so check the full cost before judging a market cheap.

Where Can We See the Different Asset Specifications?

Right-click a symbol and choose Specification to see the full contract.

One symbol’s contract sheet

Before trading anything new, look up:

• contract size, minimum volume and lot step;
• digits, tick size and tick value;
• trading hours and any daily breaks;
• margin requirement;
• swap rates.

These figures decide what a given lot actually risks. They are also the inputs we enter into strategy builders when generating EAs; accurate specifications matter for manual and automated trading alike.

Using the Economic Calendar and Alerts

Two Toolbox tabs help beginners avoid surprises. The Calendar lists scheduled economic releases, such as central bank decisions and employment data, with their expected impact; prices can move sharply around them, and spreads often widen. Checking it before opening a position tells you whether a big announcement is due during the trade.

The Alerts tab lets MT5 notify you when a chosen price is touched, without placing an order. Setting an alert near your planned entry means you do not have to stare at the screen continuously, and it is a gentle way to practise patience before committing to a pending order.

A First-Week Practice Routine

What should you actually do on demo? A short, repeatable routine builds familiarity faster than random clicking:

1. Place a small market Buy with protective levels, then move the stop once.
2. Close it manually from the Toolbox.
3. Set a Buy Limit below the market and watch whether it triggers.
4. Delete an untriggered pending order.
5. Review the History tab and the Journal to see how each action was recorded.

Repeat the sequence on a second instrument with a different contract size, and compare what the same volume risked on each. Small, deliberate repetitions like these make the real-money version feel familiar.

Getting Around the MT5 Workspace

With the trading workflow covered, here is the rest of the layout traders use daily, beyond the navigation menus along the top.

Navigator

Sitting under the watch list, this panel lists your accounts, indicators, Expert Advisors, scripts and services. Custom indicators you install appear here as well.

Accounts, indicators and EAs in one tree

Chart Window

Several charts can stay open at once. The Tile Windows button arranges them in a grid; double-clicking one chart’s tab maximises it, and doing so again restores the tiled layout.

Five charts arranged together

Maximising one chart from its tab

MetaTrader 5 Chart Types Tutorial

Three chart styles are available: candlesticks, OHLC bars and a line. The bar style shows the same four prices as candles but less visibly; the line joins closing prices for a quick overview. Candlesticks are the most readable for technical analysis, which is why most traders keep them as the default.

The same data drawn as bars

Closing prices joined as a line

Chart Properties

Right-click the chart and pick Properties to change colours and display options, such as green bullish and red bearish candles, or hiding the grid under the Show settings.

Opening the Properties dialog

Colour and grid options before confirming

Custom colours with the grid removed

Journal

This tab is the platform’s log. It records connections, chart actions and every position opened or closed, which makes it the first place to look when something does not behave as expected.

Every action, time-stamped

Drawing Tools and Crosshairs

These tools add vertical lines, trendlines and other markings, and the crosshair shows the exact date, time and price under the cursor. They support manual analysis; automated strategies do not need them.

Line studies on the toolbar

A vertical marker on a large bullish candle

Date, time and price at the crosshair

One Click Trading: Leave It Off at First

This feature places orders from a chart panel with a single click. MetaQuotes presents it as a way to perform instant operations directly on a chart, without the usual confirmation step. A misclick can therefore open an unintended position, so keep it disabled until volume and direction feel routine.

Manual Trading vs Expert Advisors

Everything above is discretionary trading: you decide and place each order. MT5 also runs Expert Advisors, programs that follow a coded trading strategy automatically. Before any EA can place orders, switch the toolbar’s Algo Trading toggle from red to green.

Red means automated trading is disabled

If automation interests you, start with our explainer on what an Expert Advisor is, then learn to test one in the MetaTrader 5 Strategy Tester. Our EA Studio software builds strategies without coding.

Beginner Mistakes to Avoid

• Going live before you are comfortable on demo.
• Copying a lot size between instruments without checking the contract.
• Entering positions with no stop.
• Ignoring commissions and swaps alongside the spread.
• Enabling single-click execution on day one.
• Trading major news releases before understanding how fast quotes can jump.

MetaTrader 5 FAQ

Is MT5 good for beginners?

Yes, MetaTrader 5 suits newcomers once the basics are clear. The layout looks busy at first, but most daily work uses only Market Watch, the chart, the order dialog and the Trade tab. MT5 also provides free practice accounts, built-in indicators and a detailed help system from MetaQuotes. The learning curve is less about the interface and more about order types, position sizing and risk, which is why rehearsing on virtual funds first is the sensible route.

What is the difference between MT4 and MT5?

MT5 is the newer platform and supports more pending order types, more chart timeframes, an economic calendar, a multi-threaded strategy tester and both hedging and netting accounts. MetaTrader 4 remains popular with forex brokers and has a huge library of older tools. The two are not cross-compatible: indicators and Expert Advisors written for MT4 need a separate MT5 version, and many traders therefore run both during a transition. For someone choosing today, starting on MT5 avoids learning a platform twice.

Can I trade on MetaTrader 5 from my phone?

Yes. MetaQuotes publishes MetaTrader 5 apps for Android and iOS, and you log in with the same account number, password and server as on desktop. The mobile apps support charts, indicators, every order type, stop and target levels, and position management. They do not run Expert Advisors, so automated strategies still need the desktop terminal or a virtual server. Plenty of traders analyse on a computer and use their phone to monitor and adjust positions.

Is MT5 a broker?

No. MetaTrader 5 is a trading application made by MetaQuotes; the broker is the regulated company that holds your funds, sets prices and executes orders. The same platform can connect to many different firms, each offering its own instruments, spreads and account types. That is why symbol lists, contract sizes and costs differ between accounts. Always check who regulates your broker before depositing money, since the platform’s features are identical whoever supplies it.

Do I have to pay to use MetaTrader 5?

Usually not for the platform itself. The terminal is typically supplied free by brokers or downloaded from MetaQuotes, and practice accounts cost nothing. Costs come from trading: spreads, commissions on some account types, and swaps on positions held past the daily rollover. Some add-ons, such as paid indicators, signal subscriptions or virtual hosting, carry separate fees. Read your broker’s cost disclosures so you know the full price of each trade before going live.

How long should I practise on demo?

There is no fixed period, but keep going until you can place, adjust and exit positions without hesitation and have tested your approach over a meaningful number of trades. For most beginners that means several weeks rather than days on an MT5 practice account. When you move to live trading, start with the smallest volume your broker allows, because real money brings emotional pressure and execution differences that simulated trading cannot fully reproduce.

Download the MT5 PDF Guide

Want this tutorial offline? Leave your email in the form below to receive the free PDF edition, covering the platform’s terminology and most common settings.

[Keep the existing PDF email capture form here]

Get Help Getting Started With MT5 From Algo Trading Space

If you want help setting up MetaTrader 5, understanding contract specifications, or moving from manual trades to testing Expert Advisors, get in touch with the Algo Trading Space team. We can help you build that routine on demo before any real money is involved.

Risk warning: Trading forex and CFDs carries a high risk of loss, and leverage can magnify losses beyond your initial deposit. This article is for educational purposes only and is not financial advice.