Introduction to MT5 Interface
The following screen shot below shows the main MT5 platform inter-face. As a beginner trader trying to learn how to execute gold orders in the online gold market, the main tool for trading the xauusd market is the MetaTrader 5 software software. This MT5 platform is the software that you will connect to your gold broker with & execute gold trade transactions & monitor your xauusd MT5 account balance from this MT5 platform.
The Gold Trading MT5 Platform software is provided for free through the various xauusd broker websites. This MetaTrader 5 platform looks like the xauusd trading example illustrated and explained below:
Main Areas of this MT5 software as illustrated above are:
- MetaTrader 5 Navigation Menus
- Toolbars
- MT5 Gold Chart Window
- MetaTrader 5 Navigator Window Panel
- MT5 Market Watch Window
- MT5 Terminal
- MetaTrader 5 Connection Bars
For this MT5 tutorial we shall look at a brief introduction for each of these learn gold trading MT5 Platform:
1. Navigation Menus
The MetaTrader 5 navigation menus are:
- File
- View
- Insert
- Charts
- Tools
- Window
- Help
These are the main MetaTrader 5 navigation menus that can be used to navigate MT5 software. As a beginner trader you can start by clicking any of these MT5 navigation menus to familiarize yourself with various MetaTrader 5 buttons that are arranged as MT5 sub-menus within these MT5 navigation menus.
These MetaTrader 5 navigation menus will be discussed & covered in details in the next MetaTrader 5 guides about navigation menus.
2. Tool-Bars
The MT5 toolbars are used to manipulate MT5 gold charts, either by placing MT5 indicators, MT5 line studies, change MT5 xauusd chart time frames and load MT5 chart template from a list of saved MT5 chart templates.
These MT5 tool bars will be discussed on other MetaTrader 5 guides which will outline each MT5 button on this MetaTrader 5 tool bar and how to add & customize these MT5 toolbars.
3. Chart Window Panel
This MT5 gold chart window is the main area where MT5 xauusd charts are displayed and a trader can analyze the gold trend direction of a MT5 gold chart whether up or down, place MT5 gold chart indicators for xauusd trading analysis and even place orders from these MT5 xauusd trading charts.
4. Navigator
MetaTrader 5 Navigator will contain data about MT5 accounts, whether practice or real, this MT5 window will also have a list of all the MT5 indicators as well as MT5 Automated Gold Expert Advisors & scripts.
A trader can select which MT5 account to login by expanding the Accounts menu, choose a MT5 indicator by expanding the MT5 indicator menu or choose an MT5 Automated Gold Expert Advisor by expanding the Automated Gold Expert Advisor menu.
5. Market Watch
MT5 Market watch is used to show streaming xauusd quotes for MT5 gold trading instruments. This can list as many quotes provided by your MT5 gold broker or a few selected by a trader. To save inter net band width, right-click inside the MT5 market watch window and select 'Hide All', so as to hide the MT4 symbols that you are not transacting on this MT5 Gold Trading Platform and save on internet bandwidth.
6. Terminal
This is the MT5 window that is like the bank MT5 account transaction area for your MT5 gold trade transactions, on this MT5 window you can view your MT5 account balance, profit & losses statement, equity, margin used also retrieve a copy of all your MT5 gold trade transactions history.
This MT5 window will also list all open gold trade transactions & calculate all the profit & loss in realtime as the gold charts move up or down.
7. Connection Bar
MT5 connection bars - Red bars are for no connection, green bars show that there is connectivity to the servers & MetaTrader 5 gold trade orders can be set. These MT5 connection bars should always be green when one logged into their MT5 practice MT5 account or MetaTrader 5 live account.
These MT5 Gold Trading Platform main areas form the MT5 Gold Trading Platform interface & will be the main areas to be covered in detail in the next learn MT5 tutorials. For now it is best to download MetaTrader 5 Gold Trading Platform software & familiarize yourself with the MT5 platform interface.
Why XAUUSD Software is Required for Placing xauusd trading Transactions with XAUUSD Trading Brokers
Gold software is software that is used to access the xauusd market and analyze these xauusd price movements using xauusd charts and xauusd trading analysis tools. There are various reasons why a trader requires to use a good gold platform. A good gold software can determine if a as a trader you make a profit or not.
So why does a trader need a good XAUUSD Platform:
To connect to the Gold Broker Trading Server:
To place a gold trade order a trader needs to use a gold software which will connect to the trading servers of their xauusd trading broker & this will allow them to open & close gold trade orders. Good gold trading platforms will connect with ease to the brokers' servers & allow xauusd traders to place xauusd trading orders at any time from their computer.
To analyze gold charts using trading analysis tools
To place a buy or sell gold order one needs to first analyze the direction of gold using gold charts. This is why all good gold trading platforms provide xauusd trading technical tools such as xauusd price charts, gold indicators & various different chart timeframes from which trader can analyze xauusd price moves using the xauusd chart time frames of their choice.
From the above gold trading platform interface, the summary of all data required by a trader is provided on this MetaTrader 5 Gold Trading Platform interface
- Connection - connection to the broker servers
- Charts - price graphs which display xauusd prices
- Toolbars - MT5 tool bars to add tools and xauusd trading analysis indicators on xauusd trading charts
- Market Watch - for displaying available instruments in MT5
- Data panel - provides MT5 account data & other indicator data
- Exchange rates - shows current market xauusd price on a xauusd trading chart
- Menu bar - Shows all menu items in MT5 Platform
