Getting started with MT5
MetaTrader 5, usually called MT5, is the platform used to view prices, analyse charts and manage trading orders at Xellion. This lesson introduces its main tools and a simple demo-account workflow, building on the stop loss and take profit concepts from the previous lesson. CFDs are leveraged products and carry a high risk of loss.
1. Connect and check your account
Start by accessing MT5 through your broker’s official instructions. The platform is available in desktop, mobile and web versions, although layouts and features can differ. To connect an existing account, you normally need an account number, password and the correct broker server. A demo account uses virtual funds, allowing you to practise platform tasks without risking real money.
After signing in, check the account number, server, account currency and whether the account is demo or live. Confirm that the platform is connected and receiving quotes; prices may not update when a market is closed. Keep your login details private. Demo practice helps you learn the controls, but it does not reproduce every aspect of live execution or the emotional pressure of risking money.
2. Find the main tools
On desktop MT5, Market Watch displays available instruments and their bid and ask prices. The bid is generally the price at which you can sell, while the ask is the price at which you can buy; the difference is the spread. Open a chart from an instrument’s menu, then explore timeframes and chart types. Changing the timeframe changes the period represented by each candle or bar.
The Navigator provides access to accounts and tools such as indicators. The Toolbox, usually below the charts, contains tabs for open trading activity, account history and platform messages. Its Trade tab shows positions and pending orders, alongside account figures such as balance, equity and free margin. Balance reflects completed account activity, while equity includes unrealised trading results. These figures help you distinguish recorded funds from changing account value.
3. Read the order window
Before opening an order ticket, inspect the instrument’s Specification in Market Watch. This contains details such as contract size, permitted volume increments and trading sessions. In the New Order window, confirm the symbol, volume in lots and order type. A market order requests execution at the available market price. A pending order waits for specified price conditions, with execution depending on its type and market conditions.
Stop loss and take profit fields let you request exit levels, as covered in the previous lesson. Check that each level is on the intended side of the entry price and meets any minimum-distance requirements. Available execution choices can vary by instrument and account. Avoid enabling One Click Trading until you understand it: it can submit an order without the usual confirmation step, increasing the risk of an unintended action.
4. Worked example on demo
For a hypothetical demo exercise, suppose a EURUSD buy position opens at 1.1000 with a volume of 0.10 lots. One standard lot represents 100,000 units, so this position represents 10,000 euros. On EURUSD, one pip is 0.0001 and is worth USD 10 per standard lot. At 0.10 lots, each pip is therefore worth USD 1. These figures illustrate platform calculations, not a trading recommendation.
Suppose the stop loss is set at 1.0980 and the take profit at 1.1030. The distances from entry are 20 pips and 30 pips respectively. If the position closes exactly at those levels, its price-based result would be a USD 20 loss or USD 30 gain, before commission, financing or other applicable charges. Actual fills can differ, especially during gaps or fast markets; a standard stop loss does not guarantee the exit price.
5. Review and manage activity
After the demo order is executed, find the position in the Trade tab and verify its volume, entry price and exit levels. Practise modifying the stop loss or take profit, then locate the command to close the position. Closing an open position and deleting an untriggered pending order are different actions. Depending on whether an account uses netting or hedging, an opposite order may reduce a position or create a separate one.
Review completed activity in History and compare the recorded execution prices with your expectations. Before any future order, check the account, symbol, volume, available margin and exit settings. Margin is the amount required to support a leveraged position, not a maximum-loss limit. Leverage magnifies gains and losses relative to margin, and CFDs carry a high risk of loss. The next lesson explains trading sessions and market hours, including why an instrument may be unavailable.
- Use demo mode to practise, and verify the account before placing orders.
- Learn Market Watch, charts, Specification and the Trade tab.
- Check the symbol, lot size, order type and exit levels before submission.
- Margin is not a loss limit, and stop losses do not guarantee execution prices.