This is the newest addition to the MetaTrader series of trading platforms. And MetaTrader is something that has become a fundamental must-have when it comes to foreign exchange trading. With an easy-to-use interface and flexible functionality, this is the most popular foreign exchange trading platform for PCs.
For a beginner like you, knowing the basics of this software application is mandatory if you want to succeed in this market. A MetaTrader 5 Tutorial is what you need. But, and this is a fact, foreign exchange can be confusing and even unintelligible for newcomers. If you want to understand the basic functions of this software, you need to know the vital basics of the market and how this software caters to them first.
But there are a few rudimentary ideas which you need to have first. Following up from the previous point, technical analysis of a financial market requires technical tools and indicators. These are nothing but secondary software applications which read and interpret market data based on preset algorithms and then chart the deciphered data in graphs for traders to read.
Analysis of the market is the only forward for understanding market trends. And you need to invest according to market trends if you want that investment to return with added profits. This market is more volatile than other ones as it deals with currencies which are affected by numerous external factors not to mention the other markets themselves.
Each of these tools is based on a specific algorithm and thus play a major role in a complete analysis of the market. These financial markers work on specific economic logics which are common to each of them. MT5 allows for technical analysis and forecast not only for forex, but other markets as well. External factors which play a major role in foreign exchange trading include a range of events. For example, Brexit played a huge role in the recent devaluation of the market especially that of GBP and to some extent of Euro.
And any real-time news on this issue adversely affects the market and pairs with these two currencies and you need to keep an eye out for any such news for forecasting the market. Analyzing this market especially on the long run is something you will need to do in case you go for a buy long trade. Reading EAs will go a long way in understanding where the market is going to head based on current factors.