Starting to trade Forex is not as easy as many think, and it can get complicated before placing your first-ever trade.
It is essential to understand how the Forex market works and learn the basic terms of the Forex market and how to use today’s popular Metaquotes MT5 platform to trade.
In this article, we put together a few simple steps to help you start trading on Amega Metatrader 5:
Step One: Select a Suitable MT5 Account Type
There are different MT5 account types available to Amega clients. However, no one answer can fit all purposes.
Selecting the right MT5 account type depends on whether you are novice or professional, use expert advisors or not, and whether you have a long-term or short-term trading strategy. Either way, Amega has you covered.
Amega is a true STP/NDD broker offering a vast selection of account types to match the preferences of every Forex trader.
If you are an experienced trader looking for professional-grade conditions, look no further than Premium MT5. Premium MT5 offers floating spreads from 0.4 pips and leverage of up to 1:1000 for Forex, whereas Standard is the classic Forex account with higher spreads.
Amega has made it easy for scalpers by offering floating spreads from 0 pips for a marginal $3 per lot fee. Or even for beginners with the Mini MT5 account type, provide a minimum order size of 0.0001 lot and leverage only up to 1:100 for Forex.
For those who have a successful strategy and looking to earn something extra, Amega has created the PAMM Premium for account managers and those who wish to follow them.
With all account types, Amega allows expert advisors, scalping and copy-trading, and all the instruments for Forex, indices, stocks, and cryptocurrencies. However, those are limited on MT4.
Once you have found the type of account matching your preferences, move on to step two.
Step Two: Open and Set up your MT5 Account
After selecting which account type to open and going ahead with filling in the account opening form, the broker will email you a downloadable link to the MT5 trading platform, or you can download it from the members’ area. You will then need to run the executable and install the MT5 platform on your desktop PC.
This will be the moment your trading journey begins – on the MT5 platform.
Preparing the environment for trading is a crucial factor for your success, and all aspiring traders should spend a little bit of time setting up their MT5 platform. A minimalist approach to visuals works well, especially for novice traders, however.
Use light colors and only a few charts in the beginning. That’s how full-time Forex traders avoid distractions.
Now, you can get a feel of the Forex market and what it is to be a trader. But you get the experience only when you…
Step Three: Execute Your First Trade
Although it may sound daunting initially, in reality, placing your first trade is as easy as one click, short of the lot size, entry, and exit prices, which by the way, are very important to your success.
All you have to do is click “new order,” and once the order window pops up, fill in the “volume,” “stop loss,” and “take profit” fields.
An easy way to understand volumes, or commonly known as the lot size, is always to remember that 1 lot is 100,000 units, so the pip value is $10 (from (100,000 x 0.0001 being one pip).
On a $100000 account balance and 100 leverage, if you set your deal size to be 0.01 lot (1000 units of a lot), then $11.29 will be paid to buy 1000 EUR against the USD (EURUSD 11.29 as seen in the above screenshot). The $11.29 is the margin.
To set a reasonable stop loss, you can count the pip range between the entry and the stop loss (in this example, we can use 1.125 as the stop loss), the pip value, and the lot size to find what you would risk in case you lost – e.g., pips at risk x pip value (+spread) = 40 x 0.1 = $4 stop loss.
The MT5 platform has all the features and functions to start trading Forex today!
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