Lesson 7 of 20
Understanding the platform (MT4 / MT5)
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MetaTrader 4 and MetaTrader 5 are the industry-standard platforms. MT5 is the newer version with more timeframes and instruments; MT4 is lighter and still hugely popular. The layout is essentially the same.
Market Watch
prices
Navigator
indicators
Chart window
candles · timeframes
Terminal / Toolbox
open trades · balance · history
The four areas to learn
- Market Watch — the list of instruments with live bid and ask prices. Drag one onto the chart to open it.
- Chart window — price history. Switch timeframes (M5, M15, H1, H4, D1) from the toolbar.
- Navigator — indicators, templates and any automated tools.
- Terminal / Toolbox — your open trades, pending orders, account balance, equity, margin and trade history.
Account numbers you must understand
| Term | Meaning |
|---|---|
| Balance | Cash in the account, excluding open trades |
| Equity | Balance plus or minus the profit of open trades |
| Margin | The deposit locked up to hold your open positions |
| Free margin | Equity minus margin — what you can still use |
| Margin level | Equity ÷ margin as a percentage; if it falls too low you get a margin call |
First settings to change
Turn on one-click trading only once you are comfortable, set the chart to candlesticks, and enable the bid/ask lines so you can see the real spread.
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