How to Start with Metatrader 5
When I installed Metatrader 5 and started to trade - I was really confused about:
- where are my orders,
- how can I see all my trades and close them one by one (not all of them simultaniously).
- i open sell ... after that - I open the other sell on same pair ... orders are summarized!
Why MT5 wants for me to martingale with no hedging :) :)
So, for the first time, just to start - we need to read this article:
Orders, Positions, and Deals in MetaTrader 5
Some other good article for the people who knows mql4:
MQL5 for Newbies: Guide to Using Technical Indicators in Expert Advisors
Personal I was stucked with it:
how to use icustom for some custom indcator ...
when I am trying to create EA for myself - I am always having this question:
"Yes, good indicator. What is icustom for it?"
Well ... the key article about MT5 ias this one (my opinion sorry):
MetaTrader 5 - More Than You Can Imagine!
Do not look at the title of this article - seems - the title is promotional one.
I am talking about content - content is really great and there are a lot of good links inside this article.
So, basicly - I started with this one.
Later on - I can describe about what I like, what I do not like, and what I do not understand sorry.
Just for example - I really like this feature - moving sl/tp by mouse on the chart
I am trading almost in every day so it is what I like: stop loss/take profit may be moved by mouse as the lines on the chart.
About programming - I personally was stucked with icustom ... you know that for MT4 - it may be really issue: if indicator was based on 3 other indicators and one of them is based on 2 others so ...
There are some problem ...
It was many years ago when I asked one coder: "please, can you convert this good indicator onto EA".
He replied: "what?!"
I was really upset - what did I say wrong?
Any coder understand any trading system in his programming way.
Example with this Scalp_net system (template is on this post):
and there are bar #0, bar #1 .... bar #10 ...
What is bar #0?
It is open bar.
What is bar #1?
It is close bar (or previous bar).
So, if you make a request to the coder: "please code EA to me when EMA with period 55 is crossing EMA with period 200 ...". Coder will say "ok, which bar numbers"
What is the crossing?
It is bar #2 of fast EMA is below bar #2 if slow EMA
bar #1 of fast EMA is above or equal bar 1 of slow EMA,
right? For uptrend (buy condition)
Some people say: "this/that indicator is repainting, it is bad indicator because of that".
Well .... which bar? on bar #0?
bar #0 is open bar and this bar is not finished yet.
This bar is continuing painting together with indicator. On the same way as today's day did not finish yet.
if indicator is changing value/color on bar #1 (close bar) so yes, in this case - indicator is repainting.
There is the other trading term: trading on close bar.
You know that almost all the systems in forex (except some scalping by ticks etc) are traded on close bar.
What does it mean "trading on close bar"?
Well ... look at previous image: we waited for the bar with signal to be close, new bar is open. In this case - bar with signal is close bar (or bar #1), and new open bar is bar #0, right?
So, if we still see the signal on bar #1 - we can open buy trade.
It means - trading on close bar.
Because most of the indicators will not repaint on close bar. It means - close bar is closed one, it was finsihed painting together with indicator, and indicator must not change the value on this bar. So, we are waiting when this bar with the signal will be finished/closed, and we can open the trade on new/open/zero bar.
There are some exceptional cases but it is the other story.
That's all news for today.
Say & Ask anything/everything
Just for information.
- Free trading apps
- Free Forex VPS for 24 hours
- Over 8,000 signals for copying
- Economic news for exploring financial markets
I decided to create this thread to help to myself and to the others to start with Metatrader 5.
I am experienced in MT4 and in forex in general (i hope : ) but we traders really need to collect all the information about it in one place.
I will make some posts about 'how I am starting with MT5'. :)
Please make your any question about Metatrader 5 and I will try to answer them,
or we will reply all together.