3.1 Introduction to MetaTrader 5 (MT5)​
MetaTrader 5 (MT5) is a popular trading platform that you can use to practice foreign exchange trading.
It's user-friendly and packed with features.
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Download MetaTrader 5 from the App Store or Play Store. Make sure its number 5
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Also Download Telegram from the App Store or Play Store. This is what we use to send out trading signals.
3.2 Navigating the Trading Platform
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MT5 has different sections.
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The First section is "Quotes"
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The "Quotes" section is your go-to place for real-time price information.
Here, you'll see a list of currency pairs, along with their current prices.
These prices are constantly changing, reflecting the live movements of the foreign exchange market.
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Common exchanges are already listed, however there are many more that you can add by clicking the search bar.
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The Second section is "Chart"
The "Chart" section is where you can visually track and analyse the price movements of different currency pairs over time.
It's a graph that shows you where the price has been, which can help you make educated guesses about where it might go next.
The height of the bar shows the highest and lowest prices for that time period, while the position of the line or bar shows whether the price went up or down.
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The Chart section is a powerful tool for traders.
By studying these charts, you can spot patterns, identify trends, and make more informed decisions about your trades.
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The Third section is "Trade"
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This is the place where you can open and close trades, here you can see your balance.
On your practice account you should have $100,000.
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To place a trade, click the + in the top right.
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This screen will then appear:
Currency pair: The the two currencies you
will be exchanging
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Lot Size: The amount of the currency
you will be trading.
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Stop Loss: A stop loss is a level you set at which your trade will close if the market moves against you, to limit your losses.
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Take Profit: A take profit is a level at which your trade will close when the market moves in your favor, to secure your profits.
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Deviation: 'Deviation' refers to how much the market price can change from the price you set for your order, before the order is rejected.
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Buy: If you think that the value of the currency will go up, you buy.
Sell: If you think the value of the currency will go down you sell.
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The trade starts when you press "buy" or "sell".
Stop Loss
Take Profit
Quotes
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Chart
Choose Currency Pair
Lot Size
Deviation
Currency Pair
Buy or Sell
3.3 Understanding Our Signals
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We tell you what trades to make, these are called "Signals".
They are sent to your phone, and look like this:
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As soon as you get the signal, you should make the trade.
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The quicker you act, the better the results.
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To make the trade, simply copy the signal into MetaTrader 5:
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After you place the trade, you will return to this screen and will be able to see the status of the trade.
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You will see that the amount changes a lot, and goes up and down.
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You can stop the trade at anytime and you will get the amount shown here.
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The trade will continue until you stop it, or when it hits your "Take Profit" or "Stop Loss"
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Exiting the Trade
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To exit the trade, press and hold the trade.
This screen will then appear:
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Click the orange button to close.
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The Fourth section is "History"
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Here you can see the trades you have made previously and how much you won/lost
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The Fifth section is "Settings"
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This is where you create your account.
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Dont do this yet as that will switch you to real money
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When you are ready to use real money, you will need to create an account with Blueberry Markets.
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Join the Gem Central Chat, use the practice account, then when you are ready to switch to real money, contact the trader who invited you to join to get a sign up link.
Use this page as a guide if you get stuck.
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Stop Loss
Take Profit
Make sure the currency pair is correct
Input the stop loss and the take profit.
Always set the deviation as 1
Then click buy or sell.
Blue = Profit
Red = Loss
Close the Trade