In short. Download MetaTrader 5 from the MetaQuotes website or from your broker, open a demo account via «File» → «Open an Account» and practice on it before you deposit money. Quotes are in the «Market Watch» window, a chart opens with the «Chart Window» command, and a trade is placed in the order window (F9): choose the volume, enter a stop loss and a take profit and press Buy or Sell. Open positions and history are in the «Toolbox» window. Menu names follow the MetaTrader 5 help as of 13 October 2026.
Step 1. Install the terminal
MetaTrader 5 is free. The MetaQuotes website has versions for Windows and macOS, apps for iPhone, iPad and Android and a web terminal that runs in the browser without installation; for Linux there is an installation guide. Brokers often give a link to their own build of the terminal — it already has their servers, so connecting is easier.
Step 2. Open a demo account
- «File» → «Open an Account» (the same command is in the «Navigator» context menu).
- Find your broker by name and choose the demo account option.
- Enter your name, email and phone.
- Choose the parameters: «Use hedge in trading» (lets you hold opposite positions on one symbol), the account type — it sets the deposit currency — the deposit and leverage.
- The final window shows the login (account number), the master password for trading and the investor password for viewing only, plus a QR code for logging in from the mobile app. Save these details.
Open the demo with the same deposit and leverage you will use on the real account: practicing on $100,000 while the real account holds $1,000 trains you for someone else's risk. How leverage affects margin and stop out — in «Margin, leverage, margin call and stop out explained».
Step 3. Connect a real account
The broker gives you the login, password and server name. In the terminal: «File» → «Login to Trade Account», enter the login and password and choose the server. With «Save password» on, the terminal connects to this account at every start. If the server is not in the list, you can enter its address — the broker will provide it.
Step 4. Terminal windows
| Window | What is in it |
|---|---|
| «Market Watch» | Bid and Ask quotes and the spread between them; «+» below the list adds a symbol; tabs «Symbols», «Details», «Trading» (Buy and Sell buttons) and «Ticks» |
| «Navigator» | accounts; indicators, Expert Advisors and scripts are dragged from here onto a chart |
| Chart | prices of the selected symbol, indicators, stop loss and take profit lines |
| «Toolbox» | open positions and orders («Trade» tab), history, the platform journal and messages from Expert Advisors |
Step 5. Charts, timeframes and indicators
- Open a chart — select a symbol in «Market Watch» and click «Chart Window» in the context menu, or use «File» → «New Chart».
- View — bars, Japanese candlesticks or a line, switched with toolbar buttons. Zoom with the buttons or with the mouse wheel while holding Ctrl.
- Timeframes — 21 periods, from one minute to one month, on the «Timeframes» toolbar.
- Indicators — 38 built in. The easiest way is to drag an indicator from «Navigator» onto the chart; the other is «Insert» → «Indicators».
- A template saves the settings of one chart (colors, indicators, objects), a profile — the arrangement of all open charts.
Step 6. Your first trade
- Open the order window: F9, the «New order» button on the toolbar or «New order» in the «Market Watch» context menu.
- Check the symbol and the execution type.
- Enter the volume in lots. It is calculated from risk, not by eye: what percentage of the account you are ready to lose if the stop is hit. Formulas and examples — in «How to calculate lot size», faster — in the lot size calculator.
- Enter the levels in the «Stop Loss» and «Take Profit» fields (zero means no level) and press Buy or Sell; with Market execution the buttons are called Buy by Market and Sell by Market.
Besides market orders, MetaTrader 5 has six pending order types: Buy Limit, Sell Limit, Buy Stop, Sell Stop, Buy Stop Limit and Sell Stop Limit. One Click Trading from «Market Watch» or the chart must first be allowed in the platform settings; on a hedging account such a trade opens without a stop loss and take profit — add them right away. More on stops — in «How to set stop loss and take profit in MT5».
Step 7. Close the position
On the «Trade» tab of the «Toolbox» window, double-click the position or choose «Close Position» in the context menu. To close part of it, enter a smaller volume in the «Volume» field of the close window. On a netting account there is one position per symbol, and it is closed by an opposite trade of the same volume.
Step 8. History and report
Closed trades are on the «History» tab of the «Toolbox» window: you can view them as positions, orders or deals and pick a period. A report with statistics is under «View» → «Reports». An HTML history report is saved from the «History» tab: right-click → «Report» → «HTML». Our MT5 report analyzer parses such a file right in the browser; it is not sent anywhere.
Common beginner mistakes
- A trade without a stop loss. One position left to «sit out» a loss can cost weeks of profit.
- Volume from leverage, not from risk. 1:500 leverage allows a big lot but does not make it safe.
- Mixing up Bid and Ask. You buy at Ask and sell at Bid. The chart is drawn from Bid, while a short position's stop triggers on Ask, so with a wide spread it can trigger before the price line on the chart reaches the level.
- «The terminal is off, so there are no stops». Not so: stop loss and take profit are stored and executed on the broker's server. A trailing stop, however, works only while the terminal is running.
A plan for the first month — in «Your first 30 days in trading».
How Davinchu helps
- The journal fills itself. Connect a demo or real MetaTrader account with the Davinchu Trade Monitor EA — it is read-only and sends trades, balance and equity to the dashboard, together with the terminal's past history. How to install it — in «How to install an EA in MT5 and allow WebRequest».
- Analytics from day one — return excluding deposits, equity drawdown, profit factor and results by hour and day.
- Telegram alerts when trades open and close, on drawdown and margin.
- The T-Manager risk manager for MetaTrader 5 (from the Plus plan) sizes positions from risk in money or percent and blocks new entries through its panel once the daily loss limit is used up.
The Free plan connects two accounts at no cost. What else Davinchu offers to those just starting out — on the «Davinchu for beginner traders» page.