What you will learn
- 1Download MT5
- 2Install on Windows or Mac
- 3Log in with broker credentials
- 4Add currency pairs to Market Watch
- 5Open a chart
- 6Set up indicators
- 7Place a test trade on demo
- 8Switch to live when ready
Estimated reading time: 20 minutes
MetaTrader 5 (MT5) is the most widely used multi-asset trading platform in the world. Whether your broker offers it as the primary platform or as an alternative to their proprietary software, knowing how to set it up properly is an essential skill. This guide takes you from download to your first trade in under 20 minutes.
Step 1: Download MT5
Always download MetaTrader 5 from your broker's official website. Each broker distributes a custom-branded version of MT5 that is pre-configured with their trading servers. Downloading from a third-party source risks installing a version with incorrect server settings or, worse, compromised software.
Navigate to your broker's Platforms page and click the MT5 download link. The file size is typically between 5 and 15 MB for the installer, which then downloads additional data during setup.
Screenshot tip: Look for a download button that says "MetaTrader 5" or "MT5" on the broker's platform page. It is usually alongside MT4 and any proprietary platform options.
Step 2: Install on Windows or Mac
On Windows, double-click the downloaded .exe file and follow the installer prompts. Accept the licence agreement, choose an installation directory (the default is fine), and click Next until the installation completes.
On macOS, MT5 runs through a compatibility layer. Some brokers provide a native Mac installer. If not, you can download the official Mac version from MetaQuotes. After downloading the .dmg file, drag the application to your Applications folder. If macOS blocks the installation, go to System Preferences, then Security and Privacy, and click Open Anyway.
Screenshot tip: On Mac, if you see a warning that the app cannot be verified, hold Control and click the app icon, then select Open. This bypasses the Gatekeeper warning for that specific app.
Step 3: Log In with Broker Credentials
When you first launch MT5, a login dialog appears. Enter three pieces of information: your login ID (account number), your password, and the server name. All three are provided in the welcome email from your broker.
If the server is not listed in the dropdown, type the broker's name in the search field and MT5 will find the correct server. Click OK to connect. If the login succeeds, the bottom-right corner of the platform will show a green connection indicator with your account balance.
Screenshot tip: If the connection indicator is red, double-check that you selected the correct server (demo vs live) and that your password is entered without extra spaces.
Step 4: Add Currency Pairs to Market Watch
By default, MT5 shows a limited selection of instruments in the Market Watch panel on the left. To add more pairs, right-click anywhere in the panel and select Show All. This reveals every instrument your broker offers — forex pairs, indices, commodities, and more.
To keep things clean, hide the pairs you do not trade. Right-click a pair and select Hide. You can also create custom symbol sets by right-clicking and selecting Sets, then saving your preferred list.
Drag any pair from Market Watch directly onto the chart area to open a new chart window.
Step 5: Open a Chart
Double-click a currency pair in Market Watch or drag it to the chart workspace. MT5 opens a default chart with no indicators — just price bars or candlesticks.
Use the toolbar at the top to change the timeframe. Common options include M5 (5-minute), M15 (15-minute), H1 (1-hour), H4 (4-hour), and D1 (daily). For beginners, the H1 timeframe provides a good balance between detail and noise reduction.
Right-click the chart and select Properties to customise colours. Most traders prefer a dark background with green and red candlesticks. You can also switch between candlestick, bar, and line chart styles using the toolbar icons.
Step 6: Set Up Indicators
Click Insert in the top menu, then select Indicators. MT5 includes over 80 built-in technical indicators across four categories: Trend, Oscillators, Volumes, and Bill Williams.
Start with two indicators that complement each other. A 50-period simple moving average (SMA) shows the medium-term trend direction. The Relative Strength Index (RSI) with a 14-period setting shows whether a pair is overbought or oversold.
Screenshot tip: After applying an indicator, right-click the indicator line on the chart and select "Indicator Properties" to change colours, line thickness, and parameters. Make sure indicators are visually distinct from each other.
Avoid overloading your chart with too many indicators. Two to three is enough for most strategies. More indicators do not mean better analysis — they often conflict and cause indecision.
Step 7: Place a Test Trade on Demo
If you logged in with a demo account, you are already in the right environment for practice. If not, go to File, then Open an Account, and follow the prompts to create a demo account with virtual funds.
To place a trade, click New Order in the toolbar or press F9. A dialog appears with the following fields: Symbol (the currency pair), Volume (lot size), Stop Loss, and Take Profit. Set the volume to 0.01 (the minimum micro lot), enter a stop-loss 30 pips below the current price for a buy order, and leave the take-profit blank for now.
Click Buy by Market or Sell by Market. The trade appears in the Terminal panel at the bottom under the Trade tab. You can see the entry price, current profit or loss, and your stop-loss level.
Step 8: Switch to Live When Ready
Once you are comfortable navigating the platform, placing orders, and managing positions on demo, switch to your live account. Go to File, then Login to Trade Account, and enter your live credentials.
Start with the smallest possible lot size. The goal of your first few live trades is not to make money — it is to confirm that you can execute your strategy under real market conditions with real money on the line. Emotions behave differently when real capital is at risk.
Scale up lot sizes only after you have achieved consistent results over at least 20 to 30 live trades.
Risk Disclaimer
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% of retail investor accounts lose money when trading CFDs with these providers. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. This tutorial is for informational purposes only and does not constitute financial advice.