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Install MT5 and open a demo account

Lesson 13.1 Free

Install MT5 and open a demo account

MetaTrader 5 (MT5) is the trading platform most forex traders meet sooner or later. Install it from the official source only, open a demo account before anything else, and learn where Market Watch, charts, timeframes and the order window are.

Indicators describe what price did. They do not tell you what to trade, and they do not predict what price will do next.

This module is free and has no belt. It is your toolkit: the platform many traders use outside this course, set up the careful way. In this lesson you install MetaTrader 5 from the official source, open a demo account, and find Market Watch, charts, timeframes and the order window. There are no pictures of MT5 here, only steps in words; the links open Pipstone’s practice terminal, which has the same panels.

  1. 1 What MT5 is, and what it is not

    MetaTrader 5 (MT5) is trading software made by a company called MetaQuotes. It shows prices and charts, and it sends orders. It does not hold money and it does not decide what you trade. To place a trade, MT5 connects to an account on a server. That server can be a demo server (practice money) or a broker’s live server (real money).

    So there are three separate things:

    • The platform: MT5, the program on your computer or phone.
    • The account: demo or live, the thing your trades and balance belong to.
    • The company behind the account: for a demo, a practice server; for a live account, a broker.

    Pipstone is not a broker, does not hold your money and does not give investment advice.

    You do not need a broker account, a live account or cashback to complete this course. Everything in this lesson works with a demo account, and the course itself works in Pipstone’s web practice terminal. This lesson does not cover choosing a broker.

    Quick check

    1. Question 1 · Multiple choice

      Which of these do you need to complete this course?

  2. 2 Download MT5 only from the official source

    Copies of MT5 from other places can be changed to record your logins or come bundled with unwanted software. Get it from one of these and nowhere else:

    • Windows or macOS: the official MetaQuotes site, metatrader5.com. Type the address yourself rather than clicking a link from an ad, a chat or a message.
    • Android: the Google Play store. iPhone or iPad: the App Store. The app is called MetaTrader 5 and the developer shown must be MetaQuotes.

    Skip any download that is “cracked”, “pre-loaded with a robot” or sent to you as a file by a stranger. If a site asks you to pay for MT5 itself, close it.

    On a computer, run the installer and accept the default folder. MT5 opens when it finishes.

    Quick check

    1. Question 2 · Spot the mistake

      Which of these is the wrong way to get MT5?

  3. 3 Open a demo account first

    A demo account trades practice money on real prices. Open one before you ever think about a live account, and stay on demo while you learn.

    On a computer: in MT5, open File > Open an Account. Pick MetaQuotes from the list of servers (its demo server is called MetaQuotes-Demo) and choose the option to open a demo account. Fill in a name and email, then choose:

    • Deposit: pick a balance close to what you would really trade with one day. A huge demo balance teaches nothing about the 1% rule (lesson 1.3).
    • Leverage: pick a level you understand from lesson 0.5. More leverage does not make a trade better; it only lets a small balance open a bigger position.

    MT5 shows the demo login and password once. Write them down.

    On a phone: in the MT5 app, use the option to add a new account, search for MetaQuotes and choose to open a demo account.

    Do not open a live account to “see what it is like”. A live account is real money from the first trade.

    Quick check

    1. Question 3 · Spot the mistake

      A beginner has just installed MT5. Which first step is the mistake?

  4. 4 Market Watch and symbols

    Market Watch is the price list: each row is a symbol (EURUSD, GBPUSD, XAUUSD and so on) with its bid and ask (lesson 0.2).

    On a computer:

    1. If Market Watch is not showing, open View > Market Watch (or press Ctrl+M).
    2. To add a symbol that is missing, type its name in the empty row at the bottom of the list, or right-click the list and choose Symbols to browse every symbol the server offers.
    3. To tidy the list, right-click a symbol and choose Hide.

    On a phone: the Quotes tab is Market Watch. Tap + to add a symbol.

    Pipstone’s practice terminal has the same idea: its Market Watch panel lists the symbols you can practise on. The link below opens it.

    Open this in the terminal (opens in a new tab)

    Quick check

    1. Question 4 · Multiple choice

      XAUUSD is not in your MT5 Market Watch list. What do you do?

  5. 5 Open a chart and switch timeframes

    Open a chart: right-click a symbol in Market Watch and choose Chart Window, or drag the symbol onto the chart area. On a phone, tap the symbol and choose Chart.

    Switch the timeframe: the toolbar above the chart has buttons M1, M5, M15, M30, H1, H4, D1, W1 and MN (monthly). Click one and the same chart redraws with one candle per that period (lesson 0.6). You can also right-click the chart and choose Timeframes. On a phone, tap the chart and pick a timeframe from the menu that appears.

    Try it: open a EURUSD chart on H1, then switch to H4. It is the same market; each candle now covers four hours instead of one. The practice terminal link below opens EURUSD on H1, so you can compare the two side by side.

    Open this in the terminal (opens in a new tab)

    Quick check

    1. Question 5 · Multiple choice

      You switch a EURUSD chart in MT5 from H1 to H4. What changes?

  6. 6 The order window at a glance

    The order window opens with F9, or by double-clicking a symbol in Market Watch. On a phone, tap the symbol and choose Trade. It has the same parts as the practice ticket from lesson 0.7:

    • Symbol and Volume (the size in lots, lesson 0.4).
    • Stop Loss and Take Profit (lesson 1.2).
    • The order type: a market order (Sell at the bid, Buy at the ask) or a pending order.

    One-click trading is a small panel on the chart with Sell and Buy buttons that send an order the moment you click, with no confirmation and no chance to add a stop first. Leave it off while you learn. On a computer it is under the chart’s right-click menu; if MT5 asks you to accept its terms to switch it on, you can decline.

    Nothing in this lesson asks you to place a trade. When you do, place it on demo, with a stop.

    Open this in the terminal (opens in a new tab)

    Quick check

    1. Question 6 · Multiple choice

      What happens when you click Buy on MT5's one-click trading panel?

  7. 7 MT5 and Pipstone's practice terminal

    You can practise in either place:

    • Pipstone’s web practice terminal (/practice): no install, and every lesson’s “Open in the terminal” link opens it on the right chart. The course and its missions use it.
    • An MT5 demo account: useful if you want to get used to the platform many brokers use. It is never required for this course.

    Pipstone never needs your broker password. Not to sign up, not to check a mission, not for support. If anyone asks for the password to a broker account, including someone who says they are from Pipstone, do not give it. Whoever has that password can trade your account.

    Open this in the terminal (opens in a new tab)

    Check your understanding

    1. Question 7 · Spot the mistake

      Which of these is the mistake?

0 of 7 questions right. Answer them all to complete the lesson.