Topics Live ICYMI

Learn Live ICYMI: Demystifying MetaTrader 5

Intermediate
Live ICYMI
Sep 30, 2024

MetaTrader 4 (MT4) has been used by crypto traders for over a decade, and continues to be a preferred platform for traders around the world. It offers extensive functionality for crypto traders as well as a great layout. Now, MetaTrader 5 is available as an evolved platform. It offers more robust features and supports expanded trading.

In the twelfth episode of our Learn 101 livestream, we uncover MetaTrader 5.

Our new series, Learn Live ICYMI, provides a recap of our Learn 101 livestreams, offering you comprehensive expertise and insights from leading figures in the crypto industry in case you miss the livestream.

Joining the livestream on Sep 23, 2024, were three distinguished guests: 

  • Hein Tibosch, Head of Digital Assets OTC and Product of Flow Traders 

  • Ivan Miao, Product Operations Manager at Bybit

  • Toh Shun Gui, Japan BD Manager at Bybit 

Under the moderation of Sabrina Chua, Crypto Evangelist and SEO Editor at Bybit, and Cyrus Ip, Web3 Enthusiast, this episode explores “Demystifying MetaTrader 5.”

Key Takeaways:

  • MetaTrader 5 (MT5) gives traders access to more asset classes, which supports greater diversification and a simplified "under one roof" trading experience.

  • Traders using MT5 can tap into Expert Advisors to learn advanced strategies and potentially increase profits.

  • MT5 is designed with more tools for deeper analysis, but is just as easy to use as MT4.

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Introducing MT5 – A Comprehensive Overview

MT4 is the platform of choice for seasoned traders around the world. Shun, who has been using MT4 for years, says the draw was its sophistication and speed. When he started using it, it was the only option, and many traders grew up using MT4.

Hein appreciates the platform’s many features. For him, the platform is easy to use for day-to-day trading.

Ivan describes MT4 as a classic platform, adding that MT5 offers more value and tools, including access to more time frames, graphic objects and indicators for more in-depth analysis. He appreciates the way it allows users to trade forex in addition to cryptos, commodities, futures and other assets.

Hein enjoys using MT5 because other assets can become part of the crypto ecosystem. It allows you to easily venture into other asset classes without switching platforms. Hein hopes that this is the first step in allowing 24-hour trading of other asset classes. It’s also beneficial because it supports easy diversification.

Shun sheds light on the fact that MT5 uses a different design language incorporating AI, which improves auto trading.

Ivan describes one of the key benefits of MT5 as that of user access to top traders, or Expert Advisors. Users can view and copy their trade strategies, including algorithmic trading and more complex trading strategies. Ivan mentions that the transition from MT4 to MT5 is easy because of the minor yet important differences in its design. MT5 offers other products that aren’t available on MT4, and more asset classes may be added later.

Shun relates an incident in which he quickly turned $8,000 into $40,000. He also describes making a mistake with the size of a trade, and having to deal with the consequences. Hein mentioned that he also had that issue back in the early days of trading. Now, however, the technology is more sophisticated, with better risk management features in place, and this type of mistake is nearly impossible.

Shun says that, in general, risk management is the user’s responsibility. If you have $100,000 available for investment, for example, invest only $5,000. That way, you’re only risking 5% of your original amount.

Live Demo — Navigating MT5's Powerful Interface

Shun mentions that there’s a fee or commission associated with each trade, based on the spread. This commission doesn’t apply to all trades. He discusses investing a small amount of your pot for each trade in order to reduce risk.

Ivan shares his screen to conduct a live demonstration of MT5. The platform has a classic design with easy-to-use tools. To place an order, you simply click on a button. A window will pop up, and you can set up your short trade. At the bottom of the screen, the trades are listed in rows.

Ivan also goes over the indicators. These are trends, volumes and other indicators. You can also click on a tab to review the Expert Advisors and their strategies. Ivan demonstrates how to review performance of a specific strategy, and how to customize your strategy.

The Bybit and MT5 platforms are separate, and require different accounts. You can transfer funds between the two platforms.

Hein discusses the different ways to customize the dashboard based on trading strategies and preferences. For example, you can adjust your workspace layout based on preferences for day trading vs. long-term investing.

Ivan defines the leverage amounts for different types of assets. With this feature, you’re less vulnerable in times of extreme volatility. The features can be adjusted to help investors and traders make informed decisions through deeper analysis. Ivan goes into detail to explain how easy it is to use the different indicators through a drop-and-drop function in order to make informed decisions. These indicators can be customized through a pop-up window.

Looking Ahead – The Future of Trading on MT5

According to Shun, Bybit’s MT5 interface is user-friendly when implemented on a mobile device. You no longer need to use your PC to make trades. However, some traders need access to a full setup (with a PC and multiple screens) to review all data at one time.

Hein describes the importance of diversification to minimizing your exposure to risk, while optimizing opportunities for growth. He believes that MT5 is on track to support this goal.

Ivan discusses the possibility of bringing stock indexes to the platform. MT5 is open to bringing more products to the platform so that users don’t need to switch apps for different commodities. There’s also a plan to bring individual stocks to the platform as well.

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Closing Thoughts

This session of the Learn 101 livestream effectively highlighted MetaTrader 5.

As part of the livestream, Bybit is holding an exclusive event that offers you a chance to participate in our pop quiz and win a share of 250,000 DOGS tokens. The event period is through Sep 30, 2024, 11:59PM UTC.

Stay tuned for more discussions on the dynamic world of cryptocurrencies!

#LearnWithBybit