Deriv MT5 (MetaTrader 5) is a popular trading platform offered by Deriv, providing advanced tools and features for trading various financial instruments.
Here’s a comprehensive guide on how to use Deriv MT5:
1. Sign Up for a Deriv Account
- Visit the Deriv website.
- Click on the ‘Sign Up’ button.
- Complete the registration form with your details and verify your account via email.
2. Open a Deriv MT5 Account
- Log in to your Deriv account.
- Navigate to the ‘Accounts’ section.
- Select ‘Deriv MT5’ and click ‘Add’ to create a new MT5 account.
- Choose the account type (e.g., Standard, Advanced, or Synthetic).
- Set a password for your MT5 account.
3. Download and Install MT5
- Download the MT5 platform from the Deriv website.
- Install the software on your device (available for Windows, Mac, iOS, and Android).
- Open the MT5 application after installation.
4. Log in to Your Deriv MT5 Account
- Open the MT5 platform.
- Click on ‘File’ in the top menu, then select ‘Login to Trade Account’.
- Enter your Deriv MT5 account number, password, and the server provided (e.g., Deriv-Server).
- Click ‘Login’.
5. Fund Your Account
- Return to the Deriv website.
- Go to the ‘Cashier’ section to deposit funds.
- Select your preferred payment method and complete the deposit process.
- Transfer funds from your Deriv account to your Deriv MT5 account.
Using Deriv MT5
1. Navigating the Interface
- Market Watch: Displays a list of tradable instruments with their real-time bid and ask prices.
- Navigator: Contains your account information, indicators, expert advisors, and scripts.
- Charts: Shows price movements of selected instruments. You can open multiple charts for different instruments.
- Toolbox: Provides access to trade history, account balance, news, alerts, and more.
2. Placing a Trade
- Open a Chart: Double-click on an instrument in the Market Watch window to open its chart.
- Place Order: Right-click on the chart, select ‘Trading’, and then ‘New Order’. Alternatively, you can click on the ‘New Order’ button in the toolbar.
- Set Parameters: Choose the order type (Market Order or Pending Order), set the volume (lot size), and optionally set stop-loss and take-profit levels.
- Execute: Click ‘Buy’ or ‘Sell’ to execute the trade.
3. Managing Trades
- Modify Orders: To modify an existing order, right-click on the order in the ‘Trade’ tab of the Toolbox, and select ‘Modify or Delete Order’. Adjust the parameters and click ‘Modify’.
- Close Orders: To close an order, right-click on the order and select ‘Close Order’. Confirm the action in the popup window.
4. Using Technical Analysis Tools
- Indicators: Add technical indicators to your chart by dragging them from the Navigator to the chart. Popular indicators include Moving Averages, RSI, MACD, and Bollinger Bands.
- Drawing Tools: Use drawing tools like trendlines, Fibonacci retracements, and shapes by selecting them from the toolbar above the chart.
5. Automating Trades with Expert Advisors (EAs)
- Install EAs: Download or create an Expert Advisor script and place it in the ‘Experts’ folder in the MT5 directory.
- Activate EAs: In the Navigator window, under Expert Advisors, drag the desired EA to the chart. Adjust the settings as needed and enable auto trading.
6. Reviewing Account History
- Trade History: Access your trade history in the ‘History’ tab of the Toolbox. You can view details of closed trades, deposits, and withdrawals.
Tips for Effective Trading on Deriv MT5
- Stay Informed: Keep up with market news and economic events that may affect your trades.
- Risk Management: Always use stop-loss and take-profit orders to manage your risk.
- Practice on a Demo Account: Use a demo account to practice your strategies without risking real money.
- Utilize Educational Resources: Leverage the educational materials provided by Deriv, including webinars, tutorials, and articles.
By following these steps and utilizing the available tools and resources, you can effectively use Deriv MT5 to trade various financial instruments and enhance your trading experience.
