Once you start your trading journey, you begin to realize that your chosen field requires continuous learning and updating. Being said that, trading gives you the opportunity to be exposed to the use of upgraded applications and platforms such as MT5. And when we say upgraded, this also means that you will be encountering some additional features which you need to be familiarized with. Today, we shall be dealing with various terms that are related to trading and metatrader usage.
There are various reasons why we picked the metatrader 5 platform in the limelight. One of which is the platform’s credibility in terms of catering forex,stocks,CFD and other financial instrument related transactions. It has a proven track record for being one of the top choice platforms for traders because it is recognized by several award winning bodies in the field of trading. It’s convenience is also another reason why metatrader 5 is a suggested platform. It can be downloaded for free and the versions for this platform can support almost any gadget that you have. Moreover, the library of resources for trading and planning is adequate to provide your needed information. Finally, it also has a wide range of markets and brokers that are proven to be legit as they are supervised and recognized by reliable regulating bodies.
3 Terms that are Related to MT5 Usage
As mentioned earlier, the very moment you start trading, you have to be ready to be bombarded with terms which you need to master as they will be very useful for the creation of trading plans and performance in the market. Below is a list of the much needed trading terms which are related to the usage of Metatrader 5 platform.
This is an indicator which is similar to support level.This is usually formed at previous swing highs but there are also times when they can be formed in other technical tools.Technically, this level are areas where prices are difficult to break above in previous attempts. Thus, this level could have the ability to host a large number of sell orders that, when executed, could send lower rates.
- Support Level
Similar to resistance level, this indicator can cause your instrument to encounter an increased buying pressure such as demand. Physically, this level is described as the previous swing lows in the price, but there are also times when it is found in other indicators such as trendline, channel or Fibonacci levels.
- Round Numbers
This is also another type of price level which usually acts as support and resistance level. This then means that round numbers can cater for big amounts of pending buy and sell orders made by traders.
As mentioned earlier, the use of upgraded platforms such as MT5 requires mastery and familiarity of various trading terms and indicators. The above discussed terms are but samples of possible jargons which you will meet along the way. So in order to become better in your performance, it is strongly recommended that you keep upgrading your knowledge and trading skills.