Quick answer: before your first order in MetaTrader 5, check five things: the server time (not your local time), each symbol's contract specification, the real value of the minimum lot, a saved chart template, and algo trading permissions if you plan to run an EA. Most beginner losses don't come from analysis — they come from misunderstanding lot size.
Key takeaways
- Chart time is the broker's server time, almost never yours.
- One “lot” is not worth the same on US30, gold or EURUSD.
- Saving a template stops you rebuilding indicators every day.
- Without “Algo Trading” enabled, no EA will place a single order.
- Demo first: configuration should be tested without money.
Why doesn't the chart time match my clock?
MetaTrader 5 displays your broker's server time. If that server sits at UTC+2 or UTC+3 and you are at UTC-5, the 9:30 New York candle will not appear at 9:30 on your chart. Before you mark sessions or opening levels, work out the offset once and write it down.
| Where to look | What to do |
|---|---|
| Market Watch window | Compare the last quote's time with your local time |
| Chart time axis | Identify which server hour is the New York open |
| Symbol sessions | Check quote and trade sessions for that instrument |
Contract specification: the step almost nobody reads
Right-click the symbol in Market Watch and open the specification. Everything that defines your real risk is there:
- Contract size and tick value.
- Minimum, maximum and step volume (0.01, 0.1 or 1 depending on the symbol).
- Stops level: minimum distance allowed for stop loss or take profit.
- Swap and triple-swap days if you hold positions.
- Margin required per lot.
Two accounts quoting the same symbol can have different contract sizes. That detail changes how much you lose per point.
How do I size a lot without getting it wrong?
The order is always the same: decide the money you accept losing first, then derive the volume.
| Step | Example |
|---|---|
| 1. Risk in money | $5,000 account at 1% = $50 |
| 2. Distance to stop | 100 points |
| 3. Point value at minimum lot | Read it in the specification |
| 4. Volume | $50 ÷ (100 × point value) |
| 5. Round down | Never up to the next step |
Check the result by opening the order window without sending it: MT5 shows the required margin before you confirm.
Chart template: configure it once
- Pick a dark background and candle colours you read instantly.
- Turn the grid off if it distracts you; keep the bid/ask price line.
- Add only the indicators you actually use.
- Save it as a template, and as the default template if you like.
- Save a profile too, with the symbols and timeframes you watch daily.
Permissions for indicators and EAs
For an indicator or expert advisor to work: copy the files into the data folder (File → Open Data Folder → MQL5 → Indicators or Experts), restart the platform, enable Algo Trading, and if the product calls a server, add the URL to the allowed WebRequest list. Without those two permissions you will see the EA loaded but never trading.
With our tools, the Cortex Signal Kit installs as an indicator and Cortex Automation as an expert advisor; both need exactly these steps. To try it without commitment there is the five-day Automation Test.
Before you go live
- Open a demo with the same broker and the same account type.
- Run your full routine for at least two weeks.
- Confirm the history exports cleanly into your journal.
- Note the average spread during your trading hours.
- Watch how your setup behaves on a news day.
The next step — sizing with real money — is covered in the free ebook From the First Lot to Consistent Growth.
Frequently asked questions
Is MetaTrader 5 free?
The platform is free and you download it from your broker. What can cost money are extra tools, indicators or data.
Can I run MT4 and MT5 at the same time?
Yes, they are separate programs with separate folders, but indicators and EAs are not compatible across versions.
Why doesn't my EA trade even though it shows on the chart?
Usually the Algo Trading button is off, the account lacks permissions, or that symbol's market is closed.
How many charts should I keep open?
As many as you can genuinely watch. Two or three symbols followed properly beat ten followed halfway.
Do I need a VPS?
Only if you use automation and need the platform running when your computer is not.
Set it up once, trade calmly. See the Cortex Signal Kit and Cortex Automation, both built for MetaTrader 5.
Disclaimer: educational content. Menu names may vary by platform build and broker. Cortex Next is not a financial service and guarantees no results. Trading involves risk of loss.
