In a previous post some years back, we briefly described some of the features of the cTrader platform. However, the platform was not as popular back then as it is today because more people and brokers are starting to have an interest in this exchanging computer code. As with all things, there are downsides and upsides to their use, and cTrader is no different. Therefore, we thought we would create a post that explains in minute detail everything you need to know about cTrader computer code, how to navigate around it and how it stacks up to MetaTrader computer code. By the end, you should be able to determine whether you think this would be a good alternative for you and if you want to make the switch. (Catch up on the basics of: How to trade with cTrader)
Why is cTrader becoming more popular of late?
The main reason why people are attracted to cTrader is simply borne out of human psychology – curiosity. If you look back through history, people have always been attracted to the latest, shiny object; it’s how we ended up with modern technology. Anyway, for the past almost 2 decades, MetaQuotes has been the dominant player in the FX market, producing the most popular FX exchanging platforms under the trade name MetaTrader. In fact, MetaTrader has been the most popular exchanging platform since 2004, and the release of MT4 in 2005 cemented the hold MetaQuotes had on the market. Since then, the platform has remained largely the same in terms of design except only with a few improvements over the years. In 2010, MetaQuotes even released a newer version of their exchanging platform with MT5, but even that has still not been able to outdo its predecessor. (Is It Time To Upgrade To MT5: Features Of MT5)
In the same year MT5 was released, so did another company enter the fray, Spotware. Founded by Andrey Pavlov in 2010, the company sought to address some of the issues traders had with the exchanging platforms of the time. He called this platform cTrader. People’s curiosity naturally attracted people to try out the new platform, even I did very early on. It took some time, though, for people to become completely interested, but today cTrader is a major competitor against MetaTrader. MetaQuotes boasts of having 1,231 retail entities using their computer code, and cTrader is still a long way from there, but there are already some major brokerage companies that offer it alongside MetaTrader. (Comparing MT4 and 5: MT4 vs. MT5)
Moreover, MetaQuotes announced at the beginning of the year that they would stop offering licenses for MT4 to FX brokers. Existing license holders would still continue to have the computer code, but no additional licenses would be issued. They did so in order to encourage brokers and traders to move over to MT5, which has been very slowly taken up by traders. We already mentioned the reasons for this in the previous article. All the same, this shift has created an opportunity for Spotware to step in and show what they’ve got. After all, as long as users have to consider using a different exchanging platform, they might as well try something completely different from MetaTrader, right? This is the point where we are right now, with traders trying to look for alternatives. If you’re one of those traders interested in trying something new, how about taking a look around the cTrader platform. (You should know: How to create a exchanging strategy)
A bit of information on cTrader
The main vision behind cTrader was to create a platform that addressed issues that affected traders and to better help them achieve what they want. Usually, once a company becomes a monopoly as MetaQuotes did, they tend to maintain the status quo and not listed to input from individuals. Pavlov wanted to do the opposite, which was the main idea of cTrader. Keep in mind that Pavlov is himself an active trader in the markets, so he knew what would make exchanging more effective. To achieve the vision, he hired 110 developers to work on the computer code, taking into consideration input and suggestions from individual traders, FX brokers and banks offering FX exchanging.
It is through this collaboration that cTrader has managed to become such a popular exchanging platform in the 8 years that it has been active. Thanks to input from banks and other liquidity providers, cTrader also has better order processing compared to MetaTrader. Indeed, all accounts that use this exchanging platform have to be from the best FX ECN brokers. This ensures that orders are executed extremely fast on the interbank market without any delays, slippage, etc. Add to that, cTrader doesn’t need to have servers in every location because brokers can make use of remote servers. Anyone who has ever worked with a broker whose servers are in a different locale knows how tiresome that can be. (Have you ever wondered whether: Can A FX Broker Avoid Sending Trades Directly To The Interbank Market?)
There are even more advantages to using cTrader, such as the addition of new order types and order handling. For example, it is possible to modify an already active order without having to close it. Say, you wanted to close an order partially, then this is possible only on cTrader. One-touch exchanging is also a big thing as we’re going to see in the coming sections as well as a host of new and innovative features. For now, expect to learn a lot about this terminal, and where better to start than at the beginning. (FX Rigging And Manipulation: How The Major Investors Pull It Off)
A guide to using cTrader
I know we all hate reading user manuals, but in this case it may be better if you got a tour of cTrader. Remember, this is not just a piece of computer code that you can tinker with until you get it right, one wrong step can actually cost you money or make you lose an opportunity. Furthermore, the cTrader platform is a bit more complex than MetaTrader. That isn’t a bad thing, by the way, it’s just that the computer code is very robust in order to cater to all the needs of traders. So, let’s start with some basics:
Where to get cTrader
There are 2 ways of getting the cTrader platform – by downloading from their website or getting the computer code from your broker’s website. The first option is more ideal for someone who only wants to try out the program and get a feel for it and test the features. To do so, simply go to the cTrader website and click on the ‘Get Demo’ button to the right edge of the screen. You will be required to provide your email address and subscribe, then you will be directed to the downloads page with a screen like the one shown below. From this image, you can already tell that the computer code is available for various operating systems including windows and Mac, plus mobile on Android and iOS. There is also a web-based version that allows you to trade directly from your internet browser, but we’re going to look at that later on. Our main focus will be on the downloadable versions. This option is targeted at traders who are yet to find a good broker that provides cTrader.
Many of the top FX brokers nowadays offer cTrader as an alternative exchanging platform, and this means you can also get the computer code from the broker’s website. If you have already found such a broker, then you can simply go to their ‘Downloads’ page and request for the computer code, download and install it on your computer.
If you are downloading the program directly from the website, you would then have to create a demo account as soon as the program is fully installed and launched. Usually, as soon as the program is launched, you will be prompted to create a new account through a dialogue box like the one below. If this window does not show up automatically, then you will have to launch it manually. On the top left corner is the menu bar, and you should click on the ‘cTrader’ button and select ‘Open demo account’. From this window, you will enter your details and select other options you would like to have for your account.
The first 5 are straightforward - just enter your personal information. Then you will choose the amount of deposit, account’s base currency, leverage and the account type you want to use. We have already covered leverage in a previous post. As for the base currency and deposit amount, it’s usually best to keep this as close to your situation as possible. If you expect to start exchanging with $1,000, then keep your demo account at that amount, and more if you’re going to deposit more. Although it’s not actual money, the idea is to train you for actual exchanging and you ought to be prepared to face the live markets. (Concepts Every Trader Should Understand: Leverage, Margin And Hedging)
The final option may be a bit new, but that’s what Spotware does – introduce new features. Here, you can choose between opening a hedging or a netting account. A hedging account is one that allows you to hedge, but a netting account does not. The difference will depend on the different FX regulators and their conditions. For example, hedging is not allowed in the US, but other regulators may allow for this. According to the Head of Sales at Spotware, they added this feature to allow brokers from all over the world to use this platform regardless of the differences in regulation. Therefore, you should choose the option that mimics the regulations in your location. (Some of the: Laws and limits of FX exchanging in the US)
Once you have opened your demo account, you will receive the account credentials on the email you provided and will be able to sign in and begin exchanging immediately. cTrader will also allow you to open multiple accounts with varying conditions. That means you could, say, have multiple account with varying levels of leverage. Since you’re using cTrader to practice, you can use this option to fine-tune your exchanging strategy and find the one that works best. Finally, you will also notice that all your account(s) are synchronized to cTrader servers, which means you can always recover your accounts even when you re-install the program on a different computer. (The day when: ESMA Finally Puts Its Foot Down On MiFID II Regulations)
As for downloads from a broker’s repository, the signing in process is much easier. Since you’re downloading the software from a specific broker, you can use the credentials provided by that broker to sign in to the program; no need to open another account. You’re still able to do so if you want to, but you won’t need to unless you just want to try different specifications or account types. (Learn: How to find best Forex spreads)
To confirm that your account is active and connected to the corresponding server, the terminal will show a green indicator toward the bottom left corner of the platform. Alongside the green dot will be the current active exchanging session that is active at that moment. At the moment of typing, you can see that it is the New York session that is active. The other exchanging sessions include Sydney, Tokyo and London, and the terminal will tell you which one is currently active. This knowledge will help you to better plan your exchanging strategy because the exchanging volume varies depending on the exchanging session. There are also some exchanging strategies that take advantage of particular exchanging sessions in order to work properly. (Try using the: Forex Exchanging Formula Based On the Most Dynamic Cross)
As soon as you’re signed in to the cTrader platform, there are no more differences in the way the program is operated regardless of how you got it. From here onwards, the processes will be the same. The first thing you will need to do is customize the program to your specifications so that it’s more comfortable. All of the terminal’s settings are found in the bottom left corner of the program from the gear icon where you can make changes to various aspects of the program. One thing you may want to consider initially is the interface language, which can be changed into multiple alternatives depending on what you’re most comfortable with. The language setting is found in the ‘General’ section of the ‘Settings’ window where there are more than 20 other languages to switch to. (Some of: The Best Forex Events And Expos To Attend Every Year)
Once you have the language set up, the next step is to set your time zone so that the time on the terminal corresponds to the server time. This option is available from a drop-down menu that appears after you click on the button at the bottom-right corner of the terminal. There is also the option to select those email alerts you want to be receiving on the email you used to sign into the program. cTrader will only send you emails for the stuff you think is most important to you. I believe all those options are self-explanatory, so there’s no need to go through each one of them individually. (This is: Why Forex Exchanging Should Not To Be Treated Like A Casino)
With the basics out of the way, now you can shift your focus on to the look of the interface. These settings are also found in the ‘General’ section of the settings window from where you can shift between a white and a dark theme. Personally, I prefer to leave it dark as it is by default, but there may be some who will prefer a light theme. It’s all about what you feel the most comfortable with. You also have the option to customize the colours even more by right-clicking on the main exchanging area to reveal a drop-down menu with many choices of colour that can alter the look of everything from the candlesticks to the background, price lines, etc. Of course, all of these aren’t completely essential, but it’s good to know you have that option. And don’t forget that all the changes can be synchronized to the cloud, so none of your effort goes to waste even after you re-install the program on a different computer or in case of a crash.
The exchanging environment
By this point, you should be completely comfortable with the look of the interface because we’re not getting to the most essential part of the terminal. The exchanging environment is split into two between the main exchanging window on the right and the ‘Finder’ on the left. Let’s begin on the left hand side with the finder. By default, this panel opens with the ‘Watchlists’ tab. This is where your favourite assets are listed, but to get them there, you first need to go to the second tab titled ‘Finder’. This is where all the assets available for exchange are listed.
If you compare CFD brokers, you will see that some have a lot of exchanging instruments available ranging from metals to energies, agricultural, cryptocurrencies, etc. When using a platform like MetaTrader, your only option is to scroll down the list of assets looking for the one you want. cTrader as we mentioned was meant to address the problems traders face, and this is one of them. On cTrader, you can search for the asset you want to exchange from the ‘Finder’ tab by typing into the search box and the list will be narrowed down for you. Alternatively, you can collapse the windows because they have been neatly grouped into asset classes for easier location of particular assets. In this way, cTrader makes it easier for you to locate whatever instrument you want to exchange quickly without wasting any time scrolling down trying to read everything listed.
Once you have identified the asset you’re interested in, there are many ways to interact with it. At first, the asset is only listed as a single line showing the asset name and the bid/ask prices. There are 3 more levels you can expand into for more details on the asset. Click once, and the asset expands onto the first level to reveal a bit more information about the asset like in the image shown above. Now there’s more than just the bid/ask prices because options for ‘Sell Limit’ and ‘Buy Limit’ are now available. Clicking on any of these buttons will produce a drop-down menu that shows probably prices to set either of the limit orders. If you remember your knowledge on limit orders, you would know that a buy limit order is an order to buy an asset after prices drop to the desired price while a sell limit order is an order to sell after prices rise to a certain desired price. Right from this window, cTrader will suggest possible prices to place any of these orders, and that is one-click exchanging that makes the process much faster and efficient instead of having to type in the prices manually as you would have to do on other platforms. (Every time it happens: Think Twice When Making A Deposit In A Forex Company)
You can also place your trades from this window using the huge buy/sell buttons that are now visible. At the centre, you can even adjust the size of the lot you want to exchange from the drop-down menu that appears after clicking. cTrader goes even further to tell you exactly how much of a margin will be required for every size of lot available. Normally, you would have to do these calculations yourself or use an online calculator, but the platform does all that for you immediately. Since cTrader is used for ECN accounts that charge commission and not a spread, you will also know just how much of a commission you will be charged. (Revealing Forex Bonuses Of Brokers: How To Identify A Real Bonus)
Finally, at the bottom are horizontal bars coloured in orange and green. These are the market sentiment indicators, and they tell you how other traders are leaning. By hovering your mouse pointer above these bars, a popup will appear to show more information. In our example image above, you can see that there were a lot more traders buying the USD/NOK pair than there were selling. Knowing this, you would know that the overwhelming market sentiment was leaning toward a bullish market. You should know that this information is provided by your broker depending on their client positions. In my example, I’m using IC Markets which is one of the top brokers in the world with millions of clients. Therefore, their market sentiment indications are very reliable because they represent a huge number of traders. (Check out these: Forex market sentiment indicators)
On the other hand, if your broker only has a few thousand clients, then the information may not be as reliable. Whenever you’re using this market sentiment indicator for clues on how you should exchange, ensure that your broker has a huge number of traders, and that they have a huge percentage of winning traders. In a previous post, we discussed how ESMA forced brokers to reveal their win/loss ratio. That means the most reliable data can be found among brokers with the best win/loss ratio because you can be more sure that many of the clients are on the right side of the markets.
Clicking a second time on the asset name will reveal the second level where some more data is not available like in the image above. The only difference here is that the depth of market (DoM) data is now visible. Depth of market data is used to show the level of liquidity available in the market by looking and the limit orders placed by traders. For example, take the USD/NOK that is exchanging at 8.15. If there are 100 buy limit orders once price drops to 8.10 and 10 sell limit orders once price rises to 8.2, you would know that a lot more traders think the value of the USD/NOK will rise in the future. That is because fewer traders are willing to sell at 8.2 because they believe once it gets to this price, it will keep going. By analysing the DoM data, you could have even more clues about just how much liquidity there is in the markets and at what prices. (Forex Rigging And Manipulation: How The Major Investors Pull It Off)
There are 3 types of DoM data made available on the ‘Finder’ window for different purposes. The first is the VWAP DoM, shown in the image above. This view of DoM shows you the direction orders are being placed in and at what direction. In our example above, you can see that there are a lot of buy stop orders at prices above the current ask prices. This indicates that people are expecting prices to go up, and that the prices will keep going up. Such DoM data echoes the same as the market sentiment glimpsed from the coloured horizontal bars telling you that it is very likely prices will keep going up. When you see this, you should also be looking for buying opportunities. The only problem with VWAP DoM is that it represents huge lot sizes, and that may not be ideal for someone with little capital. Nevertheless, it tells you where the big money is headed, and it’s often better to follow the big money. (This is: How Not To Be Added To The 95% Of Losing Traders)
The second type of DoM window is the standard DoM like the one illustrated above. Just like the previous one, this too tells you how traders are leaning, only this one indicates smaller lot sizes. In the example above, you see once again that there are a lot of buy stop orders above the current ask prices just like with the VWAP DoM. Therefore, you should know that even smaller traders are expecting prices to go up. The only difference now is that there are several bears in the market hoping that prices will keep going down. As usual in the markets, someone has to lose in directive for others to gain, and in this case it seems very likely that the bears will lose.
The final type of DoM data seen on the 2nd level is the price DoM. This is used to see the slightest changes in liquidity at the lowest levels. A scalper would make use of this information in directive to gain eve a few pips from the changing tides. (These are the: 10 rules of how to earn money with scalping)
All these types of DoM should be used concurrently if you want to get a clear picture of both the short and long-term exchanging periods. A good trader ought to consider both of these because they can help you adjust your exchanging strategy and also plan for the future. Again, cTrader developers understood the need for these tools, and they worked to integrate them into the exchanging platform. Not only did they do so, but also make it very easy to access and make use of the information through one-click exchanging. MetaTrader 4 does not have depth of market, and even MetaTrader 5 does not go so deep into it as cTrader has done, and that is a huge advantage for the latter.
For the 3rd level of data from the Finder, you will need to click on the asset’s title and drag it away from the Finder where it becomes a separate window like the one shown above. At the top, there’s not much difference because it just looks like the 1st level, but scrolling further down shows more information. First are the links to several finance websites like Yahoo! Finance and MSN Money. Clicking on any of these will open your browser to the appropriate page where you can find more information and forecasts about that particular asset. I believe this is one instance where Yahoo! shines the most, even better than the other two. Further down this window and you will see other data on the asset including market hours, swaps, etc. All these could be beneficial as you’re planning your exchanging strategy and would like to know exactly how much risk you shall be taking on. (This is: A Complete Guide To Volume Spread Analysis In Forex Exchanging)
All of the stuff described above are found on the ‘Finder’ tab on the left-side window. But even with the search box, you don’t want to be typing every time you want to exchange a particular instrument, and that is where the ‘Watchlists’ tab comes in handy. After you have searched for whatever asset you like to exchange, you can add them into a watch list and group these watch lists however you like. Right-click on the asset and select ‘Add to watchlist’ after which you can select a pre-existing watch list or create a new one. For example, you could have a watch list for the assets you exchange the most, and another one for those assets you only exchange once in a while. You really have the freedom to do it however you want. A friend of mine even created watch lists based on their volatility during the time of day, like AUD/USD and USD/JPY during the morning hours and USD/CAD and EUR/USD for the evenings. That is the power of cTrader in aiding traders to achieve their goals. (Ever ask yourself: How Is Spread Betting Different From Forex Exchanging?)
The left side of the interface is obviously very robust as you no doubt have come to realize by now, and we’re not even done. Over on the right-hand side is the main exchanging window where most of the exchanging and market analysis is done on cTrader. The main tools are found at the top using the floating buttons. To activate any of these buttons, you only need to hover your mouse pointer above any of them and that action leads to a drop-down menu; no need to click.
At the centre are the two main buttons, buy and sell, and when you hover the mouse pointer, it reveals a window very similar to the one we saw in the ‘Finder’ tab. A lot of it is indeed similar, but there is a huge addition you will only notice when you hover the pointer a bit lower below the actual buy/sell buttons. When you do so, you will see a pop-up like the one above, this one for placing buy/sell limits and buy/sell stops. The pop-up displayed even explains exactly how it works – you simply drag either the orange limit directive or the green one. The orange one represents sell limit and sell stop – if you drag it above the current bid price, it is automatically a sell limit, but if you drag it to below the current bid price, then it becomes a sell stop. For the green one, it can become wither a buy limit or a buy stop – when dragged below the current ask price, it becomes a buy limit, but when dragged above the current ask price then it becomes a buy stop. This may seem complicated at first, but it is actually a very intuitive tool that any trader would appreciate to have because it lessens the burden. If you had to place such limit orders on, say, MetaTrader, that would require a manual input of prices. Here on cTrader, you can do it just by dragging your mouse, and even modify these pending orders after the fact with just a little effort at precision. (GDPR Is Finally Here! All You Need To Know And How It Affects You)
The buttons to the left of the buy/sell buttons are mainly for setting up the stage. To the far right are buttons for zooming in and out, although you can also do it using a mouse that has a mouse wheel. It’s followed by a button for saving templates specific to the exchanging window. We mentioned earlier that cTrader synchronizes your data to the cloud, but that is pertaining general data on the look of the terminal, accounts and watch lists. This ‘Template’ button can be used to launch specific indicators you use. For example, I like to use moving averages alongside the RSI indicator – that can be one template. When I use trend lines, on the other hand, I like to have an oscillator like the stochastic to confirm my suspicions – and that can be a second template. Therefore, I don’t need to keep adding indicators every time I want to use a different strategy. Even more, you can even save the specific values of the indicator the way you like to use it. (Find out more about this: Forex Exchanging Strategy Based On A Fakey Pattern)
Still to the left of the buy/sell buttons, the next button is used to switch between display modes. You can use candlesticks, line charts, bars or dots. The most common are the first two, I’ve never understood why developers even bother with the other two. Candlesticks are of obvious value because they show exchange movement throughout the exchanging period while line charts can be used to simplify the charts and highlight support and resistance levels. I have nothing to say about the other two – feel free to enlighten me in the comments section below.
Then finally to the left is your choice of timeframe. You will notice that there are a lot more timeframe options here than you would typically find on MetaTrader and that was meant to increase the flexibility of the trader. You also have the option to illustrate the charts in the form of ticks rather than time, and this is a new concept. Using ticks instead of time can have the advantage of displaying pivot point levels more clearly, similar to Renko charts that take away the time concept and focus on the price. Of course, you would have to know how to study these charts because they can be overly simplified without time consideration. (Do you know: What Is The Future Of Cryptocurrency In Finance?)
To the right of the central buttons are the main tools, starting with the ‘View Options’ button. When you hover your pointer above this button, a drop-down of attributes on the exchanging window appear. You can use these to change the way the window appears by adding or deducting certain tools from the window. Then there are the indicators. Unlike MetaTrader where you drag indicators onto the exchanging window, on cTrader they are listed neatly in a drop-down menu. Once you select a particular indicator, a settings window appears from where you set the parameters of the indicator. (All about: Using the Martingale System As A Forex Exchanging Strategy)
At the bottom of this button’s menu is a ‘More Indicators’ button. If you click on this, you will be directed to the cTrader website to download additional custom indicators. You see, developers of this platform knew that people like to develop and use custom indicators, so they made the process even easier. On MetaTrader, to add a custom indicator you have to download it, copy it into the MQL4 folder and then refresh the entire program. On cTrader, you only need to download and run it, and it is automatically added to the list of indicators. Nifty, right?
The last two buttons here are used to modify the looks of the terminal and to remove added indicators. Even such simple tools have been made very efficient on cTrader because they are very easy to get to and very well organized. Many of these same tools are available on the main exchanging window when you right-click on it, except perhaps a few additions like ‘Chartshot’ which you can use to take a screenshot of the exchanging window and share. There is also an option to set price alerts at particular prices. That may come in handy if you’re looking at multiple charts, but still want to know when prices hit a certain level on a particular chart. (Investing In Cryptocurrencies: Watch These 5 Profitable Cryptocurrencies)
Finally, on the exchanging terminal you have a window for all your open positions, pending orders and previous closed positions. This is probably where you will place a lot of your attention, so it is weird that we’re talking about it last. Perhaps that is because this is just a report card, and the actual work is done in the previous two windows. On second thought, there is still some work to be done here.
Even after you have placed your trades, that doesn’t mean there’s no going back because cTrader gives you tools to manage your open trades precisely. If you already have an open stance, right-click on it and select ‘Modify stance’ and that will produce a window like the one above. From here, you can make changes like closing your stance partially or change the direction of the exchange. Whenever you’re exchanging, you may need these tools at a pinch, and here they are. You may need to modify your stance if perhaps you want to manage risk or simply take some profit without closing the stance entirely. As for reversing a stance, that can be used if you want to follow a exchange as it dips and peaks within a range. (Learn some: Breakout exchanging strategies)
That covers everything you will ever need to know about finding your way around cTrader. Even though the company may still issue some updates, these basic tools will not change all that much. For anyone who is interested in giving cTrader a try, then these should be all the tips you need. Yet, we’re still not done because there are some advanced features you may want to check out.
Advanced features of cTrader to try out
So far, we have covered all the basic stuff you’re going to use every day. But the features available don’t end there, as there are some other advanced features that may be very useful. Don’t worry, they aren’t that far to get to, just click on the 3 horizontal lines at the top-left corner to reveal them. They are:
In a previous post, we remarked at how much social exchanging has grown over the past decade and how beneficial this feature can be to traders. For amateur traders, it can be a way of investment while you learn the ropes, and even seasoned traders can earn extra income either by getting paid for the service or just dedicating a portion of their capital to copy exchanging. Either way, cTrader developers have not been left behind when it comes to copy exchanging. When you click on the ‘Copy’ button on the cTrader terminal, you will be redirected to the cMirror website, which is cTrader’s copying site. From there, you will find a page that looks similar to the one above. You can tell that there are a lot of traders to copy from because there are over 500 of them. (Do you know: Who Are The Best Forex Social Exchanging Brokers To Work With?)
Many of them are paid services, but there are also some that are free. To determine if a particular service is going to be profitable, click on the name of the service and check out their historical performance. The most important factor is to ensure they have a long history of positive performance; many of the good performers are usually newcomers who only started exchanging recently. Their success may have just been the result of beginner’s luck, but the truly reliable services are those that have been around for long. It’s also advisable to select services that use ‘real’ accounts instead of demo because they have an incentive not to lose money as they would a demo account. (Find out: How to find reliable exchanging signals)
Anyway, when you click on the ‘Start Mirroring’ button, you will be asked to sign in with your cTrader credentials, and then select the account that you would like to mirror the cMirror service selected. You can select either a live or demo account – your choice, although it’s always better to try out a new service first on a demo account. Then when you have ascertained that they are consistently profitable, you can now start mirroring the trades on a live account. (Some of the: Best tips on working with Myfxbook)
Another factor to keep in mind is the proportion of your capital you’re dedicating to the service. For example, if you allow the service to utilize up to 50% of your capital, then you cannot lose any more than that. However, if you allow the service to access your entire account, then the whole of it can be wiped out. Some people go even further to allow even more than the account’s capital, and that is the most dangerous because you can lose even more than you had deposited and end up owing the broker money. If you’re unsure how much to allow the cMirror service to access, always err on the side of caution unless you’re very sure about the service itself. Also think about your own risk appetite because in the end that is what matters. (Here are the: 5 tips of opening a PAMM account in the US)
Once you have activated a specific service, it will show up below the account you have selected for it. After you go back to your exchanging terminal, you may begin to see the trades initiating, but that depends on the service selected. Some services only make a few trades a week, while others make plenty even in a day. Just remember that you are still in control of your trades, even though they were initiated by cMirror. If you find a particular exchange to be incorrect, you can always close it and open another one manually. (Do you know: How easy is it to exchange Cryptocurrency in the Forex market?)
Besides social exchanging, people are also making use of robots to exchange the markets, and cTrader has coined these robots ‘cBots’. This is the second tool from the advanced arsenal in cTrader, and it looks like the image above once selected. Right off the bat, you can see that there are a lot of tools in this feature. On the left are some of the preinstalled robots that come with the exchanging platform. To see how you can use this feature, let’s try with one. I like using the RSI indicator, so let’s use the ‘Sample RSI cBot’ as an example. (You should learn: Learn How Cryptocurrency Scams Operate And Avoid Them)
To launch the cBot, you just click on the plus (+) button beside its name and select the currency pair that you would like to try it on. Then to activate, simple click on the play button in blue. Before we even get to that point, though, it’s always important to backtest the robot and see how it would have performed in the past. The best results are usually the ones that take data over a long time, but since I’m just running a quick test, I’ll just backtest over the past month (this is just an example). When you’re really serious about a robot, go back as far as you can, depending on the time you have to wait. By the way, you can set the time limits of your backtest from the dates on either side of the exchanging window… sort of. There are also other settings you will need to specify, like the tick data and spreads to be used during the test. Actual spread data is the most accurate, but you can run a quick test using either opening or closing prices. Once again, always use the most accurate data when running the tests if you’re seriously considering a robot, especially one downloaded from the internet. (This is: How to launch an expert advisor on MT4)
After running the RSI cBot, my account ended up being halfway down having lost a little over 50% of my capital, so suffice it to say I won’t be using this robot ever again. Now imagine if I had not done a backtest and rushed to implement it on a live account. Never run a robot on a live account before you perform extensive backtests and forward tests and then letting it run on a demo account for a while… unless you feel sufficiently philanthropic to throw away your money. (These are the: Top 10 Most Outrageous Forex Market Scammers)
Speaking of downloads, toward the bottom left is a button for finding more robots besides the ones already preinstalled. When you click on this button, a webpage opens with a list of robots like the ones shown above. And just like with copy exchanging, all you need to do is run the downloaded file and it will be automatically added into the cTrader terminal. From there, you can run all the tests you need to in order to ascertain whether it actually performs as advertised. I almost forgot to remind you to read the information presented alongside the robot itself. The developer of the robot will often include some clues and tips on how to use the robot and what to expect. Remember to go through this too because there may be some additional information you may be ignoring. (Lessons on self defense: Forex scams)
There are also some of us who are very good at coding, and cTrader will allow you to do your magic by modifying any robot to your specifications. That means you do not have to suffer a losing robot when you can make the necessary corrections to its code. Hey, you can even build your own robot if you’ve got the chops and sell it on cAlgo – another way to put your skills to good use and make money doing it. I’m not much of a coder, but just a look at the code in cTrader robots alongside that of MetaTrader’s seems a bit less complex, perhaps because of the coding language or whatever. Maybe someone could even help me refine the RSI cBot to produce better results – that’s an idea. (Get information from these: Sources of Forex exchanging information)
The final feature from the advanced section is the ‘Analyse’ tool. I wouldn’t really call it an advanced tool, though, because it’s just a page showing the statistics for your account. This is the place to come over the weekend to find out what made you lose or make money, then plan for the coming week. Forex exchanging is about constant growth, and the only way to do so is by constantly learning from your mistakes and working to correct them. (Do you know: What Is The Financial Commission And Can It Be Trusted?)
Do you ever feel like you want to be more than just a trader? cTrader can help you achieve your dream by going to this section. As long as you’ve got a live account, you can become an introducing broker through cTrader. When you click on this link, your request is sent to your broker requesting a partner status, which in effect makes you like a broker. With the partner status, you can sign up clients, and their trades are routed to your broker. At the end, you will get a piece of the commission your broker receives – it’s just like being a broker, only without the resources. All you will need is to solicit clients online. (How Do You Know An Expert Advisor Is Out Of Date?)
cTrader isn’t only available when you download it to your computer, but can also be accessed from the web browser. When you open the web-based version of cTrader from your browser, a lot about the interface looks similar to that of the actual installed platform. The image below is an example of what you can expect from the web-based terminal.
As you can see from first sight, there isn’t much of a difference, but the differences become glaring when you start to consider some of the features that are lacking. The first difference is visible on the right side window where the exchanging windows are displayed. On the installed program, it is possible to drag pending orders from the one-click exchanging terminal and onto the main exchanging window. Unfortunately, this feature is not available on the web-based version of the platform. Other than that, there really isn’t any other thing different about the interface or the exchanging features. (We asked ourselves: Will Cryptocurrencies Recover From Their Price Slump In 2018?)
On the other hand, none of the advanced features described above are available on the web-based version of the program… at least not directly. If you want to use any of the advanced features, you would have to visit the cTrader website by opening a new tab and then activating them. Say, you wanted to copy trades. Then you would need to go to the cMirror website and select the trader you would like to copy. After signing in to your cTrader account, only then would you be redirected to the web trader. As for exchanging robots, these just aren’t available on the web-based version of the platform. For these, you have no option but to activate and manage them from the downloaded programme.
You’re also going to dislike that you can’t apply the workspace you saved from the computer program on the web trader. All those quirky colours you had created and synchronized and the windows you had lined up with the technical indicators ready to catch exchanging opportunities; you won’t be able to see any of them. Sorry. That is just something you will have to live without when exchanging on the go from the web trader. (Simple Day Exchanging Strategies You Can Use In The Forex Market)
Despite these shortcomings of the web trader, no one can argue against its utility. Imagine yourself away from your own exchanging desk but would still like to place an order. Or you receive an email alerting you that you have just received a margin call. Using the web trader, you can quickly log into your account and manage your trades from any browser and avoid losing too much money. Besides, you won’t even notice a huge difference because the two seem largely similar in appearance and have most of the essential features you need to make quick orders. This is a very good addition by Spotware because not many other Forex brokers provide a web-based version of their exchanging platform, and neither does MetaQuotes. In that regard, therefore, cTrader is head and shoulders above its competitor and a much more reliable choice. (Which Are The Most Influential Cryptocurrency Markets By Country?)
How does cTrader compare to other platforms?
Now you know all the features available on cTrader, and it shouldn’t be difficult to point out just how many aren’t available on other platforms like MetaTrader. The differences are glaring, right? Just to be clear, this was not a post to glorify cTrader only, although I have to admit I’m a huge fan. This was to highlight the changing tides in the Forex industry regarding exchanging platforms. There is no longer a monopoly like the one held by MetaQuotes, and traders need to be aware of their options. As a trader, you should also be open to new ideas and tools, instead of being close-minded while you may be missing a lot of opportunities. Therefore, next time you see that link asking you to download cTrader, don’t just ignore it but actually give it a try. You may just like it.
Are you interested in becoming a partner, discover the benefits by watching this short video from cTrader: