cTrader is one of the most commonly used Forex platforms and there are lots of reasons for its popularity. For starters, the company that created it is London-based and as you know some of the biggest financial markets are in London as well.
The platform is widely used and has been re-designed by lots of ECN brokers. The initial launch of the platform was made by FXPro which is one of the top brokers these days. Up to this day cTrader servers several other brokers, including the well-known Liquid Markets. However, the platform servers 2 main functions – charting and execution of trades!
The first thing we would like to pay attention to is the execution. By opening the platform you will notice that on the left side there is one vertical column that contains a list of the currency pairs with the ask/bid quotes. Actually looks really similar to the Market Watch windows of MetaTrader. You can click on any trade you want and the window will expand which will allow you to place an order immediately.
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You can specify either a single or double-click will be used on the Sell/Buy quote – then all you have to do is to submit the instant market order. There is one other alternative that you can use – you can have the so called safe setting that will let a standard entry order box to pop up instead of making an automatic execution.
Each trade entry that you will have to do – either it is stop-loss, take profit or any other, the orders have to be entered separately. Keep in mind that you can’t have bracketed orders. For example, you want to buy GBP / USD below the current price of the market. All you have to do is to enter the buy limit, as you usually do, and then you have to enter the separate Sell Stop order which will act as stop-loss.
Once you do this, once the price hits the take-profit or stop-loss point, you will have to manually cancel the order. You will also have to keep in mind that there are lots of things to pay attention to.
For example, you will have to make sure that each part of your order has the correct size – don’t enter in the order 2 lots, instead set your stop loss to 3. You will easily master this by making a couple of trades.
This is probably the greatest advantage of cTrader platform. Here are some brokers using this platform.