Hi there! Now, for those of you that arealready members of our Forex signals trading community, you know that we havea very vibrant chat going on over there; discussing everything from tradingopportunities, different platforms.
Everything you need to know about theForex market, and I saw a chat going on last week which I found quiteinteresting.
It was basically, discussing which trading platform is the best oneto use: is it Metatrader4, often referred to of course as MT4 or is it the new kidon the block, the squeaky clean Ctrader platform which is now being offeredby a number of brokers? So I thought, I'll spend a few minutes today justdiscussing that.
But before I do get into that let me remind you to subscribe tothe channel if you don't already do so, that way you get to catch up my pastvideos in one place, but also more importantly, if you hit that little “bellnotification, you're gonna get an alert, the moment I release my latest video soyou'll never miss it! Don't forget also to follow us on Instagram, and of coursefollow us on Facebook, and if you follow us on Facebook, you can join me live fora free stream every Monday morning at 2 PM London time; where I stream livediscussing trading opportunities for the week ahead.
I look forward to seeing youin there! So first off, let me explain the basicdifference.
Now, Metatrader 4 or MT4 is the most commonly used Forex platformon the planet.
I think it was first introduced back in around 2005.
Nowit's free, available by most Forex brokers, and they offer to the customers.
It's very simple to download, very easy to install, and very very easy to use.
Does have its drawbacks, though.
For some, it could be considered quite clunky, butI guess it is 15 years old so what do you expect? But the huge advantage ofusing MT4 is that its programming language has been adopted by many coders.
So there are multiple providers out there that are willing to code up yourcustom indicators or your strategies to make your life as a trader much moreautomated.
Some people find that a huge advantage! These are known as EAS orExpert Advisors.
Now the much newer, Ctrader platform is considered by a few, to be the more professional version with lots of additional functionality.
Now, this is beneficial to both the experienced trader and the new trader.
Infact, it has a very useful advanced order protection area, allowing multiple exitson an open trade.
You also have the ability to view the market depth of aparticular Forex pair or indeed, any trading entity that you're trading.
Somepeople find that very very useful as well.
Now, let's jump onto the screens.
Ithink the best way to compare is by looking at the two, side-by-side, then youcan decide which way you want to go.
Okay, here we are on the screens.
Now, I'm goingto start off by looking at the Meta Trader 4, the MT4 platform, and thenwe'll switch over, and I'll show you the Ctrader platform, then you can make yourdecisions on which one you think is best suited to yourself.
Alright, I justremoved my video from the screen, so you can see what we're looking at, and we'llget straight into it! Okay, so when you first installed your MT4 broker platform, it's going to look something like this.
I suggest the first thing you do is havea glance down here, on the bottom right to make sure that you've got connectionto the broker, and getting live price feeds.
As you see, the blue greenbox.
Now move over to the left of the screen, you'll see the market watchwindow.
Here you'll see all the currency pairs that are available for you fromyour broker.
If it's incomplete then just simply right click, and then “Show All” vandthen, you'll have the complete list that is available; showing you the currencypairs and the commodities, and so forth.
If you drag onto a chart ofaparticular currency pair, then that will update and that will show you the livefeeds for that particular currency pair.
You don't need to open market watchwindow all the time.
Keep that closed to optimize the chart size on your screen.
Now, each chart can be maximized and minimized of course, to allow for betterviewing and clearer analysis.
Now, at the top here, you can see all these toolbarswhich are fully customizable and these tools are available at various locations.
So you can see here by going to “Insert” and “Indicators”, all the differentindicators that are available, and these are all provided by the MT4 trading platform.
You can also access the indicators by going to this green drop-down here, as well.
Here you'll see the different chart types that MT4 made available.
Now, you've got the standard candlesticks, there's the bar chart, the line chart.
Personally, I only really look at the candlesticks and theline chart.
Some might say that the MT4 platform is quite limited in theavailable charts, but that's of course a matter of taste.
You can see differentlines, you can draw on the chart.
You've got your horizontal lines, trend linesvertical lines.
Right clicking on those will allow you to change the properties, different colors and what they look like and so forth-all fully customizable.
Thecolors of the charts fully customizable, right clicking going to properties andchanging all the different colors, background, different colors for thecandles and so forth, as you would expect.
Now, once you're happy with a particularcolor scheme, you can save it as a template.
Going to Chart>Template>Save template, and call it whatever you wish.
Just callthis demo, and once you are happy with the particular color scheme, so now youcan make other charts with the same look.
You can also set up profiles so thatyour screen configurations are saved for your next visit, and you dothat simply by going to Files>Profiles and Save As, and just name the profile towhatever you want to call it.
Now, there's a whole raft of coded indicators thatyou can attach to the chart, and you simply do that by going to Insert>indicatorsand picking any particular indicator that you wish.
You can delete anindicator by right-clicking on it , Delete Indicator Window and it just takes themoff the screen.
Now, as I mentioned in my brief introduction, there you can alsodesign your own Indicators and Exper Advisors and have someone code them upfor you.
Now, if that was the case you place it , then put them into the File>OpenData>MQL, and put them into Expert or Indicators depending on whether they arean Expert Advisor which will trade automatically for you or show yousignals, or indeed just an indicator.
Going toView>Terminal pulls up oryour Trade History.
You can check the history there.
You can check the opentrades, you can do adjustment of your trades, as well just by pulling out thetrade and making the necessary adjustments.
Going to Terminal again hereyou can see marketplace this is where you can purchase all the differentindicators that are being coded up, trading strategies and so forth.
So you can see it's quite an extensive easy-to-follow functionality that makesthe MT4 platform the most actively used Forex platform on the planet.
For now, Iencourage you to explore its functionality in your own time.
There'splenty of free online tutorials in there that will help you to explore the hiddenwonders.
let's have a quick look at the Ctrader platform.
Okay, so here is theCtrader platform first thing you'll notice is the look and feel is verydifferent.
You start off your journey by going to the left of the screen you willsee the Watchlist.
Here's where you can create your own Watchlists.
If you'relooking to see a particular currency pair, then you go to Finder, and and you canscroll down and see all the different trading entities that your broker isallowing you to trade.
Then you have access to and you can create your ownWatchlist there, as well by clicking that +, naming your Watchlist and calling itwhatever you wish.
And by clicking on a particular currency pair, will pull up anew Market Order ticket.
Here, you can put in the size of your trade hovering overhere gives you a lot more information than you get instantly on the MT platform.
You put in your size.
Note here that the size is in the unit size, not inlot size.
So for example, we know the lot size of a currency pair is 100 thousandof the base currency so that would be one lot; gives you the pip value, as well, in this particular currency pair.
And again hovering over, you'll see theposition, also, you'll see the pip value the commission, margin required and soforth.
A lot of information there at your fingertips.
You can also place your stopand take profit targets on the order entry ticket as well, as you could dowith the MT4 platform-gives you different options here, where you canrisk a certain percentage of the account.
You can actually set your profit targetsin terms of cash money or indeed on the number of pips.
Take profit and stop-lossgives you the estimated price, as well.
You can toggle between views by clickingthis little icon here takes you to different pages and back to the homepage.
In the usual wait, you can expand a particular price chart by clicking thaticon, and here you can see the different options.
You can look at the bar chart, candlestick, line chart, dot chart, as wel.
Now, this is one feature that isan improvement on the MT4platform.
You can have time intervals at multipledifferent settings.
Anything from the one minute, two minutes, three minutes.
You cansee here one hour, two hours, four hours, six hours, eight hours, and so forth.
WhereasMT4 just has the standard time frames.
And also look at tick charts.
You might have a one tick chart, or five tick chart as well.
And of course, thatwould adjust the price chart accordingly.
This is the key little feature.
Underneaththe Price, you'll see this Sentiment Indicator.
This shows you that with allthe clients at this particular broker, 80% of them, by hovering over, expect thiscurrency pair to rise so 80% are long on this currency pair.
They use this littletool.
This is unique to the individual broker's client positions.
Andas usual, you can change the color of the charts by clicking that little iconthere.
Fully customizable, down the right-hand side of the screen here, youcan put in your trend lines, horizontal lines in the same way.
You can use yourFibonacci extension retracement levels, retracement levels.
Now, another keyfeature that I like about the Ctrader platform is that you can detach a chartand move it to anywhere you like.
So if you've got multiple screens or you'relimited for screens, you can literally attach as many of these charts as youwish.
Now, often with mt4, you may need multiple versions of mt4 in order tolook at different profiles at any one time, but by detaching a chart you canliterally move it to anywhere you like on your trading platform.
Now, another really cool feature that I think the Ctreader platform has over theMT4 platform is the advanced order protection.
So, if you toggle betweenLooks and go to this particular look where you can see the open positions, theorder, and so forth; price alerts, you look at this little Shield icon beside anopen trade, click on that and it allows you to pull up this advanced orderprotection ticket.
Here will allow you to exit that particular trade in multipleexits, perfect targets and so forth.
So, thisposition is one lot or a hundred thousand wish to exit half the trade at10 pip-profi.
You might want to exit another twenty thousand or point two ofa lot at 20 pips and so forth, until you get to the Complete Order.
Apply that andthat will exit the trade at these varying profit target.
Really coolfeature! You can also move stop-loss to break-even should you wish to.
Just a reallycool ticket, real cool bit of functionality there that Ctraderplatform has.
Now, another cool feature that a lot of people find useful withthe Ctrader platform is the depth of market.
Basically, showing you whereorders are surrounding the current market price.
So, if you go back to theWatchlist, look on a particular currency pair>right click> and then Information.
You'll put up this ticket, it shows you much more information about thatparticular currency pair, and you'll also be able to see the depth of the market.
So, here you can see where orders are placed around, where the current bid andoffer.
A lot of traders like to look at that as well.
Lots of information thereat just a couple of clicks, or wait you can also buy and sell from this ticket, as well- changing the lot size, unit size.
And similar to the Expert Advisors ofcourse, you can put in your Cbot.
Now, Cbots basically are pre-codedindicators and tools that you can use to assist in your trading.
So these are thestandard ones, but of course then you can go to the Network, where coders havecoded other indicators and so forth, and made them available.
So clicking on there, pulls up a new window where you can look to see all the different available CBOTS that you can hook on to your trading platform.
And as with theMetatrader4 platform, there's a whole bunch of functionality here that I'm notable to cover in a quick short introduction video like this.
So Iencourage you to spend some time in exploring it to see if it fits intoyour needs.
There's also a whole bunch of training videos out there, available, tohelp you in your exploration.
Trying some of these hidden wonders that theCtrader platform offers.
Okay, so I hope you found that useful.
I'll end up by giving youhere my two pennies worth.
The trading platform that you choose to use isreally not that important if you have what it takes to be a trade.
The tradingplatform will not make that much of a difference.
Sure, one has its advantages over the other, different trade offs, and so forth.
But I'll say focus more on yourself as a trader and not the platform.
Once you'vegot some degree of success, some degree of consistency in trading, and thenperhaps look to explore the different platforms out there and see if one ismore suited to your needs than the other.
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Happy trading and good luck!.