Software in Online Trading
Online trading like a number of other online activities has made what was once a hassle to some, a now easy and simple process that can be done from anywhere.
Picture it, a typical brokerage firm, brokers shouting across the floor as they make telephone trades. It worked for a time and maybe some people still prefer open outcry, but it was not that efficient.
In comes online trading, making the process easier and allowing you to do it anywhere as long as you have an internet connection.
Online trading is made possible by different software not only designed for specific types of trades, but also different types of traders.
Beginners often times don’t need the same tools that more experienced traders do. Different online trading software, makes sure that each trader has a program that suits their skill level and they can use them effectively.
Online traders use what is known as a trading platform to place their trade orders.
There are different types of Forex trading platforms, some brokers use their own exclusive trading platform while others use the highly popular MT4 platform.
The MetaTrader 4 (MT4) platform is used by over 90% of brokers and can be renowned in the online trading world.
This is for a number reasons which include:
- It’s free
- Easy to use
- Comes with numerous features
- Uses the programming language MQL4 which is easily understood
While the MT4 platform is the most popular, it is not necessarily the best.
As mentioned before, traders at different levels will get the best out of different software.
The MT4 platform and others like it may be great for beginners and intermediate traders and even some advanced traders, but often times will not fully suffice for others.
cTrader Platform – Desktop & Mobile
That’s where other trading platforms come in, such as the cTrader platform.
It is more suitable for advanced traders and would be fully utilized by those with more experience.
It comes with a number of features that will benefit these types of traders such as:
- Ability to trade directly from the charts
- Automated trading – the use of robots to trade while you’re away
- High speed trading
If you’re an advanced trader you can use these features along with others to get the increase your efficiency, effectiveness and ultimately your profits.
There are various versions of the cTrader platform:
- cTrader Desktop Platform
- cTrader Mobile Platform
cTrader for Desktop Review
The cTrader platform for desktop comes with a number of useful features that are advantageous for advanced traders.
- High Speed Trading – you trade faster on the cTrader platform thanks to STP (Straight Through Processing). You are able to execute several orders at once and they are executed much faster than on other platforms.
- Automated trading – you can use program trading robots (link to trading robots article) to trade for you 24/7 so no matter where you are or what you’re doing, you’re earning.
- Make orders from the charts – the cTrader platform for desktop offers a number of tools for technical which you can access directly from the charts and make orders from the charts as well. All of this is done via a user-friendly interface.
- Cloud based – the cTrader platform is entirely cloud based so you can access it no matter where you are once you have registered.
The cTrader mobile platform is a lite version of the cTrader platform for the desktop, so while not as robust, it is still good for when you are on the move and need to keep up to date.
There are a number of trading platforms out there, but ultimately your level, goals and you determine which trading platform is best for you.