
Most of the traders in trading rely on trading platforms.
These platforms help traders make the right trading decisions and make their
trading journey successful and more profitable. When talking about the best
trading platform, traders do not have a better choice than cTrader. It provides
traders with all the features and tools that they need during trading. But what
if traders still miss great trading opportunities even after using the best
trading platforms like cTrader? This happens with many traders not because they
are not using the right tool but just because they are not using the platform
in the right way. They are making some mistakes that can make their trades
fail. So let's discuss in detail the common mistakes that traders need to avoid
when using cTrader for forex trading.
What
is cTrader?
cTrader is
specially designed for forex traders. It was introduced in 2011 by the Spotware
company. This platform gained popularity in a very short period of time due to
its advanced features and user-friendly interface. It’s a complete trading
platform that helps traders to make their trading journey more successful.
Different forex traders and best prop firms prefer cTarder who know about
the platform features. Most traders make mistakes while using cTrader due to
the lack of knowledge about cTrader features.
Neglecting
Platform Customization
cTrader provides traders with extensive customization
options so traders can easily use the platform according to their trading
style. If traders do not have the idea of customization options then this can
lead to inefficiencies in trading so traders need to set up their workspace by
using customization options of charts, indicators, and tools according to
traders' trading strategy. They can also save the layouts so they do not need
to customize them again instead their setup will always be available for them.
For faster execution traders can also configure the QuickTrade panel.
Ignoring
Risk Management Tools
The field of forex is considered the most difficult
trading file. Forex traders always have fear of risks and if they do not manage
this risk on time it can lead to a great loss. When traders ignore the risk
management tools of cTrader then they increase the chances of risk in their
career. Different built-in risk management tools of cTrader like stop-loss and
take-profit orders can save traders from loss. Traders can avoid this mistake
using smart stop-loss and take-profit orders and make adjustments according to
the market conditions and trading strategies. Traders can also use a position
calculator to find the possible trade sizes and manage risk more efficiently.
With the help of trailing stop option traders can protect their profit when the
market moves in their favor.
Overusing
Indicators
No doubt technical indicators are very valuable and have
great importance in trading but if traders overload charts with too many
indicators then this can create confusion and problems in analysis. Traders can
avoid this mistake when they only stick to essential indicators like moving
averages, RSI, or MACD that complement your strategy. You need to regularly
check your indicator setup and eliminate redundant tools to reduce the chances
of confusion. Try to focus on price action analysis with necessary indicators
for a more balanced approach.
Overlooking
Automated Trading Features
Traders mostly have a short time to execute their trades
because prices in trading change in milliseconds. That's why cTrader also
provides traders with automated trading features to create and implement
automated trading strategies. Traders mostly do not use these automated
features and face late trading execution. Traders need to learn about automated
features like algorithmic trading basics and familiarise themselves with cAlgo
and coding requirements. Traders can also update their algorithms regularly
according to the current market situation.
Failing
to Use Advanced Order Types
Traders also need advanced order types for executing
successful and on-time trades. Here traders stick to basic markets or limit
orders and miss the advantages of more advanced order functionalities. To avoid
these mistakes traders need to use advanced order features like stop-limit
orders, one-cancels-the-other (OCO), and conditional orders. Traders can also
use the cTrader demo account for practicing and get familiarized with advanced
order types and improve the accuracy of their live trading. Advanced order
types also help traders to execute successful risk management plans.
Not
Utilizing the Depth of Market (DOM)
cTrader also has a Depth of Market feature that provides
them insights about market liquidity and order flow. If traders do not use this
tool then they can face issues in entry and exit points. With the help of this
tool, traders can check liquidity before placing large orders. For improved
trade timing, traders can also use DOM with chart patterns.
Conclusion
cTrader is a complete trading platform but when traders do not use it properly then it can cause different problems for traders. All the mistakes that are discussed above are common that each trader faces but knowing the features of cTrader can help traders to avoid these mistakes.