Spotware cTrader Trading Terminal  » Finance  »
3.0
1 votes
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  • Luckily, I found a broker (TradersWay) that offers a low deposit cTrader account
  • I decided to try it out because I’m a scalper and Metatrader 4 isn’t very efficient in terms of fast order entry and setting order take profit and stop loss levels
  • So for this review, I will be focusing on the terminal itself and none on the actual broker relations such as pricing, order execution speed, and so on because this really depends on the actual broker so my experience will be different from your experience
  • The first thing I noticed is how the entry orders are laid out
  • The other problem with the trend lines is that they do not automatically extend


    • by MisterTickle

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      I’ve used Metatrader 4 for just about forever and only recently starting to look for other trading terminals especially with better order management and analysis system. Luckily, I found a broker (TradersWay) that offers a low deposit cTrader account. I decided to try it out because I’m a scalper and Metatrader 4 isn’t very efficient in terms of fast order entry and setting order take profit and stop loss levels. So for this review, I will be focusing on the terminal itself and none on the actual broker relations such as pricing, order execution speed, and so on because this really depends on the actual broker so my experience will be different from your experience. This will hold especially true if you are going to use a server that’s the different one than what I’m using.

      For starters, the installation is a bit weird. Rather than installing it to the conventional ‘C’ Drive and then program files, and then finally the destination folder. This has been my experience with Metatrader, however, this wasn’t the case with cTrader. Spotware’s cTrader actual gets installed to my library so documents with certain files deposited to ‘AppData’ and so on. This takes awhile to get used to especially when it comes to installing custom indicators and maybe some scripts even though the scripts are used through the cAlgo platform. However, as for indicators, this is slightly different and feels slightly different. I always end up going to my program files first, then realizing that there aren’t any Spotware files in there and then I have to go back to under my library. Other than that, this has absolutely no effect on the actual trading experience.

      After the installation and starting up the terminal, I see four charts with a left pane of all the tradable currency pairs and indexes. There is also a bottom panel to view my open orders and then with tabs showing historical trades and so on. The first thing I noticed is how the entry orders are laid out. On the top of each chart, there is a navigation “trade” bar. This


      is quite useful with the center showing the order size and on each side with the buy and sell order buttons. Under normal circumstances, the lot size is actually hidden and you can only see the buy and sell buttons. However, the lot sizes reappear once you place your cursor in between the two order entries. So far, this seems quite efficient showing minimal selectable options on the screen. At first I didn’t think too much about this, but then when I wanted to trade odd lots, it really got to me. It doesn’t seem like there is an option to enter odd lots. For example, I can’t enter a lot like 1.4 lots. It has to be 1 lot or 2 lots. Also, the minimum lot amount to be traded is 10,000 or 10k if you prefer. Basically, this is equivalent to a mini-lot. In conclusion, there are two drawbacks. The first is that the minimum lot amount is a mini-lot and the second is you cannot pre-define odd lots or enter your own amounts. This is really a feature they need to improve. I have also searched for this in the preference, and it did not seem possible.

      Speaking of the preference, the preference section does not seem to be as nicely built as MetaTrader’s. They do include all the basic alert settings and such, but there really aren’t a lot of advanced options to customize which type of alerts I want such as order close alert or just simply a modification made to the order. I shouldn’t say that this isn’t possible, but basically, it has to be programmed through a script over on the cAlgo platform. Now, this can be very time consuming to create such a simple script, but unfortunately it is necessary.

      Speaking of the scripts, I actually went looking for a trailing stop script. Apparently this is one of those platforms that do not have a server side trailing stop. I don’t mind this too much because it seems like several platforms do not have it. The only platform I know that does have it is SwordFish by FXDD, but as of the moment, no other broker uses it. After taking a look through Spotware’s developers site, it appears to me that they have their custom scripts collection very centralized. These scripts are all listed to their site and coders can constantly add more to them. In terms of this, I don’t quite mind it, except for the fact that the collection still isn’t as abundant as compared to Metatrader 4. My advice to you when using this platform is basically to treat it as an order manager rather than a for analysis and algorithmic trading. When it comes to algorithmic trading, chances are you will be spending a great deal of your time programming in C because there is a significantly higher chance that the script you want is not built already unlike with Metatrader 4.

      And so this leads to another problem I have experienced with the platform in terms of performing analysis. Firstly, the indicators and their options aren’t as nicely built. I scalp with a heavy emphasis on price action and sometimes with the use of certain indicators such as the relative strength. The actual indicators I use aren’t important, what is important is the configurations of such indicators. For example, I use the RSI 2, 3, 5, 7, and 14 periods. When I look into the detailed configurations, the color palette isn’t as abundant as I would like it to be. Now, since I chart several indicators in one window over on Metatrader 4, I expected this to be possible over in cTrader, which was not. Now I’m stuck with the problem of having a difficult time to differentiate these indicators by color and having them all clustered with their own separate indicator windows. For the RSI, it isn’t so bad. However, if you were to use several moving averages and a couple of other trend indicators such as perhaps a couple of bollinger bands with several deviations and periods, this will produce a very very clustered chart and almost no way of differentiating one from the other. This again stresses ...


      • Spotware cTrader Trading Terminal
      my point of not using cTrader to perform analysis, but rather just to place trades.

      This can also be viewed even when performing the very basic price action analysis. Drawing trendlines is tremendous work and very painful. Since the trend lines do not “snap” onto the high/ lows on the candlesticks, I have to zoom in several times to ensure that they are place properly and then zoom out to see the overall effect. The other problem with the trend lines is that they do not automatically extend. What this does is basically whenever a few more market ticks come out, I have to manually extend my trend lines which takes another whole process of zooming in to make sure they are positioned properly and then zoom out again to perform the rest of my analysis. This gain also stresses my point of not using the cTrader platform for analysis, but for trades.

      So I place such a huge emphasis on trades and here’s why. This platform comes with a single click, double click, and triple click option when it comes to entering and exiting a trade. This simple feature has proved far more useful than what most give credit for. Metatrader’s one click feature is a good start, but the question becomes what happens if you accidentally click buy when you meant sell? You could have the option of leaving it open and see how the price takes it, but then you would be gambling. You could close it immediately and just pay for the spread difference and any commissions. The final option is to hedge it with the right trade, but perhaps 1.5 to 2 times the lot size. Of course the list just goes on and on, and I’m not here to tell you how you should trade or what my strategy is. My point is that cTrader actual protects against accidental executions. If you are performing the analysis and suddenly your window resizes for whatever reason and you accidentally click “buy”, your order will not go simply because you had double click on. Now, there is also the

      triple click option which I find is a bit overkill. I highly doubt anyone would accidentally double click an order they did not meant to. However, if you wish to be on the safe side, you can go as high as triple clicking. Of course, this also works for closing orders as well.

      Finally, I just have one more complaint. Profits do not display properly because commission only shows single side. The commission needs to show round turn lots (RTL) regardless of trade size because then this way the net profit would display properly. So for me, I trade with a $3.5 single sided commission or $7 round turn lot commission. Now, cTrader shows $3.5 under the commissions tab and so ‘Net Profit’ converts the pip to dollar valuation and subtracts the single side commission. If I made 0.1 pip profit on the EURUSD pair with a standard lot, then 0.1 pip will be converted to $1. Now, “Net Profit” will show $1 - $3.5 of -$2.5 or basically two and a half dollars loss. So what’s the problem? My loss is really $6 not $2.5 because I have to take into account of the round turn lot of closing a trade. Due to this, whatever my net profit is, I have the subtract it again from my commission to get the actual realized profit or loss. As mentioned earlier, I am a scalper and constantly performing this calculation takes time and more often than not, the price changes as soon as I finished my previous calculation. As a result, I simply tend to round commision up to $4 and the RTL commission to $8 to compensate for any 0.1 pip movement for or against me when calculating the profits. While this solution is not perfect especially with pairs where the quote currency isn’t the US Dollar, it is the only way to go. I generally just treat each pip value as $10 on a standard lot even though for several major pairs it is slightly above and below. Other than this, I am overall quite satisfied with all other aspects of the trade manager.




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The review was published as it's written by reviewer in May, 2013. The reviewer certified that no compensation was received from the reviewed item producer, trademark owner or any other institution, related with the item reviewed. The site is not responsible for the mistakes made. 4221051610240731/k2311a0521/5.21.13
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