Which Forex Trading Platform is BEST? (MetaTrader 4 vs cTrader)

Hi there! Now, for those of you that are
already members of our Forex signals trading community, you know that we have
a very vibrant chat going on over there; discussing everything from trading
opportunities, different platforms. Everything you need to know about the
Forex market, and I saw a chat going on last week which I found quite
interesting. It was basically, discussing which trading platform is the best one
to use: is it Metatrader4, often referred to of course as MT4 or is it the new kid
on the block, the squeaky clean Ctrader platform which is now being offered
by a number of brokers? So I thought, I’ll spend a few minutes today just
discussing that. But before I do get into that let me remind you to subscribe to
the channel if you don’t already do so, that way you get to catch up my past
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discussing trading opportunities for the week ahead. I look forward to seeing you
in there! So first off, let me explain the basic
difference. Now, Metatrader 4 or MT4 is the most commonly used Forex platform
on the planet. I think it was first introduced back in around 2005. Now
it’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, but
I guess it is 15 years old so what do you expect? But the huge advantage of
using 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 your
custom indicators or your strategies to make your life as a trader much more
automated. Some people find that a huge advantage! These are known as EAS or
Expert 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. In
fact, it has a very useful advanced order protection area, allowing multiple exits
on an open trade. You also have the ability to view the market depth of a
particular Forex pair or indeed, any trading entity that you’re trading. Some
people find that very very useful as well. Now, let’s jump onto the screens. I
think the best way to compare is by looking at the two, side-by-side, then you
can decide which way you want to go. Okay, here we are on the screens. Now, I’m going
to start off by looking at the Meta Trader 4, the MT4 platform, and then
we’ll switch over, and I’ll show you the Ctrader platform, then you can make your
decisions on which one you think is best suited to yourself. Alright, I just
removed my video from the screen, so you can see what we’re looking at,and we’ll
get 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 have
a glance down here, on the bottom right to make sure that you’ve got connection
to the broker, and getting live price feeds. As you see, the blue green
box. Now move over to the left of the screen, you’ll see the market watch
window. Here you’ll see all the currency pairs that are available for you from
your broker. If it’s incomplete then just simply right click, and then “Show All” vand
then, you’ll have the complete list that is available; showing you the currency
pairs and the commodities, and so forth. If you drag onto a chart ofa
particular currency pair, then that will update and that will show you the live
feeds for that particular currency pair. You don’t need to open market watch
window 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 better
viewing and clearer analysis. Now, at the top here, you can see all these toolbars
which are fully customizable and these tools are available at various locations.
So you can see here by going to “Insert” and “Indicators”, all the different
indicators 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 the
line chart. Some might say that the MT4 platform is quite limited in the
available charts, but that’s of course a matter of taste. You can see different
lines, you can draw on the chart. You’ve got your horizontal lines,trend lines
vertical 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. The
colors of the charts fully customizable, right clicking going to properties and
changing all the different colors, background, different colors for the
candles and so forth, as you would expect. Now, once you’re happy with a particular
color scheme, you can save it as a template.
Going to Chart>Template>Save template, and call it whatever you wish. Just call
this demo, and once you are happy with the particular color scheme, so now you
can make other charts with the same look. You can also set up profiles so that
your screen configurations are saved for your next visit, and you do
that simply by going to Files>Profiles and Save As, and just name the profile to
whatever you want to call it. Now, there’s a whole raft of coded indicators that
you can attach to the chart, and you simply do that by going to Insert>indicators
and picking any particular indicator that you wish. You can delete an
indicator by right-clicking on it , Delete Indicator Window and it just takes them
off the screen. Now, as I mentioned in my brief introduction, there you can also
design your own Indicators and Exper Advisors and have someone code them up
for you. Now, if that was the case you place it , then put them into the File>Open
Data>MQL, and put them into Expert or Indicators depending on whether they are
an Expert Advisor which will trade automatically for you or show you
signals, or indeed just an indicator.
Going toView>Terminal pulls up or
your Trade History. You can check the history there. You can check the open
trades, you can do adjustment of your trades, as well just by pulling out the
trade and making the necessary adjustments. Going to Terminal again here
you can see marketplace this is where you can purchase all the different
indicators that are being coded up, trading strategies and so forth.
So you can see it’s quite an extensive easy-to-follow functionality that makes
the MT4 platform the most actively used Forex platform on the planet. For now, I
encourage you to explore its functionality in your own time. There’s
plenty of free online tutorials in there that will help you to explore the hidden
wonders. Now. let’s have a quick look at the Ctrader platform. Okay, so here is the
Ctrader platform first thing you’ll notice is the look and feel is very
different. You start off your journey by going to the left of the screen you will
see the Watchlist. Here’s where you can create your own Watchlists. If you’re
looking to see a particular currency pair, then you go to Finder, and and you can
scroll down and see all the different trading entities that your broker is
allowing you to trade. Then you have access to and you can create your own
Watchlist there, as well by clicking that +, naming your Watchlist and calling it
whatever you wish. And by clicking on a particular currency pair, will pull up a
new Market Order ticket. Here, you can put in the size of your trade hovering over
here 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 in
lot size. So for example, we know the lot size of a currency pair is 100 thousand
of 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 the
position, also, you’ll see the pip value the commission, margin required and so
forth. A lot of information there at your fingertips. You can also place your stop
and take profit targets on the order entry ticket as well, as you could do
with the MT4 platform-gives you different options here, where you can
risk a certain percentage of the account. You can actually set your profit targets
in terms of cash money or indeed on the number of pips. Take profit and stop-loss
gives you the estimated price, as well. You can toggle between views by clicking
this little icon here takes you to different pages and back to the home
page. In the usual wait, you can expand a particular price chart by clicking that
icon, 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 is
an improvement on the MT4platform. You can have time intervals at multiple
different settings. Anything from the one minute, two minutes, three minutes. You can
see here one hour, two hours, four hours, six hours, eight hours, and so forth. Whereas
MT4 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, that
would adjust the price chart accordingly. This is the key little feature. Underneath
the Price, you’ll see this Sentiment Indicator. This shows you that with all
the clients at this particular broker, 80% of them, by hovering over, expect this
currency pair to rise so 80% are long on this currency pair. They use this little
tool. This is unique to the individual broker’s client positions. And
as usual, you can change the color of the charts by clicking that little icon
there. Fully customizable, down the right-hand side of the screen here, you
can put in your trend lines, horizontal lines in the same way. You can use your
Fibonacci extension retracement levels, retracement levels. Now, another key
feature that I like about the Ctrader platform is that you can detach a chart
and move it to anywhere you like. So if you’ve got multiple screens or you’re
limited for screens, you can literally attach as many of these charts as you
wish. Now, often with mt4, you may need multiple versions of mt4 in order to
look at different profiles at any one time, but by detaching a chart you can
literally move it to anywhere you like on your trading platform.
Now, another really cool feature that I think the Ctreader platform has over the
MT4 platform is the advanced order protection. So, if you toggle between
Looks and go to this particular look where you can see the open positions, the
order, and so forth; price alerts, you look at this little Shield icon beside an
open trade, click on that and it allows you to pull up this advanced order
protection ticket. Here will allow you to exit that particular trade in multiple
exits, perfect targets and so forth. So, this
position is one lot or a hundred thousand wish to exit half the trade at
10 pip-profi. You might want to exit another twenty thousand or point two of
a lot at 20 pips and so forth, until you get to the Complete Order. Apply that and
that will exit the trade at these varying profit target. Really cool
feature! You can also move stop-loss to break-even should you wish to. Just a really
cool ticket, real cool bit of functionality there that Ctrader
platform has. Now, another cool feature that a lot of people find useful with
the Ctrader platform is the depth of market. Basically, showing you where
orders are surrounding the current market price. So, if you go back to the
Watchlist, look on a particular currency pair>right click>and then Information.
You’ll put up this ticket, it shows you much more information about that
particular 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 and
offer. A lot of traders like to look at that as well. Lots of information there
at 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 of
course, you can put in your Cbot. Now, Cbots basically are pre-coded
indicators and tools that you can use to assist in your trading. So these are the
standard ones, but of course then you can go to the Network, where coders have
coded 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 the
Metatrader4 platform, there’s a whole bunch of functionality here that I’m not
able to cover in a quick short introduction video like this. So I
encourage you to spend some time in exploring it to see if it fits into
your needs. There’s also a whole bunch of training videos out there, available, to
help you in your exploration. Trying some of these hidden wonders that the
Ctrader platform offers. Okay, so I hope you found that useful. I’ll end up by giving you
here my two pennies worth. The trading platform that you choose to use is
really not that important if you have what it takes to be a trade. The trading
platform 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’ve
got some degree of success, some degree of consistency in trading, and then
perhaps look to explore the different platforms out there and see if one is
more suited to your needs than the other. As always if you like my video, give me a
thumbs up. If you didn’t, give me a thumbs down. Don’t forget to leave a comment, and
of course, as I said earlier don’t forget to subscribe to the channel using that
“Bell” notification. You can follow us on Instagram and Facebook and if you’re
following on Facebook I’ll see you Monday 2 PM London time for our free live
stream. ‘Till then. Happy trading and good luck!

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