How to Use the Quick Trade Mode
Hello, Traders. Welcome to the cTrader tutorial and the third module: Trading. In this lesson, we are going to learn how to use the Quick Trade mode on the cTrader platform. Right now I have disabled the Quick Trade mode and the way you can tell if the Quick Trade mode is disabled or not is to go to either the Chart Trader or the Control Center and hover your mouse over the buy or sell button. As you can see, if I hover my mouse over the buy button under Euro-US dollar, a red cross will appear. This means that the Quick Trade mode is disabled and if I want to put on a market buy order on the Euro-US dollar, when I click on the buy button, another window will appear. The Quick Trade mode was developed for traders that need to react quickly to the market and don’t have the time to fill these order creation windows.
The way to activate the Quick Trade mode is to go to this icon at the top of your screen and click on it. It’s the hand with the wheel on it. If you click on it, the Quick Trade mode window will…
. And right here you can see that you have two options. You have a single click option which means that when you click the buy or sell button, the order will immediately be sent and filled at the best bid or ask price. And a double click Quick Trade mode, will send an order by double clicking on the buy or sell button. Basically, it’s the same but sometimes you can misclick in your platform, so the double click Quick Trade mode has a save built in it.
We are going to choose a single click Quick Trade mode and then we are going to go to the execution settings. First of all, we are going to choose a stop-loss, and right here we are going to choose an eight pip stop-loss. And we are going to choose a 15 pip take-profit. This is up to you, but some traders choose to create quick orders with already stated stop-loss and take-profit because they need to react very fast to market moves. And the last options right here is the market range and if you choose to click on the market range and choose to have a market range of five pips, this means that your order will be filled to a maximum of five pips above or below your order level, which means that you can have some slippage.
I don’t like it so I don’t click on the market range, but I do have a stop-loss fixed on that fixed take-profit on the order. So I’m going to click Okay, and I am going to go short right here on the US dollar, Japanese yen. You can click right here on the chart button or on the left side panel button. And of course, you need to choose your volume first on either of both cases. So we’re going to go short and as you can see, my order was filled immediately and I already have a stop-loss fixed and a take-profit level.
The thing that I like about this is that because I already have my fixed stop-loss, if I have a crazy move to the upside, I’m going to be taken out on an eight pip loss. And of course, once you get filled, you can modify your stop-loss to the actual level that will validate your trade idea. And of course, you can also modify your take-profit to the right level afterwards. And again, if you want to close your position, you just click on the arrow on the position line and your position will be closed. But, basically, this is how you use the Quick Trade mode and how you enable it and disable it.