Chart Trading on cTrader Platform
Hello, Traders! Welcome to the cTrader tutorial and the third module, Trading. In this lesson, we are going to talk about chart trading, and we’re going to learn how to trade from the chart with this platform.
So we’re going to go to the FX proxy trader. And we are going to be looking at the Euro/U.S. Dollar 50-minute chart. The first thing you need to do is make sure that on this icon, at the top of the chart, you have clicked Positions and Orders. If you don’t have the position and orders, click on this drop-down menu, you’re not going to be able to see the positions or the orders on your charts.
Now, we are not going to be using the left side panel, but we are going to be using the charts to trade. You can see right here if you hover your mouse over the top icon menu, you have a sell button, a buy button, and you have a quantity. You can change the quantity by clicking on this arrow and choosing on the drop-down menu, how much lots do you want to trade. We are going to be trading one lot for this example.
Now, if you hover your mouse, and buy this currency pair at this level, your order is going to be filled. Now, as you can see, you have a blue line right here, at the price level where your order was filled. If you hover your mouse over this line, you can see that you have the number of pips that you have gained or lost, and the amount of pounds that you are up or down at the position. For the moment, we are down £1.33, and we are down 0.2 pips.
Now, if you move your mouse, this information is going to go away. But if you click on the position line, the information will never go away.
Now, the next step or the next thing you need to know about chart trading is how to move your stop-loss and your take profit. And with the cTrader it’s very easy. You can see that right here on the position line, you have a stop-loss or SL and take-profit or TP. If you want to pull your stop-loss below this low, you just click on stop-loss, and then drag it until the desired level. You can see now that the position has been modified, and the stop-loss has been modified also.
One of the great features about the chart trading on the cTrader platform is that you can know how many pips you are risking and how many pounds you are risking with your position, just by moving the stop-loss up and down. So in this position, we are risking £200 and 31 pips. And if you want to move your take-profit level, you can do so by just clicking on TP and moving it up. And let’s say that we want to take-profit at these lows, this would mean that we are looking at a 105 pip rally on the Euro/U.S. Dollar and that we will be making £700 out of the trade, which means that you can easily calculate the risk versus the reward on each trade that you made.
If you want to hide this, just click on the position, align and it will hide all the information, and you will only see the levels, or you will only see the information if you hover your mouse over them. Now, if you want to close this position from your chart, just click on the position line, and well, you have to hover on the position line, and you can see that at the end, you have the X icon. And if you click on the X icon, that will close the position immediately.
And that is basically how you’re going to be sending market orders, and modifying and managing your market orders from the chart.