This is my personal observation of the ctrader desktop 4.8.30 product and drawing attention to
the default symbol entry stop loss checkbox isn't on by default, rather defaults set to "off" so new traders
may very well trade with no stops or forget to tick stop loss on each and every time?
Additional observations are ordered by highest to lowest concern and open to hearing your views if you believe
otherwise?
1. By default ctrader is designed to have stop loss turned "off" and even if your last trade had stop on, when you restrart
the software or the servers disconnect reboots randomly/on news rebooting, my experiences have been any new stop loss set on gets removed, hence new new trades you place won't have stop loss checked (not existing trades)
2. Spreads costs are hidden and only shown for a fraction of a second (given real or engineered volality) so there is no way to see
historical daily/weekly/monthly spread losses costs and how much your paying/loosing on each or all of your trades unless you calculate each trade spread cost manually???
note: in my opinion brokers that take the other side of your trade (trading against you) shouldn't exploit spread charges given brokers offer "on demand liquidity" and forex transacts nearly 7 trillion dollars a day?
3. Buyers/Sellers visual percentage bar "seems" misleading to me as whatever timeframe your trading the visual indicator "maybe" showing overall buyers/sellers of only "that brokers" clients and is of no value if they're showing you all their clients positions and your trading a 5 minute chart as an example, nor does it show the overall/whole forex buyers/sellers market given there is no central server for all brokers like other instruments eg" indexes s&p500 gold oil stocks etc etc
4. Smart Stop Out seems mis-leading to me as if your ever in the worst position of a 50% "smart" "stop out" your trade is
never stopped out, should you have multiple or one entry your largest position will continue to be liquidated till your overall position is below the 50% so your trade is never "stopped out" till your account is empty!
needless to say this is a really bad situation to be in but the platform/broker will continue to liquidate your account till the account is blown up/drained empty as the smart stop out is based on margin/account balance and your position are never "Stopped Out" not giving you a chance to reflect on your loss?
This may seem a moot point but theres common behaviour patterns new trader all follow and trading platforms, brokers truly understand this given they use high level behavioural physiologists to create platforms, give away their software for free, offer free education to condition traders how to all trade the same way, use IB brokers to market you into opening accounts with specific brokers and allow you to open accounts with little money and high margin all setting you up for failure.
Its common knowledge and there's industry stats to support around 90% of traders loose all their money in 90 days or less and continue to repeat the cycle till they suffer heavy losses and give up (check out US brokers declarations (form 10) of profits made month of month year after year)
In summary hope this helps new traders to avoid these mistakes and changes the ctrader platform and have brokers provide default best practices setup and offer a transparent cost of trading
However don't think ctrader could ever compete with platforms like Tradingview being a solid platform and being more community based which has far more sophisticated trading tools and transparent scripts
the default symbol entry stop loss checkbox isn't on by default, rather defaults set to "off" so new traders
may very well trade with no stops or forget to tick stop loss on each and every time?
Additional observations are ordered by highest to lowest concern and open to hearing your views if you believe
otherwise?
1. By default ctrader is designed to have stop loss turned "off" and even if your last trade had stop on, when you restrart
the software or the servers disconnect reboots randomly/on news rebooting, my experiences have been any new stop loss set on gets removed, hence new new trades you place won't have stop loss checked (not existing trades)
2. Spreads costs are hidden and only shown for a fraction of a second (given real or engineered volality) so there is no way to see
historical daily/weekly/monthly spread losses costs and how much your paying/loosing on each or all of your trades unless you calculate each trade spread cost manually???
note: in my opinion brokers that take the other side of your trade (trading against you) shouldn't exploit spread charges given brokers offer "on demand liquidity" and forex transacts nearly 7 trillion dollars a day?
3. Buyers/Sellers visual percentage bar "seems" misleading to me as whatever timeframe your trading the visual indicator "maybe" showing overall buyers/sellers of only "that brokers" clients and is of no value if they're showing you all their clients positions and your trading a 5 minute chart as an example, nor does it show the overall/whole forex buyers/sellers market given there is no central server for all brokers like other instruments eg" indexes s&p500 gold oil stocks etc etc
4. Smart Stop Out seems mis-leading to me as if your ever in the worst position of a 50% "smart" "stop out" your trade is
never stopped out, should you have multiple or one entry your largest position will continue to be liquidated till your overall position is below the 50% so your trade is never "stopped out" till your account is empty!
needless to say this is a really bad situation to be in but the platform/broker will continue to liquidate your account till the account is blown up/drained empty as the smart stop out is based on margin/account balance and your position are never "Stopped Out" not giving you a chance to reflect on your loss?
This may seem a moot point but theres common behaviour patterns new trader all follow and trading platforms, brokers truly understand this given they use high level behavioural physiologists to create platforms, give away their software for free, offer free education to condition traders how to all trade the same way, use IB brokers to market you into opening accounts with specific brokers and allow you to open accounts with little money and high margin all setting you up for failure.
Its common knowledge and there's industry stats to support around 90% of traders loose all their money in 90 days or less and continue to repeat the cycle till they suffer heavy losses and give up (check out US brokers declarations (form 10) of profits made month of month year after year)
In summary hope this helps new traders to avoid these mistakes and changes the ctrader platform and have brokers provide default best practices setup and offer a transparent cost of trading
However don't think ctrader could ever compete with platforms like Tradingview being a solid platform and being more community based which has far more sophisticated trading tools and transparent scripts