Yes sure then I will try ActTrader and cTrader too. Hope so I won’t get confused.
I mostly use it for testing automated trading strategies and you don’t even need a detailed knowledge of programming to get started with it. Even storing trading tools for EAs is great.
I’ve been hearing so much about acttrader’s customizing options, surely seems like a good contender.
I am okay with both MT4 or 5 and when I have to stick to a particular forex strategy, I stick with MT4. for other stuff I go with MT5.
Yeah, I would pick MT4 any day without hesitation.
I do not know about the ActTrader but what I understand is OCO means One cancels the other Order. If one order executes, then the other order is automatically canceled. You can take an example of stop order with a limit order.
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Why don’t you try them out and see for yourself? They’re all popular platforms so don’t worry about it.
I think its “One covers other”.
Yes, it is the right approach and whenever I’m working on a strategy, I try to backtest it as much as possible, be it on MT4 or 5. I use it on turnkeyforex because of the analytical charts and the interface here. Even though I started with avatrade and worked on mt4 back then, but now that I’m planning to diversify into commodities, crypto and indices, I find the trading cost of turnkey forex better for me.
And what would that mean?
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I second this approach and you won’t know until you try these platforms out.
Me too! Who wants to experiment anyway. MT4 is not at all complex and gets the work done for me. I wouldn’t settle for anything else.
started with mt4 and stuck to it, it offers everything I need
I am using Meta trader 5 and Act Trader on Turnkey forex and before that also I was using meta trader 4 on IC market. If you are new to trading, then I will suggest you to start with Meta Trader 4 and later you can switch to Act Trader. Act Trader definitely has much more functionalities than Meta Trader but it takes some time to get used to the new platform. I personally feel that order execution is also faster on Act Trader.
You can try acttrader if you like, it does have some perks like:
Smart interface
Hassle-free order execution
Visual appeal
Good navigation
Customized Charts
Multiple indicators
Yeah it is almost as ‘user-friendly’ as any of those metatraders. From the main interface to the order execution, I find it quite convenient to use.
I have Forex experience but only used ThinkorSwim. I stopped trading Forex years ago, it was profitable, but not enough to do it as a job and needed to devote time to other things. Because of the recent “Crypto Craze” I started looking into MT4/5 but there are no signals really for crypto. So I decided to go ahead and manually trade. If you are in the USA, unless you go offshore, you can’t get leverage on crypto (nor can you short sell.) So I signed up with TurnkeyForex because I can trade 0.1 lots (Coinexx is 1.0 lots), and I you don’t have to use a VPS to execute trailing stops if you use ACT-Trader on TurnkeyForex.
The only problem I’ve run into is on TurnkeyForex, I can’t find the function shown in the ACT-Trader documentation to put in Trailing Entry Orders. For those that aren’t familiar, it’s an order that only executes once a price (if you are buying) comes back up through a trailing setting. This prevents you from getting burned from filling an order when the pair is in the middle of a volatile fast downard price trend. It waits for the price to reverse and come back up through the trailing setting (theoretically indicating the strong short-term sell-off has stopped or at least slowed.)
The documentation on it is here: Trailing Entry orders
But on TurnkeyForex, there’s no trailing setting on the Entry Orders. It’s nowhere to be found?
It’s not a deal-breaker as I can still just manually time by limit orders to not be in a volatile period when the price is around a resistance level but I’d sure love to have the option to use the feature. Cryptohopper offers it but for US clients, it can’t connect to a brokerage with leverage.
One covers other is a type of order where a Stop loss limit is defined by the trader and if that limit is reached then a new order will be placed to hedge the loss for the current position. For example if one places a Buy order at 1.20010 and set the OCO at 1.20000 then a sell order will be placed when the price reaches 1.20000 and both the orders will remain active.
General consensus does seem to be with mt4.
Or maybe the broker you’re using is responsible for faster execution, or is it the platform ?