A professional trader needs to be attentive, alert, have a strategy and knowledge, all of which are crucial to them being able to make lucrative trades. That said it is just as essential to be a pro when it comes to understanding and leveraging all the features of a platform. Just about any trader will tell you that knowing how to make the most out of the tools at your disposal has a mega impact on the outcome and allows more control. That’s why we’ll examine just how well you know the platform with our quick checklist below.
Here are a couple of features we are pretty sure you might have missed.
1. Use balance
Now, this feature enables you to keep a position open. So, you can keep the deal open even after it has gone beyond the otherwise autoclose level. The feature is of particular importance for a trader who might have run out of money for the deal but believes that the price may soon be reversed and their trade will be in the green. Enabling this option allows them to hold on to the trade. The deal is maintained by using up funds from the balance if it happens to go in the opposite direction. If the price as expected by the trader goes in the right direction, the funds which are deducted from the balance are returned.
2. Trailing stop
Using this feature, traders are able to secure a given amount in profit and absorb a certain amount of loss once a trade is in the green. Once a Stop Loss level is set it then follows that price of the asset if it goes in the direction you want it. However, if the price goes in the opposite direction of what is predicted it will not move. For instance if you are a forex trader who just purchased the EUR/USD currency pair and predict that the price will rise and you set a Trailing Stop Loss of just 50%. So, if the currency pair price rises so will the Stop Loss Level, in the desired direction.
3. Purchase At
Using these feature traders can execute a trade but with conditions that are favorable to them as a pending order. The feature can be used by setting the investment amount, the Stop Loss, Take Profit levels and the multiplier. After all of these are set, then just set the price of the asset for which you want to open a position and then decide the position you are opening. You can choose a short or a long position and click on either the Sell or the Buy button as required.
Once you have followed these steps a confirmation will be shown that your order is now created. Once the asset reaches the level you predicted, that will trigger the order, and a deal is automatically opened.
4. Market analysis
Staying on top of the latest market trends does not require that you leave your desk or even the trade room. You can practically become an analysis professional by finding information about the very best assets, glance at updated forex and crypto calendars while using all of that information to forecast a winning trade. No longer do you need to open multiple tabs as now you have all the required information at your disposal allowing you to open a trade and choose an asset within seconds with the click of your mouse. So, now you have everything needed in one place with indicators and fundamental analysis all tied up into one package.
You are more than welcome to take these features for a spin. We are pretty sure they will become a valuable addition to your trading arsenal.
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