Added a new trading platform.
I have been trading using the Avatrade software – which is a Metatrader based platform – for many years. I have had no problems, the spreads are ok and execution is quick. However, in my research I came across CMC Markets. They have a proprietary platform which is very different that MT. Very.
I have been looking for a more comprehensive platform which might include some analysis software to avoid adding scripts to MT. I signed up and got approved (yes, they screen you) January 8. I added some funds, and got to work. It took me a few days to learn most of the features, and I find new cool features all the time.
I will do a complete review later, but what impressed me the most is their Pattern Recognition feature. This is very cool. For every time period you specify they do pattern analysis and provide a list of top potential trades. As a separate feature they have a breakout chart that will list possible breakouts coming up. I have traded pretty well exclusively this feature and the results are very good. Of course, you don’t blindly trade these “signals” but with a little chart knowledge and definitely a solid and conservative money management strategy this is just well on the great side. More later.
Oh, one more super great thing about CMC – they allow trailing stops. MT does not unless you get or write a script.
I use trailing stops all the time. Saves my butt should the price almost hit my limit but then retract. One trade I had I set a high limit (optimistic) but it retracted and I still was well in the money on the trade.