Allpips: Online Forex Trading & Forex Platform
The Allpips web terminal is an innovative solution designed to make the process of trading on the financial markets as easier as possible. Currently, this program is considered one of the most modern, with a user-friendly interface, improved reliability, and quick retrieval of the necessary information.
The platform attracts traders with its advanced technical analysis capabilities, built-in indicators, and charting tools. Price movements can be analyzed on nine time frames, including M1, M15, H1, etc.
The platform has built-in indicators, intended to graphically display the calculated dependencies.
Allpips, with its simple design and excellent user interface, is perfect for beginner traders. A demo account contains the full range of functions, so you can trade without risking your real money. With the Allpips platform, you can learn the basics of Forex trading.
Incomparable watchlists, various windows, and an innumerable amount of viewing methods – all are tailored to provide as comfortable trading conditions as can be. With its help traders have an opportunity to place orders and monitor open positions, without any need to download the trading terminal to the computer or smartphone. One-click trading also will be beneficial for everyone looking for convenience and effectiveness.
Allpips contains all the functions needed for successful trading without overwhelming users with too much information and tools nobody uses. Check it out!
How to Use Allpips: Allpips Trading Platform
In the world of trading, there is one essential nuance that affects profit. A quality approach to learning trading, personal qualities, self-discipline, practice - all matter, and yet it is worth adding to the list the choice of a trading platform. If it is done correctly, a comfortable and understandable program will be a good assistant to a trader. After all, its potential, speed of order execution, profit depend on the capabilities of the trading platform.
Based on the charts broadcasted by the trading platform, a trader makes a decision about the position. Success in trading depends on the quality of the information provided by the trading platform, because the terminal shows not only what is happening in the market now, but also allows studying the development of the situation in the past.
Forex trading platforms are evolving along with the market. The volume of trading grows every day, and the emergence of new possibilities and instruments is a natural response to the requirements of the dynamically developing market. Practically anyone can try himself as a trader today and choose the most suitable trading scheme. If your goal is to learn the intricacies of trading and gain a solid trading background, you most likely cannot do without the Allpips platform.
In this article, we will get acquainted with the Allpips trading platform, learn how to use the terminal, including the login procedure, order placement, as well as different tools available for the technical and graphical analysis.
Allpips Guide for Investors
First off, we need to say that a trading platform is a software that provides interactive access to the market and makes it possible to trade online. No doubt, it takes some time to understand how to open short and long positions on the financial market through a particular platform. Each new terminal has its interface and may have significant differences, which complicates the work with charts. It is necessary to be patient, and after some practice with a new program, it will seem easy and understandable.
In case we talk about professional traders, investors, we are sure that they are serious about the trading software they use. Consequently, there must be a list of requirements for the trading platform. Let us have a look at some of them:
Functionality. It means quantitative characteristics, i.e. how many analytical tools (charts, technical indicators, time frames, etc.) are displayed by the platform. Whether it is possible to open simultaneously several windows with the quotes, what kinds of orders are there, etc.
Performance (program speed). The delay of the graphic display of quotes affects the quality and quantity of performed trades, therefore it is necessary to choose that trading platform, which does not slow down or such bugs happen very rarely (especially it concerns the day traders).
Security. Confidentiality is a valuable parameter in all areas that involve money. A trading platform, as well as the brokerage company, should cause a trader's confidence in the safety of placed orders.
User-friendly interface. The easier and clearer, the better - this is the principle you can rely on when choosing a trading platform. It also includes the possibility of individual customization, so that it would be convenient for an investor to trade on the financial markets.
Mobility. When a trading platform requires buying a tablet or smartphone, it is the wrong direction to choose a trading terminal.
The Allpips trading platform supports several types of order execution. These are instant execution, market, four pending, two stop orders, and the function "trailing stop" The fast trading function makes it possible to send orders directly from the chart. Built-in tick chart function provides a precise method for determining entry and exit points. With the extensive functionality of the Allpips trading platform, you can implement all kinds of trading strategies. The terminal also provides extensive analytical capabilities. Each symbol can be displayed in 9 time frames, allowing traders to see price dynamics in detail. There are built-in technical indicators and graphical objects available for analyzing price dynamics. By combining these tools, we identify trends, entry and exit points, and with the extensive analytical capabilities of the Allpips trading platform, we can thoroughly analyze market movements.
Considering the aforementioned, we can be sure that the Allpips trading platform meets all the needs of traders, both seasoned and beginners.
Allpips Guide for Beginners
As we have mentioned above, the Allpips trading platform is the perfect solution for those just trying their feet in trading due to its impressive simplicity. The main idea of the developers was to create a trading platform that is not overfilled with excessive information but is 100% productive. As we can see, they managed to do that, and indeed, the platform is moderately informative and extremely easy to use.
Allpips trading platform is a web terminal that eliminates the necessity to download any programs, look for compatible devices, and other associated issues. Now you can access the world of trading from any device, with any browser, just make sure to have an Internet connection. Simple a that.
Even though the platform is super easy and intuitive to work with, absolute beginners are still recommended to start with the demo account first. Open the demo account here and learn the beauty of online trading in a risk-free environment.
Login to Account
First, before we proceed to the functions and interface of the platform, we need to log in to the trading account. To do that, click on the logo of the broker https://allpips.com/ (in our case, it`s AdroFx) and enter your login and password. Now click on Login and there you are, that is how the platform looks like:
Switching between Accounts
One of the most helpful features of the Allpips trading platform is the ease of switching between accounts. As we know, some traders prefer diversifying the risks by having several accounts for different assets - one account for stocks, another one for currencies, the third one for indices, and so on. That is why it is so important to be able to switch accounts smoothly and quickly. To do so, click on the account number on the right side of the platform and select the account needed from the drop-down list.
The toolbar here is similar to other terminals. Still, let us go through the options to make sure we are on the same page.
- First off, there is the Symbols tab. Here we can choose the asset we are going to trade;
- The next one is the time frame (there are nine default time frames);
- The third one is a chart type: it can be either bar, line, or a candlestick one;
- The following options are Zoom in and out;
- The next one is the Add indicator which is really handy for most of the traders. Indeed, most strategies are based on trend trading, so it is important to determine the direction of price movement. Indicators were created to make market analysis easier. They are special programs, which analyze a lot of data, process them, and give the result.
But it is not necessary to trust indicators thoughtlessly, a trader should analyze the market by himself, and the programs should be used as additional assistants.
Indicators are built into the terminal, they only need to be dragged on the chart and set the parameters for work. Experts often use MACD, a means of technical analysis of the market based on the evaluation of price movements by analyzing the smoothed difference of the convergence/divergence of two moving averages.
Traders use moving averages to determine the direction of the trend. Volume indicators, oscillators, and other indicators are popular.
- Now goes Add drawing which enables traders to add a line, rectangle, vertical or horizontal line on the chart;
- Edit objects option is meant to delete from the chart added elements (indicator, drawing, grid, etc.):
- Edit chart settings is the customization of the chart - changing the color of foreground, font size, etc);
- Compare with other instrument feature is a perfect tool to track the correlation between different assets;
- The last option is Add ruler, which lets you measure time difference, percentage change in price, number of bars and distance in points.
In general, there are four main windows in the Allpips trading terminal:
- Market Watch. It is located on the left side of the platform and shows the list of all the instruments available for trading, including the bid and ask prices. You can hide at any time by clicking the corresponding button on the left side of the Market Watch.
- Chart window.
- User profile. It can be found on the right side of the platform and it shows the account information: balance, account currency, equity, margin, free margin, and margin level. It also can be hidden so there is nothing but the chart window.
- Trade window. Here we can see the open positions, close or modify them. Also, there are Trade history and D/W (deposits and withdrawals) tabs.
To trade profitably on the currency market, you need to be able to work with the price charts of currency pairs.
As it was mentioned before, Allpips has three types of charts:
A line chart is a graph of points connected by a line, each reflecting a closing price. You can work with such charts only on small time frames.
A bar chart is suitable for M5 time frames and higher. A bar is a vertical line with the upper boundary representing the maximum price of the asset and the lower boundary representing the minimum price of the asset.
If you look at the bar, there is a small line to the left of it, which is the opening price. To the right of the column is another line showing the closing price.
Most traders use a candlestick chart. It is made in the same way as the bar chart, but it is more obvious. The candlestick has a rectangular shape, with its upper boundary passing at the maximum price and the lower boundary at the minimum price.
Depending on the coloring, it is possible to understand where the quotes go. If the closing price is higher than the opening price, the candlestick is bullish. The value of the asset is rising. If the closing price is lower than the opening price, the quotes go down, and the candle is called a bearish candle.
In the Allpips trading platform, the chart window looks like that:
Right-clicking on the chart calls the pop-up window with the most popular features of the platform. Also, the order can be open right from the chart, just edit the volume and click on the Sell or Buy.
The time frame is the period of time reflected on the chart. Most strategies used intraday are designed for M30 (30 minutes) and H1 (1 hour) intervals.
All time frames can be divided into the following types:
Long-term. These are D1 (1 day), W1 (1 week), MN (1 month). They are rarely used in work, but such charts are studied to understand which way the trend is going.
Term charts. These are M30, H1, H4. Traders who trade within the day use them.
Short-term: M15, M5, M1. They are used by scalpers who make a lot of small positions during the day to gain profit quickly. Such time frames are suitable for experienced traders who quickly analyze the market situation and can make instant decisions.
It is possible to make a profit trading on any time frame, but it is necessary to choose the most suitable one for every strategy. For example, M1-M30 is used for intraday trading. The work is highly intensive and a lot of trades are open. It requires concentration from the trader, and not every person can work in such a mode.
In medium-term trading trades are open for a few hours, less often they are open for 1-2 days. Trading is done at a medium pace, so there is no need to sit at the monitor all the time. Specialists work not only with major currency pairs but also with cross-assets.
Long-term trading is more about investing than trading. After opening a trade, the trader places a Stop-Loss limiting the loss, and then monitors the market 1 to 2 times a day.
To open a position in the Allpips trading platform, click the green button New Order on the top center of the terminal.
In this window, select the symbol of the financial instrument and specify the volume of the position. You can immediately set a Stop-Loss price and a Take-Profit price to close the profit. In the field "Order Type" by default there is a market execution, and two buttons - "Sell" and "Buy" are active.
The press of the red button (Sell) opens the position for sale of the financial instrument at the price specified in it, the press of the green button (Buy) in the same way opens the position for purchase.
There are two main ways to open a position in financial markets: instant execution at an available price and pending orders (we will talk about that a bit later), which are executed when the market reaches the level you choose.
If you want to modify the open position, go to the Trade tab and right-click on the order you want to edit. In the appeared list select Modify:
Once you have changed the Stop-Loss and Take-Profit levels, click on Modify.
The algorithm of closing orders in Allpips is similar to the previous one - right-click on the order needed and click on Close order #.
There are four types of pending orders in the Allpips trading platform:
Buy Limit allows traders to set a lower price than the current value of an asset. It should be done under the assumption that the price will fall to a certain level and then rise. Suppose the price of the asset is $20 - you can set an order at $18. A buy trade will open if the price reaches $18. Even if the price continues to fall, the trade will still be open.
Buy Stop: allows you to place a buy order above the current market price. If you think the price will continue to rise, the stop order will be executed when the asset reaches the higher price predetermined.
Sell Limit: let's say the price is $18. You think it will rise to $20 and then fall. You can set a Sell Limit of $20. A Sell trade will be opened at $20.
Sell Stop: if an asset has fallen and you expect it to continue falling, you can place a Sell Stop at a lower price. For instance, you could set it at $18 if the current price is $20 and it is about to fall to the level you set and then keep on falling. Perhaps the price needs to overcome strong support to start falling. In that case, a Sell Stop will help you.
To set the pending orders you need to select in the field "Order Type" the item "Pending Order", specify the opening price and, if necessary, the expiration date (order cancellation), after which the buttons of available orders will appear (either Buy Limit, Buy Stop, Sell Limit, or Sell Stop. The pending order will be formed and will become active after the price of the instrument reaches the price specified in it.
Account history provides detailed information on all placed orders, including date and time, type, size, instrument, order open price, Take-Profit, and Stop-Loss levels, close price, swaps, and profit.
The Allpips trading platform from the client's perspective is a well-balanced terminal, which, if well-motivated, is easy to understand. In terms of security, the platform meets all modern requirements. It is perfect for traders with any level of experience. Beginners will appreciate the handy elements for those with little experience. As for advanced traders, they can take advantage of sophisticated analytics and charting tools.
We hope this Allpips tutorial review was helpful for you, let us know if you want to learn more. Good luck!