How to Trade With the StereoTrader Extension For MetaTrader
Being a successful trader is predicated on three key foundations; a solid risk and money management plan, mastering your trading psychology and the implementation of a profitable trading strategy. Those who successfully achieve these three necessities have a chance of surviving in the world of trading for the long term.
However, to these three foundations we could add a fourth – a trader must have the right trading platform to suit their needs. This is where StereoTrader comes in – a software extension to the popular MetaTrader 4 and MetaTrader 5 trading platforms. This extension is available to customers of Admirals (formerly Admiral Markets) and will take your trading experience to the next level!
What Is StereoTrader?
StereoTrader is an extension and advanced trading interface for the MetaTrader trading platforms, provided by Admirals. The extension has been developed by traders, for traders.
StereoTrader is an extremely comprehensive add-on, based on Expert Advisor technology, which makes installation in the MetaTrader trading platforms quick and uncomplicated.
The main goal of StereoTrader is to make day trading easier and dramatically more efficient for manual traders. The technology utilised and the available features allow for even faster day trading and scalping.
StereoTrader provides its users with a pleasant change in the entire layout of the platform when compared with using the classic MetaTrader trading platforms. Traders are provided with more information and a considerably larger choice of trading tools.
Depicted: Admirals MetaTrader 5 With StereoTrader Extension – GBPUSD H1 Chart. Date Range: 22 June 2021 – 28 June 2021. Date Captured: 28 June 2021. Past performance is not a reliable indicator of future results.
MetaTrader or StereoTrader?
StereoTrader can only be used in conjunction with MetaTrader 4 or 5.
Whilst MetaTrader is probably the most well-known and perhaps even the most popular trading platform among traders around the world, active day traders are often faced with a dilemma.
Some functions or order types that are helpful for traders are not available as standard in MetaTrader and the handling and layout of the platform is very simple. Whilst this simplicity is no doubt a benefit for less experienced traders, it can be a drawback for those who have more trading expertise. Experienced scalpers and day traders may feel like they are missing out on advanced trading features and order types.
The MetaTrader Supreme Edition (MTSE) add-on, designed by Admirals in conjunction with expert traders, already considerably expands the functions of the standard MetaTrader trading platforms, with tools such as the “Mini-Terminal”. If you are interested in learning more about the MTSE add-on, click the banner below!
However, StereoTrader goes a few steps further than MTSE!
Functionalities which are sought in vain within the MetaTrader trading platforms, such as partial sales, are available and straightforward to use in StereoTrader.
StereoTrader turns MetaTrader, which was originally designed for automated, algorithmic trading, into a state of the art, no holds barred, trading station for manual professional traders.
Let’s take a look at the top five features of the StereoTrader extension.
Top Five Features of StereoTrader
1. The Limit Pullback Order
The first feature we will look at, which is without a doubt one of the best, is the limit pullback order – a feature which will appeal mostly to scalpers and news traders.
Picture the following scenario: you have formulated a clear trading setup and placed both a stop loss and take profit (limit order).
If your order is executed and there is subsequently a rapid market movement in your favour - due to breaking news, for example – it can happen that your position “shoots through” your take profit and is executed at the predetermined level. However – sometimes, annoyingly - the price may keep moving significantly beyond the take profit in the direction of your, now closed, trade.
The limit pullback order can help avoid this undesirable scenario. The order is executed only after the price has finished moving and pulled back a certain amount (for example, 3 pips).
Depicted: Admirals MetaTrader 5 With StereoTrader Add-on – Limit Pullback
Therefore, a price moving with high momentum can lead you to realising higher profit - or, in the case of an entry - entering the position at a cheaper price.
This is a unique feature and is already a reason why many scalpers and day traders are choosing to use StereoTrader in conjunction with their MetaTrader trading platforms!
2. Real One-Click Speed Trading
StereoTrader is a scalper’s dream!
Orders can be placed with just a single click and StereoTrader automatically recognises whether it is a limit or a stop order.
Furthermore, StereoTrader boasts more than 30 different one-click speed trading commands. Thus, scalpers become human trading machines and are able to place orders with high efficiency at lightning speed!
Scalping is all about taking advantage of small price movements, often seeking only a few pips of profit, but doing this multiple times throughout the day. As well as lightning-fast reactions, scalpers need reliable tools such as StereoTrader to be successful at what they do.
3. Trading on the Basis of Historical Data
StereoTrader allows you to trade based on historical data and price trends. Backtesting is an excellent way of testing out new trading strategies and gauging how they would have performed historically. Not only that you can analyse and relive your trades in detail afterwards.
It is also possible to test all the functionalities of StereoTrader - even when the markets are closed at the weekend, without having to wait for real prices - and thus perfect your strategies whenever it suits you.
4. Isolated Strategies
With StereoTrader, traders have the ability to run several trading strategies on one trading instrument on one trading account simultaneously in several different charts. It is, therefore, not necessary to have several different accounts.
This is also good news for algorithmic traders, who also occasionally trade manually in addition to their automated trading. StereoTrader offers the possibility of doing both in parallel - even if it is using the same trading instrument - without your two trading methods interfering with one another.
5. Fully Customisable to Your Needs
The layout function provides you with a total of twenty different layouts for your charts and nine different layouts for the control panel.
Of course, the intensity of the colours or even the font size can be adjusted according to your wishes.
StereoTrader - The Scalper Terminal
We have already mentioned that the One-Click-Speed Trading function makes StereoTrader probably the most sophisticated and appropriate trading tool available for scalpers. In addition to the more than 30 different One-Click-Speed Trading commands, StereoTrader recently came with a specially developed "Scalper Terminal".
This is a new scalping trading control centre which is automatically activated in StereoTrader by folding in the trade and statistics panel.
Depicted: Admirals MetaTrader 5 With StereoTrader Extension – Scalper Terminal
How Can I Get StereoTrader?
StereoTrader can be used with any broker that offers MetaTrader. However, usually, the client must purchase the licence, which is currently priced at 29.90 euros per month. Fortunately, there is a way for active traders to use StereoTrader without paying a monthly subscription!
Admirals is a certified StereoTrader partner broker, which means that, not only can you use all StereoTrader functions without restriction, but you can also receive outstanding customer service for all technical matters relating to the trading software!
Unlike other brokers, you do not have to pay a monthly subscription to use StereoTrader with Admirals. As an Admirals’ customer, all you need is a live account that has a minimum account equity of 2,000 euros and you will receive the StereoTrader extension free of charge!
If you would like to test the StereoTrader first without obligation, you can do so in a risk-free demo trading account from Admirals! If you are interested in downloading StereoTrader right now, you can head to our download page, where you will receive step-by-step instructions!
Which Broker Is the Best for StereoTrader?
If you would like to use StereoTrader free of charge, you will find very few partner brokers online that allow you to do so. StereoTrader is probably the most comprehensive extension tool available on the market for MetaTrader. It is aimed specifically at active, experienced traders.
Although professional software and extensions always cost additional money, Admirals takes over these monthly costs for you as long – provided you meet the minimum requirement of 2,000 euros equity in your trading account. Over the course of a year, this will save you almost 360 euros in license fees!
Admirals operates worldwide and is regulated through its various legal entities by reputable and globally recognised authorities. These include the Financial Conduct Authority (FCA) from the UK, the Cyprus Securities and Exchange Commission (CySEC) from Cyprus, the Australian Securities and Investments Commission (ASIC) from Australia, the Estonian Financial Supervision Authority (EFSA) and, through its Berlin branch, the Federal Financial Supervisory Authority (BaFin) from Germany.
StereoTrader + Admirals = a partnership for professionals!
StereoTrader is primarily aimed at experienced manual, active traders and, especially for scalpers, it can prove to be an invaluable tool in your trading journey.
StereoTrader offers a multitude of functionalities that MetaTrader 4 and 5 do not have, some of which we have looked at in this article, such as the limit pullback tool.
For customers of Admirals, installing StereoTrader is uncomplicated and the integration into the standard MetaTrader trading platform is absolutely seamless! In order to download the StereoTrader extension with step by step instructions, click on the banner below!
Admirals is a multi-award winning, globally regulated Forex and CFD broker, offering trading on over 8,000 financial instruments via the world's most popular trading platforms: MetaTrader 4 and MetaTrader 5. Start trading today!
This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.