Tickmill offers one of the most comprehensive list of trading tools for beginners and advanced traders. Learn about all of them in this article.
Tickmill is one of the most trusted brokers in the world known for offering a bunch of trading services suitable for both novice traders and experts. The broker currently serves clients worldwide and continues to offer innovative products with the latest technology. Aside from currency pairs, Tickmill also offers a number of other instruments, such as commodities, indices, and bonds. On top of it, there are loads of unique trading tools that are aimed to help traders make better trading decisions.
One feature that you can look forward to when trading with Tickmill is the advanced trading toolkit, which consists of 13 individual applications and 15 indicators in total. You can simply add them to your MT4 or MT5 trading platform and boost your performance to the next level. With such an extensive range of trading tools, you will undoubtedly gain so much insight into the markets while at the same time, interacting with a vast community of online traders.
In this article, we're going to explore all the tools by dividing them into 5 broad categories based on their functionalities. You can refer to this guide to get a deeper understanding of each option and find out which ones might be a great addition to your trading routine.
Contents
1. Tools to Manage Your Trades
This tools category largely deals with how you manage your trading positions and ease of order modifications in case such a need arises:
Trade Terminal
Tickmill's Trade Terminal consists of multiple advanced trade execution and analysis tools that you can easily add to your MT4/MT5 trading platform. This tool basically has 5 parts, namely the account summary, a list of open trades/orders, a list of market categories, and two lists of individual markets. Each of them can be expanded or contracted depending on your needs, and the software will remember your settings the next time you run it again.
In the middle part, there is the central trading panel, which displays information about each market either in the form of grid or deal tickets. Click on the market to see all the details or manage your trades. You can open trades, close trades, reverse, or hedge a position straight from the grid. In addition, the central panel shows other information like the day's highs and lows, current prices, and your active positions.
On the top, you can see your account summary. It contains all information about your account, including your current balance, free margin, and so on. You can also set an alarm for various risk management purposes. On the right side, you'll see the quick access panel, which shows the markets that you trade frequently. Meanwhile, on the left, there is the market categories section where you can track markets of your choosing and see your watchlists.
Mini Terminal
Mini Terminal is a multi-purpose application designed to improve your trading efficiency. It is basically similar to Trade Terminal, but it's simpler and more practical as it only focuses on a specific trading chart. You can open as many mini terminals as you want. What you do on one chart won't affect your other trades, so you can easily manage multiple trades at the same time.
Moreover, this tool offers a one-click market order feature that allows you to open trades, modify, and close trades very easily. You can also open pending orders straight from the chart and use templates in just a few steps. If you need help, you can use the trading calculator. It enables you to calculate the appropriate lot size for the trade simply by entering the number of pips and the amount of risk that you're willing to take.
Another feature is the order ladders, which are displayed on the right side of the screen. This allows you to open market or pending orders in several steps. Click once to determine your entry point, then click again to set your stop loss, and click again to set your take profit.
2. Tools to Stay Alert of Market Updates
Keeping up with market updates is crucial as the forex market is always moving. Tickmill understood the assignment s they provide these tools to take you to the next level of staying alert with the market updates:
Alarm Manager
As the name suggests, Alarm Manager is like a trading assistant that would notify you of important events or market movements. It can automatically send you alerts either via email, Twitter, or SMS. You can set up multiple alarms for different purposes. To help you organize, you can put the alarms into groups and attach an action to the alarm. Each alarm can carry out multiple actions at the same time, such as open trades, display a pop-up message, and send a notification email.
Excel-RTD
This tool allows you to extract market data from your MT4 to Excel with simple formulas. The data on Excel will be synced with the trading platform, so the numbers on the chart will change in real time. To use this tool, simply open the software and enter your account number to connect the Excel to the MT4. In addition, this tool also allows you to place orders straight from Excel to save time.
3. Tools to Get the Market Data
These tools allow you to arrange your own news feed and economic calendar while at the same time accessing a bunch of educational materials to improve your trade in Ticmill.
Sentiment Trader
Sentiment Trader provides real-time long and short positioning sentiments of the market based on real trades as well as historic sentiments for various instruments in the market. It'll give you an insightful overview of what has happened and what real money traders are doing at any given time.
The data basically shows the percentage of traders that currently have buy/sell positions in the market. You can customize the data visual and change the time frame for the historic data. You can also choose to display the data either in the form of price candles, line charts, and sentiments. Last but not least, you can open and close orders without having to leave the app.
Session Map
Session Map shows a convenient overview of the world's key markets, price movements for each session, the status of your account, and future announcements that might affect your trading. At default, it shows the current local time in relation to various market sessions during the trading day. You can hover your cursor over each session to see information like how long until the session opens or closes. Aside from that, it is also worth mentioning that the data is color-coded based on the profits or losses.
4. Tools to Improve Your Trading Performance
This category is particularly presented by Tickmill to traders who are experienced but in need of helpful features to support their strategies and increase their profitability even further.
Market Manager
Market Manager is a tool that displays symbol watchlists and all of your account's order activities in a separate window. It enables you to manage your trading account, take immediate trading actions, and get further information about individual markets. You can position the window anywhere on your desktop and adjust the size. It's a great tool to keep track of several markets in one place.
Correlation Matrix
Correlation Matrix is displayed in the form of grids where each cell contains a mathematical value indicating the correlation between two different markets. Tickmill provides this tool to help traders identify markets with strong or weak correlations so that they can assess the risk of trading one market or another. The correlation value can be both positive and negative. A positive value indicates that the two markets are more likely to move in the same direction, whereas a negative value indicates that the two markets tend to move in the opposite direction.
All of the grids are color-coded to help you find the best combination of markets to trade. Red and orange indicate a strong correlation, while blue and green indicate a weak correlation. Typically, traders would avoid trading markets with strong correlations because it's less profitable. So, instead of trading one large trade, it's preferable to trade two smaller trades and unrelated.
Correlation Trader
This tool allows you to compare two symbols and identify the correlation, whether it's strong or weak. It helps you understand the relationship between two sets of prices and use that information to make a better decision. You can easily change the time frame and the markets that you'd like to observe. You can also open and close trades straight from the app.
5. Tools for Advanced Trading
Want to experience an even better feature? Try this set of tools that are specifically reserved for pro traders.
Tick Trader
Tick Trader displays various forms of tick data to facilitate quick order entry in just one simple click. You can immediately open trades and close orders from any Tickmill's platforms in real time without having to open a separate app. In addition to that, you can also pause the chart and download the entire tick data of your symbol as a .CSV file to your computer.
Stealth Orders
This tool allows you to hide your pending orders from other market participants and open the order when the price hits a certain predetermined level. You can also set stealth stop loss and take profit along with it. Basically, the tool will wait for the price to hit a certain value before placing an order. You can set up the stealth exit once a trade has been opened. If you want, you can also close all trades per market symbol and take all the profit at once.
However, keep in mind that this tool may come with several notable risks. First, it may trigger more slippages, which can either be positive or negative for your trade. Secondly, please note that unlike pending orders that will be processed even when you're away, stealth orders will only be triggered if the platform is running. To avoid getting losses, it's recommended to set a real stop loss for double protection.
Indicator Pack
This tool allows you to apply various indicators to the chart, such as pivot points, renko bars, chart-grouping, highs and lows, order history, candle countdown, and freehand drawing on the chart. You are free to use one or more indicators according to your needs.
Where to Find the Information on the Official Broker Site?
- This information is reported per May 12 2024.
- We can not ensure if this offering is still available or remain the same in future.
- The broker announcement page may or may not exist anymore, You may explore Tickmill homepage and try to find "Promotion" section on the menu, footer, etc, to ensure the availability and validity of this promotion.
Conclusion
Tickmill offers one of the most comprehensive sets of trading tools in the forex industry. With such an extensive range of tools, you will be able to improve your trading and step up to the next level. The key is to understand each tool's functionality well and only use tools that you really need for your trading. Also, don't forget to consider the risks before taking any crucial action.
Tickmill is the brand name of Tickmill Ltd. which offers trading services with premium products and innovative technology. Superior trading conditions, ultra-fast execution, safety of client funds, and dedicated support are at the forefront of their offering.
16 Comments
Mar 19 2023
Regarding correlation matrix, I heard about it for the first time. So it's like some chart to show the correlation between currency pairs showing which currency pairs are moving in the same direction, right?
And it's perfect for trading with multiple assets to maximize trading using these. I mean you can diversify your trade with this without picking the wrong pair, right? And it's powered by Tickmill, and that seems like a really cool feature. But the article doesn't say we can get it for free or for free. Can someone help me answer? and i also want to know, if we don't use correlation matrix to identify currency pairs with the same direction, can we figure it out by ourselves?
Mar 19 2023
Let me answer you with the list and hope it will deliver as well.
Mar 19 2023
So it's free, and from what you say it is possible to know the correlation of each currency pair, but it seems very difficult to know and it takes time to research before trading. And it obviously involves using the correlation matrix suggested by Tickmill. Friends, I think it's time to open an account at Tickmill and see which of these trading tools and additional tools can work for me and help me to trade with variety, especially especially with the corealltion matrix. By the way, thank you for the information you provided! Good luck!
Apr 15 2023
@Helga:Yes, a correlation matrix is a chart that shows the correlation between currency pairs, indicating which pairs are moving in the same direction and which ones are moving in opposite directions. It is a useful tool for traders who trade with multiple assets as it allows them to diversify their trades without taking positions on currency pairs that are highly correlated.
Tickmill offers a free correlation matrix as a part of its trading platform, which is a very helpful feature. However, other brokers may also offer similar tools, either for free or for a fee.
While the correlation matrix is a useful tool, it is not the only way to identify currency pairs that move in the same direction. Traders can also analyze historical price data and observe the behavior of different currency pairs over time to determine correlations. Additionally, there are many online resources that provide information on currency correlations that traders can use to inform their trading decisions. However, the correlation matrix is a quick and efficient way to visualize this information, which is why it is a popular tool among traders.
Mar 19 2023
"This tool (Stealth Order) allows you to hide your pending orders from other market participants and open the order when the price hits a certain predetermined level. You can also set stealth stop loss and take profit along with it. "
Hey, can other traders see your order in forex trading? Since you need a broker to execute your trades in the market, using an STP broker shouldn't work against you, right? Also, why are other market participants able to see your order? Do all traders' orders become visible to each other? And if so, how can we see their trade positions?
Mar 19 2023
As you know, In forex trading, when you place an order with your broker, the broker sends that order to the market for execution. This means that other market participants, including other traders, banks, and institutions, can potentially see your order.
However, some brokers (one of them is Tickmill) offer a feature called "stealth order," which allows you to hide your pending orders from other market participants until the price hits a certain predetermined level. With this feature, your order remains hidden from other traders and the market until it's triggered, reducing the likelihood of your order being front-run or otherwise exploited by other traders.
As the article said, you can also set a stealth stop loss and take profit when placing your order, which means that your stop loss and take profit levels are also hidden from other traders until they're triggered.
Apr 15 2023
How does Tickmill compare to other brokerage firms in terms of the advanced trading features and tools that it offers, and what are the unique advantages and benefits of choosing Tickmill as a platform for advanced trading? Additionally, could you discuss any potential drawbacks or limitations associated with using Tickmill for advanced trading, and provide tips and advice for traders who are looking to optimize their experience on the platform?
Jun 2 2023
@Mahud Karim: When it comes to advanced trading features and tools, Tickmill stands out from the crowd, my friend! They offer a range of cutting-edge tools and technologies that give traders the upper hand in the market. One of the standout features is their advanced charting capabilities.
Tickmill also provides advanced order types, such as limit orders, stop orders, and trailing stops. These order types give you greater control over your trades and allow you to implement more sophisticated trading strategies.
Now, let's talk about the unique advantages of choosing Tickmill for advanced trading. Firstly, they offer competitive spreads, which means you can maximize your potential profits. They also have fast execution speeds, ensuring that your trades are executed swiftly and accurately. Tickmill operates as an ECN broker, which means you have access to deep liquidity and can enjoy tight spreads during volatile market conditions.
In terms of drawbacks or limitations, it's important to note that Tickmill's advanced features may require a certain level of experience and knowledge. To optimize your experience on the Tickmill platform, my advice is to start with a demo account. This allows you to familiarize yourself with the advanced features and practice your strategies without risking real money.
Apr 21 2023
How does the correlation matrix and correlation trader affect profit in Tickmill broker? Can you provide detailed insights into how traders can use these tools to make informed trading decisions and maximize their profits? Additionally, what are the key factors to consider when interpreting the correlation matrix, and how can traders avoid common pitfalls when using this tool? Furthermore, what are some of the key benefits and limitations of using the correlation trader, and how can traders leverage this tool effectively to optimize their trading strategies and achieve their financial goals?
Apr 21 2023
@Maguire: Basically, a correlation matrix and correlation trader are tools used by traders to analyze the relationship between different financial instruments in a portfolio. In the case of Tickmill, understanding the correlation between assets can help traders make better trading decisions and potentially increase profits.
To use these tools effectively, traders should have a good understanding of how correlation works and how it affects their trading strategies. By using the correlation matrix and correlation trader, traders can identify potential trading opportunities and avoid making trades that may have a higher risk due to correlation.
Overall, understanding the correlation between financial instruments is an important aspect of trading, and using Tickmill's correlation matrix and correlation trader tools can be helpful in making informed trading decisions.
Jun 11 2023
So, based on the article, it stated that Stealth Orders, this tool lets you hide your pending orders from other traders in the market. But here's the thing, I'm curious about how this actually works from the perspective of other market participants.
How exactly do other traders or participants in the market see your order when you're using Stealth Orders? Is there any indication or visibility of your pending order, or is it completely hidden until the price hits the predetermined level? Additionally, how does the stealth stop loss and take profit feature work in terms of visibility to other traders?
It would be great to get some insights into how the Stealth Orders tool operates and how it affects the overall transparency of your orders in the market.
Jun 12 2023
@Winston: Dude, the idea behind Stealth Orders is to keep your trading strategy confidential and prevent others from copying or front-running your trades. It's like being a stealthy ninja in the market. By keeping your orders hidden, you can avoid slippage or sudden price changes caused by others trying to jump ahead of you.
Now, when it comes to the stealth stop loss and take profit features, it works pretty much the same way. Those levels are also hidden until they are hit. It's like having secret exit points for your trades, protecting you from premature stop hunting.
By using Stealth Orders, you can keep your trading strategy under wraps and reduce the risk of others messing with your orders. Just remember, while it gives you some privacy, it doesn't guarantee complete anonymity since your broker and regulators still have access to your order details.
Jul 14 2023
Hey there! About the advanced trading in Tickmill, I interested in the stealth orders in trading. So, based on the this article about these stealth orders in trading, and I'm curious, how do they actually result in higher slippage? What factors contribute to this phenomenon? Oh, and by the way, since stealth orders only work when the trading platform is running, how can one minimize the risks associated with increased slippage? And why is it recommended to set a real stop loss for double protection when using these stealth orders? It's always good to have some extra safeguards, right?
Jul 15 2023
@Tony: Hello! It's great to see your interest in advanced trading and stealth orders. Let's break down your questions.
When it comes to stealth orders resulting in higher slippage, it is important to understand that stealth orders are designed to execute trades discreetly without revealing the trader's true intentions. This can involve splitting the order into smaller parts or using hidden order types.
The potential for higher slippage arises because stealth orders operate differently from regular orders. They prioritize execution speed and confidentiality, which may limit the order's visibility in the market. As a result, there is a possibility that the order may be filled at less favorable prices due to reduced market liquidity or the order being partially filled over multiple price levels.
Several factors contribute to the potential for increased slippage with stealth orders. These factors include market volatility, the size of the order relative to available liquidity, and the speed at which the trading platform can process the order.
To minimize the risks associated with increased slippage, it is advisable to use stealth orders judiciously. Traders can consider adjusting the order size to align with market conditions and available liquidity. Additionally, monitoring market depth and using limit orders can help mitigate slippage risks.
Setting a real stop loss in conjunction with stealth orders is recommended for double protection. Since stealth orders prioritize confidentiality, setting a real stop loss provides an additional layer of risk management. It ensures that in the event of unfavorable price movements, the stop loss order will trigger and limit potential losses, providing a safeguard against unexpected market volatility.
Oct 29 2023
I'm getting the hang of trading and recently stumbled upon stealth orders. They're pretty cool since they let you keep your trades under wraps until a specific price hits. But, I've heard they can bring more slippage into the mix, which can be a good or bad thing for trades. Can you break it down for me? Why do stealth orders tend to cause more slippage, and what's the deal with that? Also, is there any way to keep the slippage in check when you're using stealth orders in your trading strategy? Thanks for shedding some light on this! Thanks!
Oct 31 2023
@George Jared: I can't explain furthermore because what I know, slippage happens because stealth orders are hidden from the market until triggered. When they activate, they compete with visible orders, potentially causing a slight price difference. This can work in your favor if the market moves your way but can also lead to a less favorable fill if it moves against you during the.
To manage slippage with stealth orders:
While slippage is a concern, using these strategies can help you trade more effectively with stealth orders. Good luck with your trading!