Timing can be everything when you are trading financial markets and if you are day trading, you really can’t afford to miss an opportunity to secure a profit, which is why most savvy investors will have some helpful apps on their smartphones, allowing them to keep in touch and trade wherever they are.
Visiting a site like www.moneymorning.com as part of your daily routine is a great way to get the news and data you might need for the day ahead, and if you want to stay on top of your trades and execute orders, here is a look at some of the mobile apps that every investor should consider getting.
What To Look For From Your App?
There are thousands of apps available and you need to cut through the list in some way in order to decide what sort of features will be useful to you and also work out what you don’t need from your app.
Smartphones have enabled us to enjoy the benefits of what amounts to a mobile office in the palm of your hand and there are many traders who wouldn’t leave home or their office without it.
A good trading app will offer you the level of information that you need in order to be able to make an informed decision, but without bombarding you with data that either clouds the issue or worse, tempts you into making some impulsive decisions, that turn out to be wrong and expensive.
Some apps are free, others justify a subscription fee, some simply provide market data and trends for you to analyze, while others give you the facility to actually place a trade. Whether they are free or not, doesn’t necessarily indicate the usefulness of the app, it is more a case of deciding what you want and finding an app that gives you those features.
Here are some apps that might just tick the right boxes.
1.) Master Your Stocks And Strategies:
Stock Master is an app that aims to provide you with all the tools that you need to trade, from charts, to prices and alerts to warn you when a price trigger has been reached.
Some traders tend to use Stock Master for certain things like price alerts, while others appreciate the backtesting feature, which allows you to try out a trading strategy and see if your theory works, before you actually commit real cash to the idea.
You can also tap into a discussion feed via the app, which can be very useful in getting a feel for what others are thinking and doing in relation to breaking news and events.
2.) Forex Traders Catered For:
Metatrader is considered by a good number of forex traders as the go-to app for them. The MT4 platform offers you access to a vast array of different currencies, as well as equities, commodities, and indices.
Users of this app are able to view key technical indicators, view breaking news and also create accounts.
Metatrader offers something for the everyone from novice to expert. The MT4 platform offers a demo account for example, which allows you the chance to practice and hone your skills before you have to commit any real cash in the markets.
3.) Comprehensive Economic And Earnings Calendar:
One of the main reasons why the NetDania app makes the list, is the fact that it has a feature that is popular with many traders, which is an economic and earnings calendar.
This can be a useful tool in helping traders make informed trading decisions, and you can even create a bespoke watch-list, which then feeds you the company news and data you are specifically looking for.
Mobile apps are a great tool for the modern trader, so it makes sense to choose a few that make your trading a bit easier and hopefully, more profitable when you are better informed.
4.) Password Security Is Important:
The one issue that concerns many of us when accessing services online, whether it is via your pc, tablet or smartphone, is security, and being able to remember all of the different passwords.
It is worth mentioning apps like Keeper, which is a password manager and helps you stay on top of this issue by storing all of your passwords in one convenient location, and is able to generate random secure passwords as and when you need them.
This type of app won’t help your trades, but it allows you to concentrate on the business in hand rather than stressing about passwords and security.