You don’t simply don’t go to a gunfight armed with a knife. The same applies to trading forex.
Serious forex traders go into battle with all the must-have apps. These are apps that give advanced forex traders the competitive edge they need. And not just occasionally, but consistently to help them rack up profits and maximize every opportunity.
As forex markets are undeniably volatile, anything that can help bolster your trading and returns is to be applauded. To that end, we have identified the nine essential apps all severe forex traders should be packing.
Indeed, as noted by Forbes.com, the emergence of forex apps directly results from how tricky forex trading can be. That’s why so many forex apps have been developed to bridge knowledge gaps and help newbies and serious forex traders alike make the most of opportunities.
Apps are not a panacea, but help traders maintain their trading discipline without emotion or sentiment interfering with sound trading decisions. Apps that enable traders to overcome the psychology of trading are something you should have on your side.
So what are the must-have apps for the serious forex trader?
Forex trading, more than most, relies on news and events to shape the markets. Being ahead of the curve is vital, so you want an authoritative news source for a timely heads up about market news. And a research resource you know you can trust.
The app gives you the whole Forbes experience, allowing seamless gliding between Forbes Magazine, the Forbes website, and sharing on the social web. Forbes is a rich vein of intel and an excellent destination to obtain the bigger picture.
Another shoo-in as a heavyweight market news resource is Bloomberg. This is one app you should make space for on your smartphone or tablet.
For the latest currency news and events that can impact forex trading, the Bloomberg app has the information you need. It’s a well-rounded app that has few rivals.
The design is eye-pleasing and brings together the very best of Bloomberg’s global reporting network to ensure you get all the breaking news and headlines.
TD Ameritrade is indisputably one of the largest and most respected brokerages around something of an American institution.
They may not be cheap but are a rock-solid choice for the serious forex trader. The same heritage and reliability hold for their thinkorswim app, one of the best investment tracking and forex trading apps.
The no-nonsense app design makes keeping tabs on the forex markets and trading on the hoof an utter breeze.
Like Ameritrade, the Netdania forex and stock trading app is highly lauded. It allows you to trade currency pairs on the go easily.
The app – officially known as NetDania Stock & Forex Trader – gets its high rating due to its ease of use and impressive versatility. You get up-to-the-minute interbank rates and access to real-time forex prices.
Roll in the app’s live streaming charts, the latest forex market news, and customization to track currency pairs, and you have one compelling mobile forex trading app.
With a truly global online presence, ThinkMarkets’ in-house mobile app quickly won an award and has evolved ever since. It was previously called Trade Interceptor but is now billed as ThinkTrader.
It is quite the package. Download it and get instant access to forex trading of major and minor pairs straight off the bat.
It’s a fully-loaded app with everything you need to trade on the move, including live charts, technical indicators, analytics, watchlists, one tap trading, trend risk scanner, and in-app depositing and withdrawals.
Before dismissing eToro as a gimmick for newbies, the app should be on your radar even if you are an advanced or serious forex trader.
eToro has much to commend itself as a serious forex trading platform. None more so than its pioneering social trading apps. No matter your level of experience or forex trading goals, eToro should form part of everyone’s diversified trading mix.
You can earn extra money by becoming a star trader and cultivating copying trading followers.
Find out more on the eToro.com website.
This iconic app has been the software app of choice for experienced traders for some time now. It combines forex trading with the ability to trade a range of other assets, making it ideal for those forex traders with a diversified portfolio.
MetaTrader 5 – or MT5 to its close friends – brings you real-time forex quotes, charts, forex market news and analysis, and online trading in one great app.
MT5’s older brother was Metaquote’s first foray into online trading. It is very much forex-focused, simple to use, and streamlined. If trading forex is your exclusive passion, then you will revel in MetaTrader 4’s straight-to-the-point directness.
It may not be as agile as its younger sibling, but MetaTrader 4 is fully featured and contains everything you want for forex trading.
You are never done learning how to trade forex. No matter the length of your track record, there’s always something new to learn.
If you are fed up jumping from app to app, Myfxbook is what you are looking for. It gathers everything you need to know to be a successful forex trader into one handy place.
It scores highly on both Google Play and Apple’s Store, and when that happens, you know you have found something suitable.
Verdict: Forex trading is not easy. But you can tip the balance a little in your favor with these apps.