What apps to use as a Forex trader
At present, it is difficult to find a broker in the range of which there is no mobile platform.
Forex trading has long become a popular activity for people. Step by step the number of people who are involved in trading grows rapidly.
Since operations in the Forex market are carried out remotely, technology is necessary and almost the only tool to start trading and earning. Apps for different devices allow traders to monitor positions at any time of the day and anywhere with access to the Internet. This greatly expands the opportunities of traders and investors, as they are not tied to their home computer or office.
Today, dozens of different mobile apps are on the market. The advantages of specially designed applications include usability, high efficiency, minimal traffic costs, low device specification requirements, and low price. Let’s have a look at a few of the most popular and versatile apps.
Indicators for the trading platform
Standard trading platforms have built-in indicators that the trader can immediately use in trading to build his own strategy. Their composition varies depending on the platform. You can download a lot of free indicators specially created for different directions in trading.
Use multiple indicators to increase market entry accuracy. Open trades when the signals match, so you reduce the number of false signals. Not all market participants consider indicators to be a useful tool for the trader. Some, on the contrary, are of the opinion that it is necessary to investigate the situation only on a net price chart without the use of third-party means. However, indicators remain an effective mechanism by which you can build your own trading system and create a functioning algorithm to work in the Forex market.
Learning about these indicators and tools can be a taxing task, especially when they’re pretty spread out on the internet. FX brokers of all shapes and sizes have been trying to centralize the information on their own platforms, but very few have managed to cover everything that truly optimized FX trading requires. Although webinars and pre-recorded lectures can be seen with large forex brands, most traders prefer their resources in written form. A number of mid-sized brokers have found a key niche in this regard.
Take the Axiory trading academy as a prototype of an in-demand and functional trading education resource. There is not too much fluff in terms of hour-long videos. The division of information is thought through so that traders can always return to the specific segment they require at a particular time. This type of trend can be seen spreading all over the FX markets and is likely to grow as markets keep growing.
There is no trader who does not want to automate his activities and earn money on a full machine. A solution to this problem has long been found. Almost any strategy can be turned into an advisor. With it, the trader saves time, which used to be spent at the monitor waiting for the signal and accompanied by a trade. Thanks to the strategy tester, which is part of the standard set of the most popular MetaTrader platform, you can test the EA on the history of a particular financial asset and see the prospects for its use in real trading.
It should be noted that these advisors are extremely helpful for money management tips. For those who are already experienced in Forex trading, it is no longer a novelty why money management in FX trading is absolutely crucial and why it matters.
By providing information on where a trader’s capital is best used, most brokers are able to guarantee a positive trading session in the majority of cases. However, it all comes down to the traders themselves using these money management techniques and applying them to their portfolios.
Every day on the Internet there are new robots, in most cases – paid. The price of the EA depends on several criteria – profitability, stability, drawdown level, and risk. The efficiency of the automatic trading system does not depend on whether you buy a paid EA or use it free.
Most of the robots laid out on the web sooner or later zero the deposit, so this tool should be used with caution. The best solution would be to create your own advisor on an existing profitable trading strategy.
An excellent navigator for trading in financial markets is the economic calendar. This is one of the most important tools for the trader. You can find it on the website of any Forex broker. The economic calendar contains information about the time of the release of important news from different countries. At this point, there is a high volatility on currency pairs. For many traders, it is time for earnings, for conservatives – a signal to wait out the side.
Analytical tools for traders
The independent analytical platforms such as Autochartist provide an additional opportunity for profitable trading. Some brokers provide free access to them. The service is designed for both beginners and experienced traders. How can these apps be useful?
It can take a long time to master the intricacies of technical analysis. Beginners want to trade here and now. With these programs, the trader receives online analytics on a variety of financial instruments – from currency pairs to raw materials and commodities. Platforms recognize graphic shapes, build resistance and support lines, and identify candlestick models. The convenience of the trader is that through the service you can get recommendations on the direction of the price and the forecast for the future.
Even with your trading system, information from the analytical platform will help you assess the situation from all sides quickly and in one place. Autochartist trading platform is recognized by many market participants as an effective tool for the trader to facilitate the search and identification of technical analysis figures.
Mobile apps for continuous trading
If your lifestyle does not involve a constant presence at the screen of the monitor, with mobile applications you will not pass any event in the financial market. At present, it is difficult to find a broker in the range of which there is no mobile platform.
To analyze the market, to build graphic figures, of course, with the help of the online version will be difficult, but you can close the deal, install or transfer stop-loss/take profit in a matter of minutes. The purpose of the mobile application is to be able to remotely monitor the market, although some traders use it for full trading.
Forex brokers are constantly improving the conditions for comfortable trading in the foreign exchange market. Companies are interested in the possibility of customers using different tools for traders, so actively introduce new services. Remember that the profitability of trading depends very much on your chosen broker!
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