In South Africa, it is far more common to find someone with a mobile phone than a desktop computer. We have a large number of mobile devices for our population, and we enjoy using them just as others would use their PC. Forex trading is no exception and many Forex trading apps are high quality and can be used in trading, price quotes, currency comparisons, and analysis.
Top Broker Forex Trading Apps
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Technology has brought with it a lot of benefits in trading forex around the world and at the top of that list sits Forex trading apps. In a nutshell, a forex trading app makes it possible and easy for a trader to place or carry out their trade while on the go, giving the trader complete freedom and independence from their desk. Apps are especially good once you understand how forex trading works and how you can use them exit trades and enter trades at a moments notice.
Advantages and disadvantages of using Forex trading apps
Forex trading apps have become very popular in the world of forex trading for many reasons. These include, but not limited to, the following:
- Enables access to market news around the clock
- Real-time access to price quotes as well as charting
- Makes trading forex more interactive and interesting
- Forex trading apps can be used by any trader, even in cases where a trader does not have an account with a specific broker. Once you find an app that suits you best, you can sign up with the broker through the app.
- Enables a trader to trade on the go and the freedom associated with that.
With that said, it is also important, particularly for the sake of beginners, to point out some of the downsides of using Forex trading apps. They include:
- Not all Forex trading apps are compatible with all devices
- Some Forex trading apps can be a bit complicated for someone trying their hand at forex trading for the first time.
- A number of Forex trading apps will require regular updates if data usage is a concern.
- Some non-broker research apps have advertisements that keep on popping up on screens
How to effectively use a Forex trading app
Set alarms and build algorithms
This is a very important part of using any forex trading app. Here, a trader needs to do the following:
Set your alerts on patterns, studies, and quotes. Once set, they will be automatically popping up on your screen.
Get real-time price quotes:
You can even open new trades and execute your trades while you’re on the go:
Use the build in functions of the app to look for which currency has performed the best and which currency is underperforming:
Getting real-time news and quotes from the market
One of the biggest reasons why people employ forex trading apps is the fact that they give traders access to see and get what is happening in the market in real-time.
New Sources & Fundamental Analysis
In most cases, a good number of forex apps will give you access to hundreds of news sources that really come in handy in trading forex.
Apart from the news, forex trading apps will also give you access to technical indicators like you would have had with a standalone platform. A trader can also compose their own news stream in order to always be in the know even while on the go.
Customize the app to capture what is on your mind
Forex trading apps are really very useful instruments as far as market analysis goes, so even if you are not trading on the go, you can be doing some planning or other preparation for trading session that is going to come later in the day or the week.
As a final note, apps go a long way in helping a trader, especially the beginning traders; make informed choices that will not see them run into losses. They may or may not be the device that you do your trading on, but they do offer an effective way to monitor ongoing trades, take advantage of having access trade on breaking news, and doing technical and fundamental analysis when away from your computer keyboard.