6 Apps To Install If You Plan To Start Trading

Estimated read time 5 min read

The way people use their smartphones and gadgets has changed since the Internet became popular in the 2000s. Today, most rely on their gadgets for work, personal lives, and finances. Thanks to the Internet, many businesses are growing digitally.

Since the Internet has opened many opportunities for web developers and software engineers to create innovative platforms, many financial activities are now available online. One of the growing and most popular ones is trading. Forex trading has become the talk of the town since MetaQuotes Software released its famous and reliable MetaTrader 4 platform.

Since the release of MetaTrader 4, many other developers have created versions of trading software that many use today. Now, trading is at its biggest and most popular yet. And since more people are in the market now, many forex brokers advise traders to educate themselves about the market to help them succeed. 

Aside from the trading software you use, it’s essential to have other apps on your smartphone or gadgets to keep track of the latest updates regarding your currency pairs. In this post, let’s look at what those apps are.

1 – Calculator

One of the utility apps every smartphone has is a calculator. Calculators are an essential app because we encounter numbers and Math daily. Even though you don’t notice it as much as others do, numbers surround you.

And since trading is a financial activity that involves the use of money and numbers, having the app on your smartphone and gadget at all times is a must. Some people delete the calculator app even though it’s pre-downloaded because they don’t find it valuable. But as a trader, this is an app you should have.

2 – News app

There are many trading types you can trade and do aside from Forex. Regardless of the type you do, the economy and the latest news and events in the headquarters’ country of your trade affect your success rate. That’s why staying up-to-date with the latest happenings in the countries of your trades is a must.

When you know the latest political and economic state of the countries you’re trading currencies with, it’ll be easier to make wise and informed decisions about what to do next. 

3 – Microsoft Excel, Google Sheets, or Spreadsheets

One of the trading tips many give to new traders is to make a trading plan. When you strategise your trading moves, you tend to make better and wiser decisions. Of course, you can do that in a notebook or journal if you prefer writing manually. But I suggest keeping a spreadsheet file for your strategies and trades to track better.

Many people in the corporate world recommend using spreadsheets to organise any data you need for work. The same applies to any trading or financial bookkeeping you wish to have. The best thing about spreadsheets is you can use many formulas you can automate. It will be easier for you to input data and have automatic computations and answers to your figures.

4 – Stocks app

Another application that will be useful to your trades is a stocks app. This app will be handy if you trade shares aside from foreign exchange. Even though most trading software already has stocks and market charts on their platform, some traders share that mobile versions of chart-viewing in some software don’t work as efficiently as applications focusing on stock charts alone.

If that’s the case with your trading software, I recommend downloading a separate stock app to monitor the latest share values in the market.

5 – Yahoo! Finance

Even though many people no longer use ‘Yahoo!’ as their search engine and email platform, many people in finance still rely on ‘Yahoo! Finance’ for the latest updates in their field. ‘Yahoo! Finance’ is still valuable to many people in Finance because it provides financial news, data, and commentary like stock quotes, press releases, financial reports, and original content.

On top of that, the platform also offers some online tools you can use for personal finance management. This app is helpful for traders who are always on the go and can only trade in their free time. If you relate to that, this app is handy for you to stay up-to-date with the latest market trends.

6 – Forex hours

Last but not least is the ‘Forex Hours’ app. Forex Hours is an app by Coding Trader–which gives traders an immediate overview of the local time and status of the Forex markets, as stated by Admirals Markets. 

The great thing about ‘Forex Hours’ is it shows traders insight into the times with the highest volume of foreign exchange trades. It’s very advantageous to have this app because it allows you to analyse when to trade best and when’s the best time to take advantage of a currency’s liquidity and volatility. 

Using other apps allows you to broaden your knowledge about the market.

It’s still helpful to use other applications to expand your knowledge about the market even though you’re using the ‘best’ trading software. Also, if your trading software undergoes maintenance or updates, having other apps allows you to stay up-to-date with the changes in market prices and volatility that you can utilise to your advantage. 

Written by Bianca Banda

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