When it comes to trading forex, having the right tools are extremely essential to your success. There are several apps that you must have if you are an aspiring trader. That said, we do not recommend you to have too many apps, because it can cause you confusion.
In this article, we will discuss the 4 most essential types of mobile apps for forex traders.
1. Trading App
It is essential to have a good trading app that lets you trade on the go. Usually, trading apps are provided by the broker you use. If you are looking for a good broker, make sure to check out our recommended brokers here. One of our favourite trading app is the app provided by XM group. With it, you are able to trade multiple financial instruments such as Forex, Stocks, CFD’s etc.
If you are a meta trader 5 or meta trader 4 user, you can use the app to manage your trading account and trade all the financial assets provided by XM. You also have the ability to register and manage your account even without a desktop/laptop computer. The app is available and compatible with all platforms, this includes Android, IOS, tablet and smartphones. The other benefits of using this trading app is as follows,
- Includes 3 essential chart types
- Access to your full trading history
- Includes 30 technical indicators
- Full functionality of your MT4 account
- Real time live charts on the go
2. Market News/ Economic Calendar App
Another type of app that we recommend for any forex trader is an economic calendar app. With this kind of application, you can be up to date with the latest forex market news. There are many calendar apps to choose from, but we recommend the forex calendar app by myfxbook. You can get the app here.
This app provides you with several functionalities, such as a economic calendar, news calculators, market analysis and etc.
3. Analysis App
An analysis application provides you with tools to help you analyze the market on the go. Usually, the trading app provided by the broker can be used for market analysis purposes. Also, if your doing fundamental analysis, you can use the calendar app.
If your interested in learning more about technical analysis we recommend you to check out our article on it.
4. Journaling App
If you want to be a successful trader, you must keep a trading journal that you can use to reflect on. We recommend using an app like google sheets to keep track of your trades, wins and losses included. Google sheets are free to use.
Conclusion
Having the apps that we discussed above is essential for your success. If your a beginner trader and if you are interested in learning more about forex trading, check out our complete beginners guide here.