The forex market is one of the largest financial markets in the world, with a trading volume of over $5 trillion per day. This means that there are plenty of opportunities for anyone interested in trading currencies to make a profit. However, it’s not easy to keep track of the fluctuating exchange rates and market trends if you’re not constantly monitoring them. Fortunately, there are plenty of apps that can make it easier for traders to stay on top of things. Here are some of the best forex apps from which you can get an unfair advantage as a trader.
Expert Advisors
An expert advisor, or EA, is a computer program that can make trading decisions for you. They can be programmed for specific strategies and conditions, and are designed to help you execute trades more efficiently. Some EAs are very basic and only track the trend of the markets, while others are extremely sophisticated and can adapt to changing conditions. You can use EAs to execute trades on any trading platform, but they’re most commonly programmed to work on MetaTrader 4, which is an online trading platform used by many forex traders. While EAs can be helpful in certain situations, they can also be risky if not programmed correctly. You’ll need to do some research to find out which EAs are the most effective for your trading strategy.
Trading Platforms
If you’re just starting out with forex trading, you’ll likely want an easy way to keep track of your account and open positions. This can be done through a trading platform, which is an online portal that allows you to monitor your positions in real time as well as execute trades. Trading platforms are typically offered through your brokerage, and most will have both basic and advanced features depending on your level of experience. If you’re a beginner, you may want to start off with a basic trading platform so you can get used to the trading process without the added complexity of advanced features. When choosing a trading platform, look for something that’s user-friendly and simple to navigate. You’ll want to be able to easily track your open positions and account balance while being able to quickly execute trades.
Currency Converter
This is a tool that can be extremely helpful for traders who make lots of conversions between currencies. It uses real-time exchange rates to convert between currencies and will make it easier to keep track of large numbers. If you do a large number of conversions between currencies, a currency converter will make it easier to track the profit and loss from those transactions. You can also set it to automatically make conversions based on a set exchange rate so it can be used as a real-time calculator to help you keep track of profits. Many trading platforms will have built-in currency converters, but if not you can find many online that are easy to use.
Google Translator
This app can be helpful if you have a broker who speaks a different language. You can simply copy and paste into the translator what you want to say to your broker and have it translated into their language. This can help make communication between you and your broker more efficient, making it easier to understand each other’s orders and requests.
News Feed Monitoring Apps
If you trade based on news events and government reports, you’ll want to keep track of live news feeds so you can quickly input that data into your trading strategy. You can do this through a news feed monitoring app, which lets you monitor multiple news feeds and websites at once. This lets you quickly see if there is any important news you need to take into consideration when making trades. You can find news feed monitoring apps online that let you choose which websites you want to track and which ones you don’t want to see. This lets you tailor your monitoring to suit your needs and streamline your strategy.
Exchanges Monitor Apps
If you use a particular exchange for your trading, you can monitor that exchange for downtimes, slow response times, and other interruptions that could affect your trading. This app will let you know when there are any issues and let you know when the issues have been resolved. This can be helpful for traders who rely on a specific exchange for trading and don’t want to be affected by outages or other issues.
Summary
As you can see, there are plenty of forex apps that can make it easier for traders to stay on top of things, from simple news feed monitoring apps to advanced expert advisors. You’ll want to find the right combination of apps that works best for you and fits your trading strategy so you can get an unfair advantage as a trader.