It is difficult to go into a fight unprepared. According to successful people in all fields, preparation is the key to success. Trading is not an exception. All traders must be prepared with their own system to be profitable consistently. The following are the fundamental tools all traders must have in their system.
- A platform to trade
- A source of information for trading
- A platform to analyse
- A source of reliable political and sociological updates
In the modern age, a lot of our trades can be made at any time from the comfort of our homes with our mobile phones. The essence of trading is capitalizing on signals by being in the right place at the right time. Hence, we have deduced a list of must-have mobile apps for all forex traders.
A reliable trading platform: Forex.com
Trading happens all around the clock. Having a trading app on your phone will allow you to make trades almost instantaneously to grasp quick opportunities.
The application you use does not necessarily have to be the same as your usual broker. Look for an app that has good and convenient features that will increase the efficiency of your trades.
A good trading platform should have the following features:
User friendliness: If you are a regular trader, it is likely that your phone will only be used for trades when you do not have access to a computer. Therefore, the display should be simple and have easy-to-use features. Some trading apps have two versions, a more simplified one and another more detailed. If you often trade on your phone, having this flexibility will be helpful.
Small spread: Forex trading can be stressful. Your small profit might become non-existent once you account for the spread and fees. A higher spread will make it harder for you to profit from your trades. Find a broker with a small spread to maximise your gains.
Reliable: Look for a platform that has many users and is backed by talented developers. This ensures liquidity and that the app will continue to improve.
A specialised source of information on trading: Bloomberg news
Trading is all about understanding the psychology of the market. Bloomberg news is one of the most reliable and up-to-date sources of business news. It covers all aspects of business and economics, including different investment options such as crypto or real estate.
Sometimes, markets are all intertwined, and understanding one can help you make better decisions in another.
This website also has opinion pieces which is a good indicator of what the experts are thinking, which is particularly useful when you first start trading. It can also be a good resource during an uncertain time or when there is the anticipation of changes.
There are also sections dedicated to news, a perfect all-in-one app that is minimalistic and efficient for trading on a mobile device.
It is a holistic website with everything you need to and should know about investing. Therefore it is suitable for all investors regardless of experience.
A user-friendly platform to analyse: Tradingview
An advice every trader receives when they first start out is “do not trade using emotion.” You might wonder, how do people do that? The reality is, most of the time, logic trumps emotion, and analysing your trades will give you the confirmation needed to steer away from impulsive and emotionally driven decisions.
Tradingview is an amazing platform to analyse your trades. It has useful features such as trade alerts and a number of drawing tools that allow you to make your own analysis. A variety of icons are present, which will help you customize your trading experience. This enables you to increase efficiency and the ability to customize, which could increase how much you enjoy the process.
There are also templates of other traders and how they trade. You can learn from their analysis and apply it to your own trading. It is interactive, almost like the social media of trading.
Another advantage is that many brokers work directly through Tradingview. This cooperation increases the efficacy of trades, allowing you to place trades quickly.
An up-to-date source of political news: any local news outlet
Forex trading is more than just the indicators or resistance levels in the market. The pulse of the market is deeply rooted in political news and the economic situation of a country.
You will already be too late if you wait for Bloomberg writers or other analysis pages to publish their articles. You may have already missed your opportunity to capitalise on the trade, or the profit margin won’t be as large as it could be.
Furthermore, a large proportion of traders rely heavily on analysis articles. However, these websites do not write about every opportunity available. Keeping up to date with news from targeted countries could allow you to realise trades that many would not.
Remember to educate yourself enough to know the effects of different political changes to place trades accordingly.
Whereas traders in the past lack information, the same people today face the opposite problem: the saturation of information caused by the overflowing sources available to them.
The main tools are accessible to every trader. It is how you get the most relevant information the fastest, distinguishing its level of importance, what matters. This skill is what will separate an average trader from a successful trader.