As a trader, profound knowledge of fundamental and technical analysis isn’t the only requirement to become profitable. Deep mastery of trading psychology and using the right tools are also essential to becoming a profitable trader.
There are some important PC, Android, and iPhone trading apps that you must have to nail your trading game. Imagine knowing a working strategy and having a well-developed strategy, yet you’re missing entries due to a poor trading application.
This guide will highlight the top trading apps that can help you trade like a professional and become profitable in 2024 with your smartphone. Here are the top 4 trading apps to take advantage of in the new year: ” For traders seeking deeper insights into market dynamics, it’s worth exploring the question: “Can market timing work?” Delve into this discussion further on Vector Vest to gain a more comprehensive understanding of this intriguing aspect of trading strategy.”
1. Trading View
Trading View is a renowned mobile and desktop application platform providing traders with data feeds and live charts. It allows you to perform various forms of technical and fundamental analysis using the tools embedded in the application.
Trading View has a massive collection of assets, including cryptocurrency, forex pairs, and stocks, and also tools, such as lines, for drawing trends; shapes for marking out various points of interest on the chart, such as support and resistance, order block, etc., and also entry tools that can help you buy or sell an asset.
You have a clear and wider view of the market, so you can easily spot the formation of key candlestick patterns on various timeframes and enter and exit a trade at the right point and with proper risk management.
2. Forex Factory
Forex Factory is an online platform that provides traders with important updates about the economies of various countries so you can make the best and most informed decisions. Forex Factory helps you keep track of the fundamental analysis aspect of trading, such that you are current about a country’s current and past news.
For instance, if you’re trading a currency pair, such as GBP/USD, you are expected to be abreast of the economic information that influences the currencies of Great Britain and the United States. Forex Factory provides information about the news events that will affect your country of interest at a particular date and time.
When you visit the site, you will notice that it’s color-coded: yellow, orange, and red. Yellow-coded news indicates low-impact news (economic events that won’t affect price movement), Orange coded news indicates medium-impact news (economic events that slightly affect price movement), and red-coded news indicates high-impact news (economic events that greatly affect price movement). You must pay attention to the red and orange color-coded news to profit from trading fundamentals.
3. Olymp Trade
Olymp Trade is an effective broker’s app and platform that grants you access to trade various assets available in the market. It serves as an intermediary between you and the forex market. Olymp Trade brings you the best trading trading platform, where you can invest your funds and place trades.
You have access to leverage, which allows you to buy or sell currency, stocks, and cryptocurrency at a much lower price. As a brokerage website, Olymp Trade gives you a trading platform that allows you to easily enter the market in the similitude of big banks, predict the price movement of an asset, and make some money off your analysis if you are right.
You can’t carry out trades without a broker, even if you have the other applications mentioned in this guide; a broker’s platform is your ticket into the real market.
4. Meta Trader 4/5
Meta Trader 4 or Meta Trader 5 is another essential app you need in your trading arsenal. The MT4 or MT5 app allows you to enter the trading market and place trades through your broker. It lets you see the real-time movement of price, buy or sell assets, set your stop loss, and take profit points. You can also perform minor trade analysis on the MT4/MT5 platform.
To use the MT4/MT5 app, you must have registered with a brokerage platform. Your broker will provide you with login details and a server to grant you safe market passage. Also, you see the profit or loss that accrues to you while you trade.
Bonus Tip: Learning Platform
To harness the power of trading profitably, you need to be a student of the market. You can do this through a platform that teaches the basics, intermediate, and advanced aspects of trading. There are a variety of platforms that teach individuals the basics of forex trading. However, it would help if you got a mentor who can hold your hand and walk you through the art of trading.