Forex trading is easy to learn, but hard to master.
You’ve probably heard this line hundreds of times, especially if you’re a professional trader. You also know that this line is mostly true – but what differs from the usual meaning is how people actually master Forex trading.
Some believe that you become a Forex master if you trade enough and spend even more time learning and studying the markets. Others, however, think that the secret is in the tools that a trader uses to get their job done.
Here, we refer to indices, statistics, data, trading robots, trading signals, and apps. Today, we’ll be talking more about the latter – namely, about 7 apps that Forex traders must have installed.
MetaTrader 4 and 5
These two platforms are the cornerstone of almost every trading broker out there and, naturally, to every trader that takes themselves seriously. They are the most popular and most used trading platforms throughout the world and come with major benefits. A short read of this review of the RoboForex broker will show you that the preferred two platforms of this broker are the ones in question.
For example, with MetaTrader 4 you can engage in hedging, while MetaTrader 5 allows netting as well.
This particular app is a hub for the forex market, calendar, as well as for its news. Overall, the app can be seen as a tool that aids your trading account via statistics, analysis, and so on.
Moreover, the app has a built-in social aspect that allows you to interact and communicate with other traders as well.
Both beginners and experts can benefit from this app. GoForex is basically a guide meant to teach people more things about Forex – reportedly, it is one of the best guides for beginners out there.
Probably the best part about the app is that it’s interactive and promotes quick learning.
Some of you might already know about Bloomberg. It is a news outlet that focuses mainly on the market and financial news. Obviously, given the popularity of trading, the app has been designed with trading concepts in mind.
As such, the app features financial software tools, analytics, statistics, and many more.
If you love charts, then this is the app for you. According to the reviews, TradingView is ideal for technical analysis, as it features a plethora of indicators and extremely helpful tools for traders.
On top of that, it doesn’t lack any instrument that a Forex trader might also use – such as crypto, futures, CFDs, stocks, etc.
This can be seen as the lite version of the MetaTrader apps, mentioned earlier. It works like any other trading platform and allows you to trade Forex, crypto, commodities, etc.
The main takeaway is the fact that it is built mainly for beginners and makes it easier for them to get into the world of Forex trading.
As you know, Forex trading can be done daily, but also long-term. For those that engage in both types of trading, a Forex calendar can be extremely helpful.
Tradays features macroeconomic indicators that, ultimately, help you create your personalized calendar (based on your trading strategy).
The Bottom Line
Just like with any other type of trading, Forex isn’t a one-app wonder. You can’t beat the Forex trading game with just one app – and, as mentioned earlier, you can’t become an expert without mastering all the tools either.