Tag Archive for: forex

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4 Best Forex Trading Apps for IOS and Android

The forex market is primarily influenced by several factors, causing it to require prompt per second attention. Elements like the news and other global economic factors. As a result, many traders rely on mobile apps to help them navigate the market per second. It creates the need to trade on the go or have access to news, charts, and other information available for fundamental and technical analysis. Similarly, the volatility of trading most currency pairs requires constant attention to trades if the trade must end up being profitable. Hence the relevance of the best forex trading apps.

What are forex trading apps?

Forex trading apps work on smartphones for forex traders to manage their investment online regardless of their location. They are handy tools for many traders who may not want to carry other giant gadgets like computers or tablets. As a result, smartphones provide an easy-to-use avenue for most forex traders.

Forex trading apps are handy because they grant traders access to their accounts on the go. Also, they provide news and other elements of analysis to help traders place solid trades, monitor the transactions, and close with profit. Furthermore, when the trend begins to go against the trader’s bid, the forex trading apps help the trader to close the trade from wherever he is at any given time.

How do you know the Best forex trading apps?

There are tons of forex trading apps out there as there are lots of traders. However, the crux of the matter Is deciding which is the best app to use and which one will work well for your device- whether IOS or Android. To help you make the right decision, here are some characteristics of the best forex trading apps.

Prompt updates

The volatility in forex trading, especially with currency trading, is usually on the high side. As a result, Nothing ruins a trading experience more than getting late updates. Therefore forex trading apps become an essential tool for every trader to keep up with timely information to make informed trade choices.

Excellent analytics and tracking system

Every excellent app for forex trading should be able to expose the best currency pair to trade through advanced analytics and racking. The app should give prompt notifications and alerts about certain currency pairs at specific times to benefit the trader. Additionally, a good forex trading app should have resources that serve as sources of information and education. The reason is that with the forex market changing by the second, traders need to be up to date on their knowledge base to help them with currency predictions.

Should have a user-friendly interface

A good trading app should be easy to use by both beginner traders and more advanced traders by offering a user-friendly interface. It should provide step by step user experience for the novice and better engagement for the advanced trader.

Offer reduced spreads

The spread is the margin between the bid-ask price of a currency pair and is usually your broker’s commission for facilitating your trade. As a result, the higher the spread, the higher your expenses on commissions and the lower your profit; therefore, a good trading app should offer minimal spreads to users.

Having explained the characteristics of sound forex trading apps, the four best trading apps work well for both IOS and Androids.

Four Best Forex Trading Apps for IOS and Android

Whether you are an IOS user or an Android user, here are the four best forex trading apps to help you trade on the go.

  1. Forex.com

Forex.com is one of the widely used brokers with the lowest spreads available on the market. It is especially recommended for beginners because of its user-friendly interface. It has an excellent mobile app that functions well on IOS and Android phones. The mobile app functions as well as the desktop version. Also, users can customize their dashboards for easier relatability.

  1.  Thinkorswim

This app is the mobile version of TD Ameritrade’s mobile platform. They have an easy-to-use interface where traders can trade other options like stocks and futures directly. It is an excellent platform for gaining access to news, notifications, and alerts on the market. It seems to be the most all-inclusive mobile app.

  1. eToro

The advantage of this particular platform is the added benefit of executing market orders in real-time. In addition, there is also the advantage of unlimited daily withdrawals. Also, you can access data in real-time in addition to deep analysis tools which can help you quickly catch the market trend before your counterparts regardless of your location. The platform offers various digital currencies like bitcoin, etherum, and other cryptocurrencies on your watch list. It is excellent for those who want to carry our crypto trading alongside currency trading.

  1. Nadex

This app is a miniature scale version of their desktop user experience, providing a full range of account management tools. In addition, it gives you access to the direct market. However, it may require some getting used to since you will need to toggle between the charts to order an entry ticket. Nadex is especially beneficial for those interested in binary options and spreads trading. Entry and exit from the market are not direct, making this option better suited for more advanced traders. However, some fast beginner traders can still manipulate it.

With forex trading becoming more accessible to retail traders due to the reduced barriers of entry, every forex trader needs a good forex trading app.

How telegram.forex enhances your mobile trading experience

Telegram.forex is a forex signalling platform that offers forex trading signals in real-time through their telegram channel. Therefore, it’s easier to install the Telegram app on your smartphones, whether or not they are using IOS or Android. Additionally, users of telegram.forex have access to one of the most brilliant copy trading platforms there is.  

FAQS: Can I trade forex with my smartphone?

Can I trade forex with my smartphone?

Trading the forex market with mobile devices is increasingly becoming more rampant. The reason is that more and more traders seek ways to beat market volatility by accessing trade information and execution as promptly as possible. As a result, many traders want to be able to trade on the go. Therefore with the diversity of forex trading apps, many traders can trade the forex market on their phones.

What are the advantages of forex trading apps?

Forex trading apps bring so much convenience to their users. They provide mobility, comfort, prompt response, and access to accurate time trading information.

Can I trade forex with my personal computer?

Anyone with internet access can trade the forex market from anywhere, including by using a personal computer. However, trading with computers makes trading more stationary. The reason is that many people may find it cumbersome to carry a PC to monitor their trades. This is why they seek the best forex trading apps available.

forex trading for beginners

7 Interesting Forex Trading Tips for Beginners

With more attention on the financial market, there has been an increased interest in stocks, bonds, securities, etc. A common choice of interest by many is currently forex trading. It may be due to the success stories of many traders who stumbled on forex as newbies. Those who today live exotic lifestyles because, yes, they make that much money trading.

Forex trading for beginners is not about guesswork or amateur trading. You have to consciously learn the ropes of trading by getting the basic knowledge of the market interactions or obtaining signals from experts. Although the former is desirable, it doesn’t take away the success stories of others who went through the route of getting signals from experts. A successful trader is the one who shows it in the number of right trade calls made.

Thus, regardless of where you find yourself, you can still make good money abiding by the rules and leveraging the right tips of the trade. In this article, we will be looking at some forex trading tips for beginners.

Planning

Forex trading has its perks and pitfalls which makes it a necessity to put plans in place as contingencies. Forex trading for beginners requires other forms of investment. As a result, making the right trading decisions is in your best interest else you could lose a great deal of money. It asks the question, “how do I make the right trading decisions?” By making adequate plans before getting into forex trading.

Forex trading for beginners should involve plans on what trading software, Telegram channels to use, profit target, risk tolerance, trading patterns, and so on. The beginner has to strictly follow a trading strategy to get the hang of trading.

Furthermore, demo trading for a month or two forms a part of forex trading for beginners. The trading strategy puts you in a better position to enjoy your process as a beginner. If you have figured out what trading software to use and what Telegram channel for signal works best, try them out still in demo mode until you are ready to start live trading.

Keep your emotions in check!

Forex trading for beginners prioritizes emotional balance as it is as important as planning. The forex market is very volatile; prices could be going up instantly and then taking a dip for the worst. In such situations, you need a good dose of emotional mastery to avoid making costly mistakes in the heat of market volatility.

As much as forex trading for beginners is now automated and simplified, it is your responsibility to make the best trading decisions using the right tools. So with adequate planning in place and emotions in check, you are a few steps to trading forex like a professional.

Have a defined trading strategy

Forex trading for beginners does not require indecisiveness. Instead, the trader must analyze every trade detail from entry and exit. Also, your risk management needs to be in top gear in case a trade goes south.

If you feel you can’t leave a trade overnight, try day trading instead. In all you do, ensure your personality and the kind of trades you execute are in sync—combat greed by setting Stop-Losses and Take-Profits and stick to them. Again, put risk management in place and know when to exit a trade!

Keep a record of your trades.

Like it or not, history does sometimes repeat itself in some currency pairs. First of all, if there is a reason traders study charts and patterns before making trading decisions, it’s because a similar way could replay all over in the same currency pair. One of the basic rules of forex trading for beginners is keeping a trading journal. You can keep a journal of past trades or even print them out if you don’t know how to save them on your computer. However, this does not work for all good transactions as you can keep records of bad trades to guide you from repeating such mistakes in another. Find out what went wrong in such dealings; was it greed, anxiety, incorrect entry, or exit points? Take note of these to make better trading decisions as you become a better trader.

Do not trade your life savings

Sometimes, most newbies see forex trading for beginners as a question of quick money. And with emotions, anxiety, and adrenaline all popping, in haste to make “big money,” one could be swayed by the “put in big money to make big profit” bandwagon. In reality, this thought pattern has put many newbies in “big trouble!” especially those who invest their entire savings owing to the above statement.

Perhaps, you may already think forex trading is a jolly ride banking on signals. However, it is also important to note that a seemingly profitable trade could go south instantly due to circulating news about it. A trade war between nations whose currency pair you’re trading can crash their prices in an instant. 

Following the trends as a rule concerning forex trading for beginners is another essential tip to be outstanding. How to get started on that is by following up on financial news, media outlets, looking up stock market analysis, learning a thing or two from pro traders’ social media accounts, leaderboards, and so on. 

There may be a time you need to jump on the news and make profits from your trade setup. Other times, the information may be a pointer to exit such trade. Ride the news!

Automate your trade

Forex trading for beginners sometimes isn’t worth the struggles of learning about charts and candlestick patterns. If you don’t want to go through that route, you can utilize copier trading software like telegram forex to do the job. It is an EA app that can connect to all your Telegram channels and replicates just any signal, plus it grants you access to pro-trading tips from professional traders. 

You can also copy trade Expert Advisor trades with its powerful Telegram Forex MT4 trade copier software. It automates your transactions and eliminates the chances of a bad business. The forex market is a volatile one and is no respecter of emotions. However, it is tamable. As a beginner in forex, carefully following these tips would go a long way in taming your fears, feelings and keeping you in the game.

FAQ: What are the best forex trading tips 

What are the best forex trading tips? 

Some of the best forex trading tips include planning, keeping your emotions in check, having a defined trading strategy, keeping a record of your trades, not trading your life savings, ensuring to follow the trends, and automating your business.

What are the most accessible forex trading strategies?

Forex trading for beginners requires some strategies for success. Every newbie trader should make sure to plan and get a good knowledge of the market, have a firm grip on emotions, determine their entry and exit points, and most importantly, put risk management in place. 

How do you trade forex for beginners?

Some helpful tips concerning forex trading for beginners are planning, self-control, setting defined trading goals, keeping track of your trades, going in with a bit of capital, and using copier trading software if possible to minimize trading loss.