Android apps to make anyone a success as a Forex trader
Over the past few years, it seems like everyone has suddenly become an amateur Forex trader. How is it that what was once a mysterious and complex practice, conducted behind closed doors in investment banks and on the high-pressure trading floors on Wall Street is suddenly something that you, I or indeed our grandmothers can get involved in? The answer is simple – because we have the technology.
The right tools for the job
Ten years ago, there were two or three specialist online trading platforms. Today, there is a huge range of smartphone apps that can get you live and trading in a matter of seconds. Of course, there is more to becoming a successful trader than simply downloading an app. Just because technology has made it more accessible, Forex trading is still a highly complex discipline, and to be a successful trader, you will need to immerse yourselves in online tutorials and articles to get to grips with the various Forex indicators such as MACD, envelopes indicator, RSA and various others. Don’t stint on the education, and you will stand the best chance of success.
Once you are ready to put your newly acquired skills to practical use, here are a selection of the best Android Forex apps to help you do so.
Metatrader
Metatrader is probably the most famous app in the world of Forex, and with good reason. It is one of those original platforms that came out well over a decade ago, and has consistently been the most popular tool for both amateur and professional Forex traders. There is more to its success than the mere fact that it has been around the longest, however. The range of tools and forex indicators available to you is hugely impressive, and the tool is a favorite with brokers for the additional server functionality it offers them.
Although MetaTrader 5 has been around for a number of years, many traders are reluctant to shift from MetaTrader 4, proving that sometimes it is better not to change a winning formula.
Bloomberg
Forex traders need information, and plenty of it. If you have done your homework, you will know about the vast array of indicators that can influence prices and will help you to predict what is going to happen next. Of course, Bloomberg is one of the most respected media sources for the latest finance news on the entire planet. As well as keeping you up to date with the ups and downs of the Forex world, the general news feed is also one of the best, and the app itself is easy to navigate and well put together.
Trade Interceptor
While there are plenty of trading apps around, it is fair to say that if MetaTrader is the “Windows” of Forex, then Trade Interceptor could reasonably be described at the Mac. It is the only app that comes close in terms of popularity, and the fact that it picked up the 2012 Best Mobile App award from no less an institution than Forex Magnates tells its own story. With live price streaming, a choice of 14 chart types and over 150 indicators and drawing tools, there is certainly plenty to keep you occupied.
The only real downside is that you are unable to add your own custom indicators and signals – add that refinement, and MetaTrader will have a real challenge on its hands.
Kindle
We mentioned earlier that you need to do your homework in order to succeed in Forex, and the inclusion of the Kindle app in a list of must-haves for successful trading proves we are serious. If you haven’t already downloaded Kindle for your Android, then do so now. You will need those resources and references to be a success, and there is very little point in being able to trade on the go if all your reference texts are weighing down a bookshelf back at home. Do yourself a favor, and save some trees in the process – download them onto your Kindle app, and they are always at your side.
Of course, after a hard day’s trading, the Kindle is also the tool for kicking back with the latest from Stephen King or Sophie Kinsella, too!
Evernote
In much the same way as you need a Kindle for your text books, you will also find yourself needing to take plenty of notes. Whether you use MetaTrader, Trade Interceptor or some other app for your actual trading activities, you will find there is little functionality within the app itself for making exhaustive trading notes.
The act of note taking has been one of the last bastions of traditional pen and paper – all sorts of apps have come and gone, but few have made much headway in weaning us off the note books into a fully paperless world. Evernote could be the app that finally manages it. The ability to type, scan, write or photograph your notes, then keep them all together and access them from any device is a very powerful thing, and Evernote is rightfully causing the pen and paper manufacturers some sleepless nights.
