Over the last seven or eight years, everyone seems to have suddenly transformed into an amateur Forex trader. What was once a mystical and secretive profession, understood by few and conducted by financial whizz kids on the trading floors, is all of a sudden something that anyone can do. How has this come about? Quite simply because today, we have the technology, and it’s right there in your hand.
The right tools for the job
Back in 2010 or so, there were perhaps a handful of online trading platforms. These were specialist online resources that the average man or woman in the street would not have touched with a barge pole. Now, here we are in 2018, and there is an immense choice of smartphone apps just waiting to be downloaded, many of them for free.
What could be simpler? Well, before you put the order in on that yacht, bear in mind that there is more to making a success of forex trading than just downloading an app. While the technology opened up the possibilities to everyone, forex is still a complex discipline. You will not get anywhere without a reliable broker, so check out a site like http://trustedforexbroker.com/deposit-bonus/ to find one that will get you off to a good start.
After that, you will need to become fully conversant with the different forex indicators including RSI, MACD, moving average and all the rest. Only when you are comfortable among the graphs and the acronyms should you think about putting your skills to the test. Here are three of the most popular forex apps that will help you to do so.
It’s impossible to discuss forex apps without mentioning Metatrader. Probably the best-known app in the world of forex, it has been around forever, and has consistently topped the rankings among professionals, amateurs and brokers. Even MT4 comes with an impressive array of tools and indicators, and many still prefer this version to the newer and more powerful MT5 update.
If MetaTrader is the forex version of Microsoft Windows, you could argue that Trade Interceptor is the Apple Mac. Scooping the 2012 Forex Magnates Best Mobile App award was no mean feat, and with 150 tools and indicators, live price streaming and 14 different chart types, you definitely won’t be bored. Ifthere is any hole to pick in it, it would be that
there is no tool for adding custom indicators of your own.
And now for something completely different. The clue is the name. Robinhood sets out to stand up for the masses by allowing them to trade on the markets alongside the rich and famous – and what’s more, it doesn’t charge you a penny. No fees, no commissions, nothing.
There must be a catch, right? Well, you can get almost any software for free using open source and this has similar drawbacks. In short, it was designed and built by a team of talented students, and there is no hiding the fact.