Are you a passionate trader who can’t seem to get the most from your investments? Perhaps you understand how the markets work, whether it be indices like the Nasdaq, individual shares, commodities like gold, or Forex, but find your big winning trades don’t make up for the losing ones. Perhaps you should start to consider if you’re using good trading apps or not.
One way to significantly improve your chances of making a consistent or higher profit is to consider using one of today’s most hi-tech and content-rich trading apps. The benefits you could get from using the best trading app are many, and we will outline the key ones here to compare to your current investment method.
Security and Trust
First and foremost, you will be investing your hard-earned money into your trading account…and hopefully growing it into a sizable portfolio. With that in mind, you absolutely need to make sure the app you choose is safe, secure, and enjoys a 100% trustworthy reputation.
You will find many reviews of the key apps to help you make the right choice. They must adhere to all local regulatory processes.
Incredible Selection of Markets
Maybe you are only interested in trading on the moving Nasdaq 100. Or perhaps you want somewhere to trade on the crude oil price movement when you believe the time is right.
That’s fine, and your best trading app should have you covered.
But there will come a time when you get more confident and wish to trade in other markets.
Modern apps have a dizzying number of markets.
- You can trade on the price movement of key indices in stock markets worldwide,
- from London to Singapore and South Africa to Germany.
- Each stock market has hundreds or thousands of individual stocks that you can trade, with the app recording by-the-second price movements.
How about trading on foreign currencies?
Modern trading apps include Forex as standard, so if you want to capitalize on the US dollar gaining strength over the Euro, or the British Pound against the Japanese Yen, you can.
If stocks and currencies are taking a hit, it’s often said commodities like gold are a safe haven. So your trading app should let you trade against the movement of commodities like gold, silver, copper, oil, and more.
Transactions and Trades
One of the key skills of a successful trader is speed, essential if you’re a more active trader and you want to build enough money for retirement. Spotting opportunities in the market and making the smart trade – and knowing when to get out of a trade fast – is critical.
Your trading app must help you facilitate this in a number of ways:
When you climb on board a moving market such as the rising German DAX, every second counts. As you click the button, you need to know that is exactly the price you get and that the app platform does not take long to confirm your choice.
2) Alerts and automatic trades
When you make a trade, you should always have a price point in mind where you will get out of it. It can be a profit price point, or the price at which you will count your losses and exit (a stop loss).
Modern apps should allow you to set these in advance, and the app will automatically exit you from the trade at the right time. Also, check to see if your app will alert you to specific price points so that you can decide whether to trade or not.
3) Swift deposits and withdrawals
Make sure the app you use has a wide selection of payment methods and that the process of depositing your funds or withdrawing profits back to your bank account is fast. Look for a wide choice of deposit methods, too.
Library of analytical tools
Nobody dives into trades without doing some solid analysis first; at least, we hope not.
Charts and analytical tools will help you to spot the patterns that give you laser-like trading signals.
- Whether it is simple signals like Moving Averages, or
- looking for patterns in the candlestick charts of a big stock like Procter & Gamble…
…you must have access to the tools that help you reinforce your judgment.
And you don’t just want this for the big stocks; new entries on the Nasdaq need close attention, too.
These analytical tools should come free with your app and work effortlessly on crystal clear and clutter-free charts. Nothing should distract you from making the correct decisions.
Educational content and news
You will know the world’s best sportspeople constantly practice; they always look for new ways to get a fractional increase in performance. In the same way, the top traders have an insatiable thirst for knowledge and study.
The best modern trading apps should give you access to valuable educational resources, content that should help traders of all levels, from the enthusiastic novice to the Wall Street veteran.
Add a layer of streaming financial news and views, and you shouldn’t wake up to any nasty surprises from the markets.
Related: How Do Index Funds Make Money?
Is Your App Up to It?
Now you see what your best trading app should give you, does your current trading platform measure up?
Now is the time to switch, if not.
And if you are a novice, at least you now have a solid idea of what you must look for in your first trading platform.
What do you think? Do you have good trading apps? Or do you need to look for something better?
AUTHOR Derek Sall
Derek has a Bachelor's degree in Finance and a Master's in Business. As a finance manager in the corporate world, he regularly identified and solved problems at the C-suite level. Today, Derek isn't interested in helping big companies. Instead, he's helping individuals win financially--one email, one article, one person at a time.