One of the aspects of Forex trading is the fact that it is a fast paced market and there are likely to be fluctuations in currencies several times throughout the trading day. As a result, traders need to be on top of rises and drops in currency values in real-time as they happen. This is the only effective way to know how to work a spot. Yes, it means that you will need to call it right and get it at the biggest spread for maximum profit, but with a keen grasp of the market and a bit of trader’s ‘clairvoyance,’ you can expect the highest gains.
Today’s trader is best served with a handy Forex app for their mobile devices so they can keep an eye on the market in real time. Then, when that moment arises, they are ready to bid or ask (buy or sell). If you are looking for a Forex app, following is some information that may help you understand the benefits of such an app and what to look for.
Increased Interest in Real Time Apps
Briefly, earlier this year the Forex market saw a real scare and as a result, many traders feared legally owing a negative balance to their brokers. This was called Black Thursday and was the beginning of a widespread global panic. Innovative brokerages such as Synergy FX responded to worries and instituted a hybrid trading platform that guaranteed protection against negative balances. A desire to protect against huge negative balances coupled with the need for real time data, even when mobile, prompted increased interest in Forex apps for smartphones.
Where to Look
Where to find a Forex app depends on what type of smartphone you own. The first place to start looking at Forex apps would be in your device’s online store. Are you using an Android or iPhone operating system? For iPhones you would need to shop at the App Store whilst you would look at Google Play for Android apps.
Accessing Real Time Data
Since traders could always access market movement and data from PCs, there was a potential void when not at their computer. However, with the availability of mobile apps, traders can now keep an eye on the market wherever they are at any time of the day. Some phones come with bundled software that enables you to access digital data through the phone’s built in data service, whilst other times you may need to access the internet via a Wi-Fi connection. However, both types of connections should continually update every few minutes throughout the trading day in all markets.
Those who are new to Forex trading may not realise just how volatile this market is and why it is so important to keep up with real-time data. Unless you plan to stay planted in front of your desktop computer, which is completely unrealistic, a mobile phone app will enable you to trade ‘on the spot’ at those moments you feel would yield the highest profits. Conversely, if movement is contrary to your projections like on Black Thursday, you can mitigate your losses by trading before you lose everything. Smartphone apps keep you mobile whilst keeping you abreast of market movement. In the world of Forex, this is critical so choose your apps wisely.