4 Useful Apps for Forex Traders

[RichardCox 10]

It has become clear in recent years that technology (and trading technology in particular) is going increasingly mobile and doing so at ever-faster rates of speed. Many traders with large position sizes, however, are skeptical (or at least reluctant) to base their positions on some of the information sent by some of these mobile devices (and through their associated apps). But as mobile technology is improving in a continuous fashion, forex traders are starting to rely more heavily on their phones and mobile tablets so that trades (and general market info) can be monitored when when we are not in front of our main trading consoles.

 

To meet this increased demand, app developers are stepping up their productions of these software choices and most forex brokerages have now made app offerings for their trading clients to use. But what other choices are available for those not looking to rely simply on the information sent by their brokers? Luckily, there are now many great apps available on the market (some available at no charge) and here we will look at some of the more reliable information sources traders could be adding to their daily research routine.

 

Bloomberg’s Mobile App

 

One of the clearest choices for a reputable mobile trading application can be seen with the Bloomberg mobile app. Bloomberg’s free market app gives traders access to all of the most important information guiding traders in all asset classes (not just forex). Bloomberg’s up to the minute data feeds provide traders not just with factual economic information (such as price quotes or the results of economic data releases) but also with editorial pieces that give traders recommendations (usually long term) for potential forex positions.

 

While these recommendations are not explicit calls to place trades, there is a wealth of knowledge and discussion that traders can hear (on Bloomberg radio) or read (through news articles) and this can give traders an immense help when looking to conduct an overall trading bias. Of course, market trends can change on a dime and there are not many info sources that are viewed as being as current or as reliable as the information that is seen in the Bloomberg app. For these reasons, active forex need to be informed with all the current events as this will help to monitor open positions or to enter into new ones.

 

Bloomberg has a solid reputation amongst professional traders and its mobile app offers much of that information and data for traders that cannot be in front of their computers. Price charts can also be found (in addition to the financial news offering) but other than giving traders a sense of where prices have been over a given time horizon, technical analysis is one feature that has not yet been added. But stay tuned, as this type of offering can’t be far off.

 

CNBC Mobile App

 

Not to be outdone, one of Bloomberg’s main competitors, CNBC also has a mobile app offering. Unfortunately, the app is only available for users of Apple products (the iPhone, iPad, and iPod touch). Some of the features of the CNBC app include:

 

• Streaming Live Price Quotes and Price Charts for all major currencies
  
• Breaking news alerts that are exclusive to CNBC (making it easier to get a step up on the rest of the market)
  
• Video on Demand (VOD) which offers more than 150 breaking video clips explaining market moves produced throughout each trading session
  
• Interactive charts, which includes a customizable watchlist so that only your main trading currencies can be included on your device feed.
  

 

The StockTwits Mobile App

 

While this might be surprising to some, the StockTwits mobile app (similar to a “Twitter” for active traders), there is a great deal of information that can be used with this app in order to get an edge on your forex trading positions. Specifically, the app allows you to monitor and communicate with other active traders so that you can see (in real time) how the professionals are reacting to certain market conditions.

 

This app can prove valuable for forex traders for many reasons. First, the ability to communicate with more experienced traders can be one of the surest ways to learn what to expect from the markets, even when volatile and dynamic moves are seen. With the Twitter style news feed, traders can post charts or even videos that provide free technical analysis that can be used as the basis for new trades.

 

And while it might seem unnecessary to use Stock Twits when your trading market is primarily forex, but this is not at all the case. Many forex traders actively used the software and using Stock Twits can help you get a better footing in this community. But don’t disregard the stock market information that is available, either. Some currencies are heavily correlated with the stock market,so being aware of the developments in these areas can be invaluable when monitoring your own forex positions. Whether you are a short term trader or use long term horizons, Stock Twits is a highly valuable app to watch and use throughout the trading day. An added bonus, all these tools are available for no charge.

 

The Forex News Mobile App

 

But for traders who are looking to place all of their focus on the forex markets, and do not want their data feeds “cluttered” with information that might be more useful for stock traders, luckily there is the Forex News app, which takes the separate news feeds from prominent websites like Action Forex, Daily FX, Forex News Now Bloomberg, and Dow Jones Newswires. This information is then grouped together in terms of which currency is most directly affected by the news in that specific release.

 

So,for example, if there is a many interest rate decision from the European Central Bank, you can find the information under the Euro category, which will have it as soon as the event is made public. This can prove to be greatly valuable for traders that focus on a few specific currencies and even when forex traders use mostly technical strategies, the information can be helpful in knowing when market volatility is likely to pick up for a certain currency.

 

This can potentially help you to perhaps avoid getting into a position when conditions are uncertain and this can help to improve your overall accuracy when conducting your regular technical analysis methods. This app is available on the Android Market, all you need to do is search “Forex News” and this will be one of the first items listed.

 

Conclusion

 

New forex trading apps are entering into the marketplace every day and with the continued improvements seen in mobile technology, traders are more and more likely to turn to these devices in order to monitor when it is not possible to be in front of a trading console. These apps will allow traders to conduct their regular market research, monitor positions and spot new trading opportunities as they unfold. Perhaps the best advantage of these apps is that alerts can be sent, which will give you an indication of when the market is likely to become increasingly volatile. These news and data feeds are essential when looking to up your game and stay ahead of fast moving markets.

[crabbydog 10]

 

 

The Forex News Mobile App

 

But for traders who are looking to place all of their focus on the forex markets, and do not want their data feeds “cluttered” with information that might be more useful for stock traders, luckily there is the Forex News app, which takes the separate news feeds from prominent websites like Action Forex, Daily FX, Forex News Now Bloomberg, and Dow Jones Newswires. This information is then grouped together in terms of which currency is most directly affected by the news in that specific release.

 

So,for example, if there is a many interest rate decision from the European Central Bank, you can find the information under the Euro category, which will have it as soon as the event is made public. This can prove to be greatly valuable for traders that focus on a few specific currencies and even when forex traders use mostly technical strategies, the information can be helpful in knowing when market volatility is likely to pick up for a certain currency.

 

This can potentially help you to perhaps avoid getting into a position when conditions are uncertain and this can help to improve your overall accuracy when conducting your regular technical analysis methods. This app is available on the Android Market, all you need to do is search “Forex News” and this will be one of the first items listed.

 

Conclusion

 

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Although its still listed on the Android store, the guy's web site has disappeared and several of his apps haven't been updated in a long time (2 yrs in one case). Some of his stuff gets very mixed reviews.

 

One user said of one of his other apps that it used 280 mb of his data allowance in one month. It was only an alerts app.

 

Its worth doing a bit of due diligence before using this guy methinks.