The thing we like most about our smartphones is the very factor that causes some to claim they are the devil's work. We can, and do, use them to do practically anything and everything. Whether you want to check your bank balance, listen to your favorite music, meet the love of your life or book a table at a restaurant to take said love on that first date, you will immediately turn to your trusty smartphone to do it.
We've all seen the headlines in the media, and the dire warnings that we are becoming addicted to our phones, but that doesn't alter the fact that there are more apps allowing us to do more things appearing in the app stores every day, and our reliance on mobile tech is only increasing.
The rise of the trading apps
Forex trading apps are a case in point. In a world where traditional investments are no longer enough to guarantee a comfortable financial future, currency trading is gaining attention among amateur investors. After all, there are plenty of successful Forex traders in the world, and the advent of trading apps that we can access day and night from literally anywhere means that trading is no longer something for the wall street specialists.
This is an age of choice, and opportunity, and the online world allows you to do what you want when you want, 24 hours a day and seven days a week. That freedom comes at a potential price, though, and if you are looking to join the growing ranks of online traders, follow some basic rules to prevent the dream from turning into a nightmare world of addiction and financial disaster.
Trade like a pro
Installing a trading app is easy, and costs nothing. Using it to make money is another matter. Amateur traders can get caught up in the hype of being a trader and can fully believe that they are "trading like a pro" as they open up the app while chatting to a friend over a beer to coolly complete a little trade.
Of course, in that circumstance, you are doing the absolute opposite to what a professional is likely to do. What serious Forex trader is going to be in the right frame of mind to do their work while socializing with a friend and drinking beer, with the Patriots game blaring away in the background?
Trading like a pro means getting into the right mindset, running through your trading strategy and then taking a long look at all the key indicators and signals to decide what trades are likely to be on your agenda today. Just like any form of remote work, you need some demarcation, and this is why mobile trading can be a dangerous thing.
Manage your schedule
Don't think from the above that mobile trading apps are a bad thing. Quite the opposite, they are an essential tool for both pro and occasional traders. It all comes down to using the tools in the right way. Even the top Wall Street traders are not going to be doing hundreds of trades every day and watching the market 23 hours out of 24. If you are doing so as an amateur, there's something going badly wrong.
The advantage of mobile trading apps is that they are convenient - they free you from the need to sit down at your desktop to do your trading activity. But that doesn't mean that you have to spend any more time using them than you would if you were operating from desktop only.
Watch for the signs of addiction
Ah, the a-word. It's one that the media loves to throw around. They would have us believe that we are addicted to unhealthy food, to coffee, to our cars, to TV and most of all to our smartphones. The trend towards demonizing any sort of luxury or convenience and shouting the word addiction at the first sign of over-indulgence is not just inaccurate. It is also counter-productive.
Any kind of addiction, from cigarettes to shopping to gambling to junk food presents a serious risk and can ruin lives. The misuse of the word in the popular media, where anyone who gets drunk or eats unhealthy food or spends lots of time on their smartphone must be an addict leads to a classic boy who cried wolf scenario. It only makes it less likely for us to see the signs when genuine addiction begins to manifest.
If you are trading at silly hours, waking in the night and instantly reaching for the app or finding yourself trading almost on "auto pilot" without even thinking about what you are doing, the first thing to do is stop.
Take a step back and return to the drawing board. Every successful trader has an underlying strategy, and you can bet that none of them involve waking up to do panic trading at 3AM. If that doesn't work, the other great thing about the online age is that help, just like everything else, is always at hand, so use the resources that are available to you.
In this modern-day and age, there are already several technological innovations that streamline several processes through automation. For instance, in any business, the use of financial management apps enable efficient cash flow monitoring, as well as billing and invoicing. Individuals can also leverage on these financial management apps to manage their investment portfolio or even their day-to-day budget. In line with this, below are some of the financial management apps that you need to check out.
Financial Planning Software
One of the financial management apps that you need to check out is financial planning software. With these apps, you will have the capability to simplify your online banking into a consolidated login location. Most financial planning apps also feature a notification system that sends out reminders about your payment deadlines. The best ones even help you find ways to get out of your debt while assisting you to build on your savings and investments.
An expense management app is usually utilized by businesses to keep track of the amount of money they spend on their overhead costs. It is often the case that an expense tracker app comes with a reporting feature that will allow you to have a good insight into your expenses in an instant. The data used to generate these reports come from the automatically recorded information about the expenses that the business incurred.
Tax management apps are great to aid you in a seamless filing of your tax dues. More often than not, these apps come with an expense tracker that monitors your purchases for any write-offs that you may have missed. When the tax time comes, you can file directly through the app or simply export your details for direct filing. Tax management apps are perfect for freelancers because these can act as their bookkeeper.
Investment management apps will help you track and sort out your investment accounts to maintain your portfolio. Some consolidate your information into a single dashboard that will provide you with a real-time view of your assets, such as your stock investments or mutual funds, to name a few. Some of the best investment management apps even provide a regular summary of your account performance, as well as any news that may have an impact on your portfolio. Because of this, you will be able to optimize your returns and even consider automated investing.
Cash Flow Software
A cash flow software will help you manage your incoming and outgoing funds, allowing you to develop a strategy on how you will be able to maintain positive cash flow. These apps can also help you forecast your future cash flow based on your historical financial data. More often than not, these apps are used in conjunction with budgeting and forecasting software, as well as the invoice management software. A cash flow management software proves to be beneficial for businesses with several suppliers, projects, as well as payment categories.
Billing and Invoicing
Billing and invoicing apps pave the way for businesses to automate the process of producing invoices and receiving payments from their clients and customers. Freelancers can also leverage this app to ensure that they are receiving a complete payment on time. Some of these apps come with unlimited free quotes, while others support online payment gateways as well. Some even come with a time tracking feature shown in an interactive dashboard that makes it easy for you to have a good idea about your billing and invoicing status.
Payroll software is essential even for small businesses to ensure that they pay their staff diligently on time. With this app, payroll processes such as payment calculations, withholding tax deductions, as well as benefit computations are automated. Some can even be integrated with banks or other payment gateways to ensure that the money is timely deposited into the accounts of your staff. Compared to a paper-based system, the payroll system becomes more efficient with payroll software.
In conclusion, leverage on technological innovations such as financial management apps to streamline how you handle your finances, regardless of whether you intend to use it for personal purposes or your business. For sure, you will be able to find the app that you need to suit a particular purpose, such as tracking your expenses, making sure your taxes are paid, or managing your investments. Rest assured that it will take you no time to learn how you will be able to use these apps to your advantage because, more often than not, these are intuitive and easy to understand.