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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.


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Forex trading apps are among the most frequently used smartphone software applications in the world today. These apps help active traders to manage their trading accounts and have market information at their fingertips at any given time.


Forex brokers and independent software developers are the main providers of Forex trading software. Android or iOS users have a wide variety of trading platforms to choose from. Essentially, you would need a platform that is easy to use on your device and one that provides you with all the functionalities you need to achieve maximum profitability.


Here are the top 5 Forex trading platforms that have been found to be reliable and efficient by traders:


1. Bloomberg Business Mobile App


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Bloomberg is a Manhattan-based financial data, media, and software company. It is reputed with leadership in financial market research and has a wide clientele comprising of thousands of investment firms and groups from all over the globe. Bloomberg also offers mobile applications for iOS and Android users including stock and Forex traders.


With its unique Watchlist feature and a customizable menu, the Bloomberg app allows you to monitor your Forex portfolioThe Bloomberg TV, charts, and information summaries are great tools for decision making as you aim at improving the financial position of your portfolio.


2. MetaTrader 5


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MetaTrader is a top-ranking software developer that provides mobile applications for trading financial instruments such as currencies, stocks, CFDs, and futures.


Many Forex traders prefer MetaTrader 5 Forex trading app over other platforms because it supports netting and hedging. These systems enable you to reduce the risk associated with your trades and thus offer a level of protection for your funds. The distinctive features of the iOS and Android Forex trading platforms offered by MetaTrader 5 include Market Depth, which keeps you posted on developments in the global financial markets. You also get access to in-built indicator sets and analytical tools that help you to make informed trading decisions. With just a tap, you can control your account, enter/exit currency trades, and view trading history.


3. NetDania Stock and Forex Trader


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If you are looking for a flexible platform for trading varying financial instruments, NetDania Stock and Forex Trader is a great option. Live charts and latest industry news from Market News International and FxWirePro are some of the information sources the app offers you. In addition, the software give you access to real-time Forex interbank rates, price quotes for other financial securities, as well as trading strategies (for example, target, limit and stop loss).


NetDania trader app is available for Android and iPhone smartphones, and you can use its customizable menu to set preferences for price and trading alerts. Most users review NetDania Stock and Forex Trader as a platform that is fast and easy to use. It is the idea trading app for any trader who wants to maintain a well-diversified portfolio can find invaluable.


4. Trade Interceptor


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Have you been searching for a platform that gives you the liberty of choosing the Forex broker you wish to work with, and keeps you abreast with latest Bitcoin prices?


Trade Interceptor is a world-renown trading platform used by millions of iPhone and Android users. In addition to being able to trade a wide variety of currency pairs, you can engage in the selling and purchase of commodity futures and binary options. Trader Interceptor is ideal for traders of all levels - beginners to experts. If you are just starting out in online trading, the platform allows you to do simulated and backtest trading using historical data.


Access to reliable and timely market information is among the most important aspects of successful online trading. This platform gives you unlimited access to live price quotes and charts, as well as daily real-time market news. Your interface also features technical analysis tools that will help you develop savvy trading skills with time.


5. eToro - top social trading app


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With the rise of social trading, eToro has positioned itself as the best platform for social Forex trading. The app has seen investors open more than 220 million trades. It is distinctively different from other top mobile trading apps featured above in that it allows users to replicate other traders' strategies. The trader whose strategy is copied benefits every time his strategy is used by another user and profits are earned.


If you choose to use eToro, the most significant decisions you need to make as a follower is selecting the right trader to follow. The platform provides you with data (biodata, trading history, and so on) on every trader to help followers choose from an informed position. You can also sign up as a trader and enjoy letting others follow your strategy as you collect the profits.


If you think one of the above Forex trading platforms for iOS and Android users meets your requirements of the trading app you need, go ahead and sign up. Use any opportunity to learn more about the platform (like using a free demo account) before committing real money to ensure that you get exactly what you need. Once you have known how to work with any of these top-rated trading apps, you will have made a crucial step toward building a career as a Forex trader.



If you want to make 2017 the year you start engaging with the financial markets to try and get more from your capital, then your Android phone or tablet can become one of the most helpful tools in your trading arsenal. By taking advantage of good trading related apps, you can set your phone up as a hub for all your trading activity, allowing you to access your portfolio, ETF activity, share index information and everything else you need on the go.



Here are three great apps to help you become an effective mobile trader:


IG Trading


The first thing you need is a trading environment where you can hold your account and actually do your trading. IG's offering is a feature rich app that gives you speedy access to pricing, account information, and most importantly, trading. The app can also help you see various forms of data analysis that can help you plan your moves. The app is free if you have an account with IG, and you can either set this up through the app itself or on their website.


Bloomberg+


An effective trader needs a good source of financial news that is laser targeted to the parts of the market that are most important to them. As you start trading you'll begin to see just how much you value having fast access to business and economic news, as well as expert opinions and analysis. The Bloomberg+ app gives you fast access to the latest global finance news, and means you can avoid having to work through your phone's browser when you need the latest information and breaking price news fast.


Stocktwits


Social media can be a great source of insights, but rather than create a whole new Twitter profile just to collect the stock information you want, or have it fill up your usual news feed, you can install Stocktwits - which is effectively 'Twitter for traders'. You can see insights, ideas, tips and strategies from other traders in real time tweet style format, and also share your own thoughts and ask questions.


Arming yourself with the right sources of insights and news, along with the tools to actually get your trading done, means you can work effectively and efficiently from your phone, whether you are actively making trades or researching a potential trade from both mainstream news sources and social media. With these three apps, you are ready to trade intelligently wherever you are!


The advancement of mobile technology means that we can actually do most things from the palm of our hand. One of the ways in which mobiles have aided the financial industries is that trading can now be done on your phone. Previous barriers to entry for traders were the fact that the intensive nature of trading tethers you to your computer. But, with technology meaning we can have instant internet access almost anywhere, this means more and more people are getting into trading on their phones. But, is trading on your mobile phone really all it's cracked up to be?


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Source: Pixabay


How Can We Trade on Mobile?

 

There are numerous ways in which we can trade online. Not all of it involves trading cash to cash - such as forex or cryptocurrency trading. Plus, the existence of digital e-wallets means that tokens can be saved on your device. Moreover, options trading involves predicting the fluctuations of a price of an asset and making a profit from predicting correctly. The levels of trading available online range from those which take just a cursory amount of information and skill to those involved in larger strategies, which could use all kinds of trading to form a larger, holistic approach to trading online. There are countless platforms that facilitate trading and some even offer assistance and a wealth of information so you know that the trades you are making or planning to make will bring you the best return on investment.


Is Trading Safe?

 

Trading involves sensitive financial information, so immediately issues of security come into play. While trading online is no less secure than any other method of inputting personal and financial information online, it can present a veritable range of opportunities for hackers. Indeed, reports circulated that stated that the Philippines was the most targeted Asian country for hackers and continues to show that financial information has been harvested and information such as registered voters and credit card information has been leaked. Yet, trading itself can be made safe if you have the correct information on how to keep your personal information safe.


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Source: Pixabay


How Can You Keep Your Information Safe?

 

Firstly, you should never trade on a public network without a sturdy VPN in place. Then you should make sure that your password is strong and difficult to guess or be identified. You should also make sure that your trading platform enables you to preview the trade - otherwise, you could make an error and trade the wrong thing. Ensure that should some fraud take place, your platform is able to deal with this adequately to ensure you are reimbursed and protected in the future. Only ever trade when the full SSL encryption is on and keep your antivirus protection up to date. While hacks aren't impossible, if you make it as difficult as it can be to be hacked, you're more likely to stay safe when trading online.

 

Trading online with your mobile can be extremely rewarding - but only if you follow the steps and protocols in place to trade safely and ensure your information is protected where possible.


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