In order to become a successful trader, it is essential that you make the most of all the tools at your disposal. The rapid advancement of technology is one of the main factors that has opened up the Forex market to many individuals, allowing people to buy and sell currencies from the comfort of their own home. Since the first online trading platforms emerged, there have been many more technological developments. Here are five vital technologies every trader must have in their toolbox.
1. Mobile Platform
A top quality FxPro mobile platform is essential for making trades on the move. This allows traders to buy and sell currency anywhere in the world with an internet connection, whether it’s on the bus to work, train to a business meeting or simply from home. From your pocket, traders can react almost instantly to any real-time currency price movements, as well as benefiting from news, analysis and charting features from a smartphone.
2. Portable Wi-Fi Device
One of the main problems with trading from your mobile is when you end up somewhere without a Wi-Fi connection. Now you will be stranded, unable to make trades without an internet connection. You could miss out on some major price movements and trading opportunities. There are many great mobile Wi-Fi or Mi-Fi devices available though, which allow you to connect many devices and pay for as much or little internet as you use.
3. Power Pen
The other main problem of trading through a smartphone is if it runs out of battery. Again, you will be cut off from trading and any other activity. With a power pen, you simply plug it into your phone to revitalize it. Plus, it easily fits in your pocket and can be used to write with. Just remember to recharge it before taking it out with you.
4. Economic Calendar App
An economic calendar should be used by all traders to predict when there is likely to be currency price movements. To make this easier, download one of the many free economic calendar apps to your phone, so you can stay on top of and plan for any upcoming events.
5. Forex Indicators
There are many different Forex indicators available and every trader should be using at least one. These can be downloaded and built in to your strategy, tracking markets to provide clear trading signals and improving your performance.
Make the most of each of these technologies if you’re a mobile Forex trader and you should find trading Forex becomes a lot easier in the future.