What images tend to come to mind when a smartphone app is mentioned? The majority of consumers will reply with answers including social media communications, phone filters and the occasional online casino game. However, it is just as important to recognize that the humble mobile phone app has made its world into the realm of online trading (and with truly impressive results). How are knowledgeable traders leveraging the power of this software to enhance their investment strategies and what are some takeaway points that novices should appreciate?
The Real-Time Advantage
The processing power of even the average smartphone has increased exponentially over the past few years. It is now possible for traders to access real-time data when it is required the most. However, they are no longer required to physically navigate to an online investment portal. Many applications are now equipped with “push” notifications; predetermined alerts that will notify the user in the event that an asset reaches a certain value. Appropriate actions can then be taken when the time is right. This is particularly advantageous during fast-paced binary trades and similar methods which require immediate (and informed) reflexes.
Taking Advantage of the GUI
GUI is an acronym for “graphical user interface”. This is most often represented as a dashboard or a similar centralized access point that contains all of the most important personal financial information. Smart traders are now beginning to customize these interfaces based off of their individual preferences.
This will provide superior levels of insight and clarity; both important metrics when making snap decisions. Some of the areas which can be modified include charts, lists of currently held stocks, trading information and historical analyses. This streamlined capability was all but fictional only a few years ago.
Learning the Ropes
Much like any journey, setting off with the correct foot forward will often equate to the difference between financial success and failure. Educational trading apps are therefore important to mention. They will clearly illustrate trends and define basic principles. Some are considered to be “practice” applications and no money is involved with a trade. Beginners will be able to hone their strategies before moving across into the real world.
Trading When the Time is Right
Money never sleeps, but the trader requires rest in order to make informed and logical decisions. Intuitive and streamlined applications such as those designed by CMC Markets can be accessed 24 hours a day and seven days a week. This provides a superior sense of flexibility. Whether one is on a business trip or wishes to quickly check on the price of a blue-chip holding while on holiday, these applications aim to please. Responsible trading involves knowing when to become involved and appreciating those times when it is better to abstain from further action. Both of these options are available via modern mobile apps.
The Power of Diversification
The best trading applications will provide the user with a host of investment options. These include:
- Forex positions
- Binary trades
- Blue-chip holdings
The ability to access these from a centralized portal is a final advantage of robust applications. Astute traders appreciate that a diverse portfolio will be able to stand up to the inevitable volatility associated with the markets.
On a final note, we need to remember that financially based applications are available to traders of all ages, locations and skill levels. They are beginning to transform the ways in which the average investment takes place and we should expect their importance to grow as technology continues to advance.