The leading reason why so many new investors have begun trading in the Forex market is that it is a fast-paced environment based on something most people understand – money. However, understanding your own currency doesn’t necessarily mean that you will understand other major currencies and this is where it gets a bit risky. Yes, Forex is a risky market. Because of this, many new traders employ a trading style called ‘copy trading’ in which they follow and mimic the trades made by seasoned traders who have shown consistent successful trades.
Having said all that, the one thing which new investors can benefit from would be to take advantage of the numerous Forex apps, free or paid, that help them on their journey through Forex trading. If you are new to Forex and are looking to mimic the trading style of successful traders, the one thing you want to learn above all else would be the signals they follow. This is why you need the very best Forex signals app you can find that gives you all the tools you need to make on-the-spot, successful trades.
Understanding the Importance of Forex Signals
The one thing you will learn early on as a Forex trader is that currency pairs are largely reliant on the relative economies. When geopolitical influencers, for example, send one currency spiralling downward, that is a signal that it’s time to act. But how? The best Forex signals app (which you can find a round-up of on InvestinGoal) will let you enter the signals your ‘mentors’ use so that you will be alerted when it’s time to trade.
Why are these signals so important? The answer to that is both simple and complex. When you first began researching Forex, you were told over and over again that this is a volatile market and it is just as easy to lose a small fortune as it is to gain a huge fortune. However, nothing happens overnight and you will need to gain experience in reading the signals to know when to move or when to hold. The market may be volatile but your learning curve does take time, hence the need for Forex copy trading and signals apps.
What to Look for In Forex Apps
There are several things to look for when choosing the best apps, among which are copy trading and signals features. The apps reviewed and recommended by InvestinGoal have been rated based on reliability and availability across platforms. However, you are told that some apps are free and some are paid subscriptions. There is no reason why a free app cannot offer the same benefits of a paid app if you know what you are looking for.
This is where a Forex broker comes into play. Some signals apps are downloadable from your own broker, some allow you to choose a broker based on that platform, and others let you ‘bring your own broker’. The point isn’t always paid vs. free because sometimes you can find a more reliable free app for both Android and iOS than you can when purchasing or subscribing to an app. The one most important feature you are looking for is in that app’s ability to allow you to set signals you are copying from successful traders you are emulating. If your app does that, you’re good to go.
from Finance Girl http://www.financegirl.co.uk/the-best-apps-for-new-forex-traders/
Thanks for sharing this information i will try this.
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