5 Apps Every Trader Needs to Minimise Risk and Capitalise on Opportunities
Stock trading can be considered an effective short-term approach for investments. As a successful stock trader, you can make sizable profits. However, there are certain risks involved as well. So it is necessary to prepare well and get as much help as you can.
Many tools and apps have been designed to assist stock traders in day-to-day trading. These apps can help you analyse your potential stock investments while minimising the risks. A trader needs a good trading platform based on the market they prefer to trade in. But other than that, we believe that every trader needs these five apps to capitalise on opportunities with minimum risk.
Portfolio Tracker Apps
A portfolio tracker is an essential part of preparing yourself for stock trading. It is especially useful for traders who hold a position overnight or invest money in long-term trades. You can use it to track a stock portfolio before and after you invest in it. A stock portfolio tracker can help you make smart investment decisions.
You can also use it to manage your budget and keep a record of all your investments. Sometimes traders tend to hold onto losing positions, hoping that they would be able to earn their money back.
A portfolio tracker will remind you to stay away from bad investments. You can also use it to identify the trades and investments that are right for you. These are some of the features that you must look for when choosing a stock portfolio tracker:
- Number of stocks tracked
- Integration for brokerage
- Stock analysis tools
- Integration of news feed
Stock Charts Apps
You might need a stock chart to plan your future trades. It will provide you a graphical representation of the stock data along with the price and volume. A simple stock chart will display the price data as a line graph, which will keep changing with time.
A trader needs a good trading platform based on the market they prefer to trade in.
Some stock charts also display candlestick charts as indicators for trading volumes. Many complex stock chart apps allow you to set any added indicators that you need to analyse your trading activity. There are many free stock chart apps available, but they come with certain limitations.
You can expect a 15-minute delay on the chart updates, which may not be apt for day trading. Some free charts also have limits on the volume reports and would only display limited information on exchanges. On the other hand, paid apps will provide real-time price and volume updates and several other charting options.
Financial News Apps
With stock trading and investments, news updates and your reaction time can make a huge difference to your profits or losses. Therefore, you must have financial news apps on your smartphone. They give you access to actionable business information, financial news, and stock market data.
You can switch on notifications for breaking news alerts to take real-time action. Some apps also give you access to interactive charts, real-time stock quotes, and global business news.
Practice Trading Apps
Practice trading apps are investment simulators that help you prepare for stock trading without any risks before you invest in real trades. It gives you the experience of trading in the stock market so that you can get a hang of it. You will be able to invest virtual dollars in the trading simulator and see whether your choice of stock would have been profitable or not.
It allows you to test your stock analysis skills and come up with learning goals. You can also use practice trading to formulate multiple investment strategies for the future. It is a useful tool to learn the intricate working patterns of stock markets and practice the theories.
Automated Trading Apps
Automated trading apps are the perfect solution for you if you want to take the psychological elements like emotions out of the trading. You can use these apps to set your parameters to choose potential stocks, allocate investments, and open or close positions. But using an automated trading app does not mean that there are no risks involved.
You would still have to set the initial guidelines along with the entry and exit positions. The app will use its algorithms to monitor the stock market according to the conditions you have set. There are many advantages and disadvantages of using automated trading apps, so consider them carefully before you choose to use one.
So which are the right apps that can give you an edge to earn maximum profits and minimize losses? It is probably one of the most debatable topics because every trader has their own choice of apps and tools. There is no doubt that certain apps are better than others, so read reviews and get referrals before you select the apps for your trading arsenal.