Some people like the idea of investing in an asset and letting it simmer for quite a while. Others prefer to take a hands-on approach and trade every day. If you belong to the latter group, you know how important it is to be able to make moves at all times. Luckily, if you use a trading app, you can have access to the trade market 24/7. While these apps have been around for a while, they’re still a relatively new concept and some traders are yet to adapt. In case you’re looking for some help, here are five key things to remember when using a trading app.
You can trade the news
Trading is all about making use of momentum. The best time to buy or sell assets is right after an economic event has taken place. With trading apps, news trading has never been easier. All you need to do is make sure you stay up-to-date and you’ll know exactly what kind of moves to make. Another great thing about it is that all economic releases are scheduled. This means that if you’re able to come up with a schedule similar to those of trading tycoons, making profit from news trading shouldn’t be tough. This is because you can learn everything you’re supposed to know about inflation rate releases and trade balance reports right on your mobile device. Make it a habit of checking all announcements once they’ve been made and go on to trade on your app right away. As long as you make trades on your app in a timely fashion, this strategy will prove to be effective.
Getting assistance is easy
There’s a chance you still haven’t tried trading on an app because the entire process seems a bit complicated and you’re used to trading the old way. This makes sense but once you give trading on an app a go, you’ll see that this type of trading is even easier. Once you get used to it, there will be absolutely no reason not to make moves from your mobile device. Even if there’s something you don’t understand about it, there’s no need to panic. People behind these apps know how important it is for traders to have someone who can help them with the technical side of it all. This is why they offer quick and efficient customer support. Some of them even offer multilingual customer support, something traders from across the world will like. Opt for the right app and you’ll know you’ll get top-notch customer support whenever you need help.
You don’t need money to get started
The amount of money you need if you want to start trading from an app is zero. Most of the time, trading on your mobile device is absolutely free. In other words, you don’t have to worry about any hidden fees when making a switch to a trading app. However, keep in mind that some apps require payments if you want extended functionality. So, if you’re just entering the world of trading, all you need to do is find the right app and identify the type of asset you want to trade with. Finding the best stock trading app for beginners shouldn’t be tough, especially if you know where to find out more about them. When starting out, it’s usually a good idea to opt for an app with no fees. That way, the amount of money you need to start trading on your app is only determined by the asset you want to trade with.
Setting stop losses has never been easier
Did you ever wonder why mobile apps in general are so popular? It’s just that the convenience these things offer is unmatched by computer programs. Well, now you can enjoy such convenience when trading. You probably already know how important it is for traders to set the stop-loss order. When markets go down, they go down fast and dealing with it is a must. Not so long ago, if you wanted to set stop losses, you had to do it manually. Now, the app can serve as your defensive mechanism and help you avoid margin closeouts. Let’s say you decided to go at $12,750 Bitcoin and you want you stop loss to be at $12,250. All you have to do is set the amount on your app and once the price reaches $12,250, your position will close automatically.
You can use any device you want
Some investors are yet to transit to trading on an app simply because they believe mobile trading works only on some devices. This couldn’t be any further from the truth and it shouldn’t stop you from trading on an app. Of course, there are some trading apps that only support IOS and Android devices. While that may be enough, some traders prefer apps that are also compatible with Windows. The good news is that such apps exist and if you want to have an option to trade on your desktop, there are apps you can opt for. With one of these apps in your arsenal, you can trade on your mobile device when you’re not home and still make all your major moves on your desktop. It might take you some time to find the right app but once you do, being able to trade from any device you want will definitely be worth it.
The bottom line
Trading with stocks using an app comes with a number of benefits. What’s more, adjusting to trading on an app isn’t tough and it’ll make the entire process even easier. Learn more about the apps available right now, find the one that suits all your needs and you can begin trading more than ever.