Expanding Currency Exchange Profit With The Right Tools
Foreign Exchange, or Forex, refers to buying currencies when they are low and selling them high. Say you’ve got $5k in U.S. dollars, and use that to buy another currency that is historically at a “low” point. In 1999, Canada’s dollar was about half what America’s was at the time. As the years have passed, the buying power of the Canadian dollar has grown.
So if you spent $5k U.S. on Canada dollars, that may have been worth, say, $10k Canadian twenty years ago. Today, the exchange rate for the Canadian dollar .74 U.S. dollars. Essentially, since 1999, the value of the Canadian dollar has gone up 49.54%. So that $10k you purchased 20 years ago now has much more buying power, and you can sell at profit.
Forex trading can be a long game, but profit can be attained as currency values fluctuate internationally based on varying economic trends which locally shift money values. If you’re going to double your money inside a few years, you need the right tools for the job so that you can retain your prescience and either purchase or sell when the time is right.
Following, we’ll briefly explore six Forex mobile apps you can use to increase the precision with which you manage varying amounts of money in the exchange market.
- The Ole’ Standby: Yahoo Finance
With Yahoo Finance on your smartphone, iOS or Android, you can specifically monitor stocks in a personalized way, easily navigate through varying up-to-date information, track different currencies, futures, and stocks, and keep a close on the performance of your varying holdings.
Yahoo is an established player in the modern market and can do much for your Forex success if you use the app properly.
- Millions Of Trades Through eToro
Over 280,000,000 trades have transpired on eToro; the number keeps going up. Essentially, you can figure out what traders are doing who are making money, copy those trades, and see the money start rolling in.
As you make waves, others will take note and follow your example. This is simultaneously a “soft” networking tool, and a fine Forex option you only need $200 to start using.
- VPS Options Like AccuWeb Expedite Trading Precision
AccuWeb is a Virtual Private Server (VPS) option which allows you to keep track of your varying trades instantaneously wherever you happen to be—worldwide—wherever there’s a secure internet connection.
This gives you a competitive edge, and can help you make key trades where time is of the essence. Check out the following link to bring your VPS Forex to the future with AccuWeb Hosting.
- Advanced Tools And Analysis From Trade Interceptor
Trade Interceptor offers Forex traders analytic options which were previously only available in a desktop format. There are over a hundred varying drawing tools, including indicators that are “intelligent”. You can also achieve access to over a dozen complex charts, examine indices, catch streaming quotes, precious metal values, and commodities; all in real time.
5. Expand Market Experience Through Trading Game
Those starting out, or exploring “risky” moves, can model them through Trading Game, which simulates the “real” market. Even experienced traders use this application to hone skills and learn key lessons pertaining to average market fluctuation. Varying puzzles and other exercises can be explored in this application.
- Push Notifications Keep You, Current, With Thinkorswim Mobile
With Thinkorswim, you’ll find intuitive options for Apple and Android devices. Streaming data from CNBC is relatively available to keep you apprised of market shifts in terms of Forex. The biggest bonus here are push notifications which keep you “in the game” automatically.
Achieving Expanded Competitive Edge In Forex Trading
Forex is volatile, and 7 to 9 out of 10 traders end up losing money. The other 10% to 30% see profit; it just requires they put in the footwork.
Given Pareto Principle distributions split the “wheat” from the “chaff” at a 20/80 ratio, a chance between 10% and 30% of profit isn’t terrible. Mobile apps like those listed here are key in facilitating the edge necessary for reliable profit.