One of the best things about forex trading is that it’s now fairly easy to manage or even execute your trades directly from your mobile device when out and about. This has given people who perhaps work full time or have other commitments the ability to still be able to trade. This article will discuss some of the best apps for forex traders, and how you can use them to your benefit.
MT4/MT5
This seems like an obvious one, but as most retail traders are utilising either MT4 or MT5 for execution, it makes sense to get this one onto your smartphone. You can download Metatrader 4 or 5 from your broker, their website, or an affiliate, and the app is easily downloadable from the App store or Google Play Store.
This will allow you to open, close and partially close trades and even do a certain amount of charting (although the charting interface will be quite small).
There are some restrictions in that you can’t use an expert advisor from your phone. It would need to be on your desktop and your desktop left switched on (or run your experts via a VPS), but it’s still nice to have the option to track your trades on the go.
Another great benefit of MT4 on your phone is having notifications direct to your device when a trade triggers, stops out or hits TP, but you would need to set up your notifications on a desktop to get them to your phone.
Trading View
Trading view has a great app for charting. You can do almost everything on your phone that you can on the desktop version (albeit much smaller) and it runs seamlessly. The price and indicator notifications can be a godsend when on the move. For example, if part of your system involves getting in when the RSI is at extreme, you can set alerts to your phone for when the RSI reaches extreme, giving you a notification to enter the trade on your phone.
Alerts can be limited, however, depending on the plan you have with Trading View. The free plan, for example, only allows for a very small number of alerts, so if you need more alerts you would probably need to upgrade to a paid plan.
Call Levels
Call levels is a good free app that will allow you to set price alerts for when certain pairs meet a certain price. It’s useful if you only have the free version of Trading View and therefore only limited price alerts.
My FXBook
My FX Book is a free journaling software that you set up on your PC, but once you have your account created, you can use it on mobile. It will basically track all of your trades, tell you how profitable you are, what your biggest winning pairs are, and other metrics, allowing you to improve your trading.
While there is still a place for manual journaling in trading (to track things like mindset and reasons for entry), this is going to take care of all the practical aspects of journaling such as entry, exit, win rates etc.
These are our top picks when it comes to apps for forex trading. Try a couple and see whether they benefit you.
