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The Top Financial Apps To Have On Your PC
With the wide range of opportunities emerging in the financial industry, you as a trader need to have your PC optimized so it can manage to keep you updated with the latest developments and place trades at the right time. Your trading strategy plays a critical role in how you can perform in the long run, that’s for sure.
And technology is a part of that trading strategy that just cannot be overlooked or underestimated. You might have already proceeded with an mt4 download for pc, so the platform is set. The trading software is the main gateway to the markets, and in general, this is where traders should start off.
This is the tool in charge of placing trades, showing real-time price data, and helping with technical/fundamental analysis. Still, several other apps can play an important role in the process, some of which we will go over.
Every trader doesn't need to use all of these stated below because, based on your trading style and strategy, some might not be useful. At the same time, we recommend you figure out your own trading strategy and routine, and these PC apps can help you in that process.
1. Financial news apps
Because liquidity continues to be low and volatility elevated, financial assets are highly sensitive to news. The focus is on inflation. South Africa figures reached 5.9%. recently, for example, prompting the central bank to intervene. Conditions are not better in other areas, so traders constantly monitor news on this topic.
At the same time, fear of an economic slowdown, or even recession, gains more traction, so getting to know what experts think about these and other matters can help you when making decisions.
In case you are using Microsoft OS or MacBook OS, there are plenty of news apps you can download and install on your PC. While you are monitoring price developments, these can help you see when new headlines show up.
2. Trading apps
Naturally, the trading platform is the most important software you need to have on your PC. This mainly depends on what brokerage you are working with, given each company has a certain policy concerning platform coverage.
Some brands continue to rely on software designed by MetaQuotes (MT4 or MT5) since millions of CFD traders rely on them. Also, over the past couple of years, new proprietary software has been developed out of the need to ensure a personalized experience in the market.
MetaTrader 4 has been around for more than 15 years and continues to be a top pick among retail CFD traders. The platform is stable, secure, and integrates multiple features with proven efficiency. The user interface is very friendly, which is why traders from around the world stick with this platform, even now that they have plenty of alternatives.
Trading is mostly about consistency in your performance, so once you’ve found a system that works, there is no point in making constant changes. MT4 is a platform that can be installed on your PC, and most brokerages offer download links via their websites.
The app is available anytime you want to see what happens with your account or the markets. There are even web-based trading solutions available, but if we’re talking about a PC which you often use for trading, it is better to go for an installable solution and not have to log in via a browser every time you want to open the platform.
3. Stock market updates apps
Stock trading is trending, and companies like Amazon, Tesla, and Apple are in the lead, mainly thanks to their large market cap. However, since most brokerages cover thousands of stocks, both local and international, it is difficult to keep track of their performance without several apps that can do the work for you.
More specifically, with providers like CNBC, Investing.com, or Bloomberg, it is possible to compare stocks based on daily price movements, liquidity, or other metrics. In general, trading platforms don’t offer many options in this respect, so a dedicated app can help you a lot.
4. Trading calculators
The risk management part of the trading process tends to be ignored, especially by beginner traders. They don’t calculate crucial figures such as position sizing, and they don’t consider factors like the maximum stop loss that should be placed based on pip value and volume.
Even if this might seem tedious, you don’t need to do it by hand since that can consume much of your precious time. There are now trading calculator apps, which can get the work done within seconds. All you have to do is fill in some inputs, and the software will show the right risk parameters.
All of the four trading app categories mentioned above have a specific use, and their efficiency has been proven. If you want to ease some of the tasks and let the software handle them, it might be appropriate to take a closer look at what each app can do. You’ll find plenty of information online.
Tell us your trading story.
Have you started trying to improve your savings by trading in the market? How is it going? Do you have any tips you feel should be added to the list? Share it with us in the comments, and let's help South Africans save even more.
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If you enjoyed this post and have the time to spend diving deeper down the rabbit hole, then we suggest you check out the following posts about improving your finances in South Africa.
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