Seasoned traders may today put a big smile on their face when they look at all the options available to anyone who wants to enter the world of trading. Before the internet, trades could only be made via phone. A trader would need to call their broker to place a trade, then the broker would have to call a floor trader, who would need to physically be present at the exchange.
These days all you need to trade is a computer, trading software and a decent, reliable internet connection.
However, trading technology does not stop there. Here are 5 top trading technologies you can use to enhance your trading career.
1. Commission-free trading – Robinhood
Every trader has to start somewhere, and if you’re a newbie trader then Robinhood is the best place to commence your trading career.
This app for computers, smartphones and tablets arrived on iOS early in 2015. By the time it arrived on Android eight months later users had already conducted over $1 billion in trades.
Besides the simple interface, what makes Robinhood so attractive? The answer is simple – commission-free trades. The people behind Robinhood claim to save their customers $5 million a month in fees.
2. Trading signals – SnipeTheTrade
No matter how much you’re prepared to education yourself when it comes to trading, you might just prefer to concede that others know better. There’s nothing wrong with that – thousands of traders across the globe think the very same.
That’s where signals come in. A signal is a notification by a service provider of a trade that the provider thinks likely to be profitable. You decide whether to take the trade or not (or you can just have faith and automatically follow all trades suggested).
Forex signals provider SnipeTheTrade.com is one of the more stellar services, allowing you to copy trades from a professional trader. The service offers a seven day free trial, and also provides binary options signals. You can also use SnipeTheTrade’s EA (Expert Assistant) to copy their Forex signals autonomously. The product currently boasts win-rates of eighty percent and above.
3. Trading algorithms – FlexTrader
While some traders like to focus on economic events and global news in order to place their trades, others are convinced that markets are predictable, if fiendishly complicated. This predictability can be taken advantage of by creating algorithms that monitor the movements of markets and react accordingly when certain numerical conditions arrive.
FlexTrader is an automated, broker-neutral trading system, that works as an execution management tool. Traders are able to fully customise the algorithms available via Flextrader to include only the financial instruments that they are interested in.
4. Gamification – TradeHero
The days of trading being the reserve of high-powered city dealers are fast coming to a close. Gamification – the process by which gaming is applied to aspects of the real world – is fast becoming a major factor within the trading realm, as explained in this excellent article by Gamasutra.
TradeHero is a gamified app that allows wannabee traders to get to grips with trading in a playful environment, as opposed to one where millions of dollars can be thrown away. TradeHero subscribers use the app to learn how to trade without risking their capital, and to follow expert traders to see how to become successful traders themselves. They can also compete against their fellow users using ‘play money’ to win trading kudos.
5. Social trading – Tradeo
Tradeo is an entire platform designed to ease the sense of ‘going it alone’ when it comes to online trading. Sign up with Tradeo and you can gain access to both real and demo accounts for trading forex, stocks, commodities and indices.
At Tradeo you can follow the site’s most successful traders, and even copy their trading strategies. You can also devise your own strategies and see if your fellow Tradeo users are willing to trade alongside you.
You can discuss trading matters within Tradeo’s forums, and make important contacts. A complete and beneficial solution to the usual solitude and isolation felt by traders.
Sources: snipethetrade.com / gamasutra.com