Keeping on top of your trading in stocks, shares and cryptocurrencies can require you to check in on their performance and their standings regularly. Luckily there are lots of mobile apps that are packed with all the tools you need to launch and manage your portfolio.
How do you decide which is the best app for you?
Firstly, you need to decide what sort of trading you want to do. Is it going to be mainly cryptocurrencies, what type of investment will it be, will you be buying stocks and shares, how much work are you willing to do and how much will you trust a broker to do for you?
These are all things you need to research before you can download an app and start trading.
Luckily, there isn’t any shortage of information, unfortunately you might not be able to see the wood for the trees. The first thing to do is make some decisions about yourself.
Are you a fundamental trader, a noise trader, a sentiment trader, a market timer or an arbitrage trader? Then start researching the best mobile trading apps to determine which ones might fit what you need.
1. Fundamental trader
Are you the sort of person that will analyze each angle of an investment, take your time gathering information and make decisions once all the facts have been gathered?
This sort of strategy lends itself to fundamental trading as you are usually playing the long game, making decisions based on research which takes time and therefore is not suited to split second decisions.
2. Noise trader
This is the sort of trader who makes snap decisions based on snippets of information that leak through. This can be good or bad depending on your sources, as big gains can be made if you are ahead of the curve, but quite often losses are incurred if you react too late.
3. Sentiment trader
Somewhere between the fundamental trader and the noise trader, a sentiment trader will do some analysis into trends and attempt to get in at the beginning and get out before the crash.
Often buying dips in the hope they will rise and attempting to predict the peaks using some research, sentiment traders perform less research than a fundamental trader in order to remain reactive. If timed well and your instincts are good, this can be a very profitable strategy.
4. Market timer
Similar to a sentiment trader, a market timer will try to predict big swings in the market, such as flipping property in a boom before the inevitable crash.
It is a risky strategy as you could be left holding that property portfolio and unable to sell, but if you have done your research and sell at the right time, then you are in the money.
5. Arbitrage trader
Arbitrage trading requires the trader to constantly monitor different markets for varying prices on the same asset. If you can buy an asset cheaper on one market and sell it at a higher price on another market, then it is easy money.
Once you have decided what sort of trader you are, what app you should be using should be a lot easier to choose.
