7 Must-Have Apps for Day Traders

Stock-Markets / Stock Index Trading Jan 29, 2021 - 05:08 PM GMT

The past few years have seen a series of changes take place. The most impactful of them all is the increase in the importance of the Internet in our lives. As everything is moving online, the popularity of online trading has also increased significantly. Today, most people interested in making money by buying and selling shares, stocks, equities, etc. prefer to carry out their operations online. The main reason behind this change is the rise in popularity of cryptocurrencies like Bitcoin.

The biggest advantage of online trading is that you can take part in the actions irrespective of your location if you have a mobile device and a healthy Internet connection. To make the process of online trading even easier for traders, developers have come up with several apps. You can use some of them to boost your market intelligence and trading profits. The section below talks about seven apps day traders must have on their phones.

1. VPN

When you surf the internet to access your trading account, you remain at risk of revealing all your activities online to malevolent third parties. You will be surprised to know that the risk prevails not only when you use public Wi-Fi hotspots but also when surfing from home. This happens because most of us are unaware of the importance of encrypting our network.

If you continue using an unencrypted network, you can not only experience loss of privacy and private data but may also end up handing over some sensitive personal and financial information to unscrupulous people. To be more precise, you’ll remain susceptible to cybercrime.

The best solution to the problem is using a VPN or Virtual Private Network. According to ExpressVPN’s definition on what a VPN is, it is a secure tunnel connecting the user’s device and the Internet. The VPN app will work by hiding your IP address from malicious people and allow you to operate anonymously. As your Internet connection will remain encrypted to an external server, you will be able to trade securely without worrying about data theft.

2. MarketWatch

You cannot compete with other traders if you don’t know the market well. With the rise in the popularity of online trading more and more people are becoming day traders, which is taking the competition to an altogether different level.

As a day trader, you must keep a close eye on even the minor events taking place around the globe that may have an impact on the market. You must remain up to date with financial news, real-time prices, daily market analyses, relevant market stories, and more.

While doing all the above at the same time might seem an almost impossible task, MarketWatch will make it possible for you. Having the app on your phone would help you to remain updated with the latest stock market news all through the day. You’ll not miss anything crucial even if you are traveling.

3. SigFig

As a day trader, you should always be wary of trading opportunities that might end up dumping you. One of the main reasons why many day traders keep making losses is their habit of falling prey to attractive offers without judging their merit. If you do something similar, you’ll never be able to attain the desired success as a day trader.

One way to keep those fake offers at bay is by downloading the SigFig app on your mobile device. SigFig is the most trusted trading adviser you’ll ever come across. It will provide you with detailed information on drifting funds, hidden fees, overcharges, and several other problems that you used to neglect earlier.

With SigFig on your phone, you will also get suggestions regarding the optimization of your gains.

4. ChartIQ

This app was developed keeping in mind the needs of technical traders. You can use ChartIQ for viewing line, bar, wave, and candlestick charts featuring a wide range of indicators. The app will also allow you to include remarks, trend lines, sections, zigzags, and rays.

5. AnalystRT

Are you one of those day traders who prefer making investment decisions based on analyst ratings of stocks? If yes, then you must ensure that you have access to real-time data. The unavailability of real-time data might make you suffer serious losses.

The easiest way to beat the problem is by using AnalystRT or Analyst Rating Tracker that will provide you access to real-time analyst ratings of hundreds of thousands of stocks. The app categorizes stocks as Hold, Buy, and Sell depending on the information provided by experienced research analysts representing the top research firms and banks in the world.

6. Motif

If you have this app on your phone, you’ll be able to make all your investment decisions and strategies in a secure environment. Motif works by using themed portfolios and helps users to understand the causes behind the ups and downs in function markets. Traders can learn to create ETFs of their own while using this application.

7. StockTwits

Day traders and short-term traders must have this application on their phone. This free app is often described as Twitter for the traders, thanks to its Twitter-like feed (and also its name).

StockTwits will provide you with access to videos, charts, and technical analyses by experienced traders and thereby keep you up to date about the status of the market at any given time.

Conclusion

If you are serious about day trading, make sure you have all the seven apps discussed above downloaded on your phone. These applications will bring down your chances of incurring losses to a minimum and also keep your data protected from hackers and other malicious entities.

By S N Chatterjee

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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