Who wants to be Gordon Gecko?
Or those money-grabbing traders seen recently in The Big Short? Thanks to advances in online trading technologies, you – or indeed anyone – can now ape your big screen trading heroes (or should that be anti-heroes?). Okay, so you might not be making billions right away like those traders, but everyone has to start somewhere …
Here we take a look at trending trading technologies:
Social Trading
One key aspect of online trading that seems to deter many wannabe traders is the idea that you are going it alone. It can be a very daunting prospect to face what is an exceptionally steep learning curve.
Thanks to the concept of social trading, newbie traders no longer have to go it unaccompanied. Sites such as eToro and Tradeo offer broker facilities and a social network-style site for both new and experienced traders alike. You can compete with your fellow traders for kudos and play money, and follow the traders of other successful traders at the site.
Binary Options Signals
Even once you’ve commenced your trading career it can be hard to keep an eye on the necessary financial markets in order to work out which trades you need to throw your investment at, and which should be avoided like the Black (Friday) Plague.
To aid you, you can sign-up to binary options signals provider. Some services pledge to offer a win-rate up to 70%, and as many as one hundred signals a day. They’re beginner friendly and essentially facilitate spoon-feeding approach to trading, but be wary of exaggerated claims!
TradeHero
TradeHero brings gamification– the application of aspects of video gaming and game apps upon real world activities – to trading. TradeHero is a free app for smartphones and tablets that acts as a stock market simulation tool. Despite being a simulator, the data it draws from is taken from stock markets and share prices all around the trading world.
With TradeHero you can ‘practice’ your trading talents before you start to risk any of your own capital. You can also see which stocks are currently ‘trending’ among other investors using the app, and compete with your fellow ‘gamified’ traders to rise up (or tumble down) the TradeHero traders leaderboard.
Binary Options Robots
There are plenty of ways you can approach binary options trading, but the one that is likely to be the most successful is also the one that’s the most intense – you have to constantly monitor markets whenever currency exchanges (or assets markets such as NYSE or FTSE) are open.
Unfortunately most traders find this impossible to do – or at least impossible to do and maintain any kind of life outside of trading.
Fortunately, there is a solution at hand, and that solution is the use of a binary options robot.
Before you latch onto the idea that C3PO sits at a PC screen all day, let us disillusion you. A binary options robot is usually an algorithm – a formula that automatically suggests trades when the figures and values concerning a specific currency pair reach certain, pre-defined criteria. Once this happens, a trade is then triggered.
As this flagship provider explains, you can sign-up for a binary options robot and link it to your broker account, leaving your funds in the hopefully capable hands of software bits and bytes.
Forex Signals
Similar to binary options signals, albeit more legitimate and likely to yield a positive return, forex signals are also ways in which you can ‘follow the experts’ when it comes to your trading.
However, as this article on Invezz reveals, forex trading is a little more complicated than binary options trading. A binary option has only two scenarios – win or lose – and an option is only available for an agreed timeframe.
Forex trading has more variables – when to buy, when to sell, how much to invest, the level at which you should place a stop-loss, your acceptable loss threshold, your minimum profit threshold, and how long to hold the asset you have bought.
Because of this complexity forex signals tend to be trader-based, rather than robot or algorithm-based. You need more ‘faith’ in someone whom is providing a forex signal for you than a binary options robot. You can protect yourself from forex signal providers whose talents are not quite what they say they are by undergoing an initial trial period first.
