The basic principles of trading remain the same, but the tools you use and the way to go about implementing your trades changes very fast. With the advent of trading apps, there are now a whole new bunch of apps released every year. If you want to make best use of the available tools, then you have to keep up with the times. Let’s take a look at the latest new trading apps for 2016, from the copyop social trading app to Robinhood and Openfolio.
Copyop – Social Trading: This is a social binary trading option platform for Android devices. You could say this anyoption app is the eToro of binary options trading. The idea is that copyop lets you copy the top investments of the top traders on the platform. You can simply monitor any trader you think you want to emulate, and then you can start to copy their trades with a single click. Once you set the app to copy a trader, their trades will also be automatically placed through your account (under your terms).
It’s extremely simple to use and you don’t have to know anything about financial analysis or trading or stocks and charts and historical data. Obviously, this social trading model only works when there are enough successful traders to copy. Well, on Copyop, you have over 1 million traders to follow.
The platform is not just about copying trades. You also learn very fast, through social sharing and networking with other traders on the platform. Also, you get detailed traders’ performance based on an evaluation algorithm. The app even helps under-performing traders by providing notifications and new opportunities. You can also view live rate charts with technical indicators, and see the trade history with detailed data and historical charts. Copyop will even pick out and list the traders that match your trading style.
The app even allows for variable margin trading, so that you can control and balance both the leverage and the cost of funding. You can fund 100% of your position, and pay no funding since you are de-leveraged. Or you can invest with only a fraction of the total value. So even though you will be copying trades, you still have full control of your risk exposure and capital management.
Robinhood: As the name suggests, they want to give you money for free. To be specific, the Robinhood app is a stock brokerage service that lets you buy and sell stocks and ETFs without charging a commission. Commission-free trading on a free Android or Android Wear app seems like a myth, but it’s reality when you download and use the Robinhood app.
Ticker: Again, as the name suggests, this is an Android stocks portfolio manager that will help you keep track of the ticker symbols you are invested in or interested in. You can monitor your favorite stocks on the move with customizable push notification alerts for price, volume, and percentage change. It helps you manage and track multiple portfolios with charts and graphs and detailed P&L. To see your positions and P/L live, just enter your trades, dividends, and splits. It gives you full portfolio performance metrics, including MWRR and TWRR.