Joyce MunsonBillionaires and hedge funds rely on real-time economic data to capitalise on market shifts and it is a good idea for us retail investors to follow the same process. Modern smartphones and laptops are very powerful and allow complex financial apps to run smoothly, enabling investors across the globe to access real-time financial and economic data instantly and get updates on important dynamics. Let us now list and briefly overview apps that offer the best insights to retail users, from earnings alerts to geopolitical risk analysis.
How to select apps
Apps enable traders to get critical information about current market dynamics and important macroeconomic news events. Most of the top FX traders ranked globally employ one or several of these apps to ensure they are ahead of the game and maintain a competitive edge in trading and investing.
When selecting the best app you need to take into account several factors:
- Timeliness – Alerts must be as fast as possible, this is critical in financial trading as you should get alerts seconds after data release (non-farm payrolls, unemployment data, interest rates, etc.)
- Global scope – Coverage of global markets like EU, APAC, and U.S. markets is also important as these markets offer the highest profit potential in both trading and investing.
- Actionable insights – The app needs to provide not just data but also the context to increase your chances of effectively capitalising on news opportunities (how interest rates hike impacts bonds, FX, and so on).
- Asset-specific news – Different assets are sensitive to different data. For example, FX markets are typically seriously shaken by non-farm payrolls and interest hikes while other markets might react to other news events.
Ensure to customise your app so that it offers updates specific to your favourite asset class to increase your chances of success.
Top apps for tracking economic events
There are a plethora of apps offering different kinds of news and services in the financial sector. The most popular apps that allow investors to receive important fundamental news are apps that incorporate economic calendars. Let’s briefly list the best of them below.
- Bloomberg (Premium) – Bloomberg is the gold standard for news, analytics, and live TV solely focused on financial trading and investing. It offers institutional tools with a steep price tag. It also enables investors to get major economic news 30 seconds before its release on most online platforms.
- MyfxBook calendar plugins (Free) – Offers robust services that include plugins for browsers that alert users about upcoming economic news releases which makes it a must-have tool in every trader’s arsenal.
- Benzinga Pro (Paid) – This service offers super fast earnings call alerts and squawk box service.
Economic calendars are a must-have tool for every trader and investor to monitor the heartbeat of major global economies and not miss important trading/investing opportunities.
Features breakdown
Here is how to set up your app to get the most out of it and stay ahead of the curve.
Custom alerts
Always set triggers for specific assets to get the news instantly. This could be something like this: Alert me if Tesla drops 5% pre-market”. If the app does not have this much AI in it, then just set up the alert yourself. You can also use various AI assistants to notify you when a certain asset moves at a certain percentage.
Cross-platform sync
Apps like TradingView allow alerts via email, SMS, and in-app notifications. TradingView is available on all devices including web browsers. Similar is true for advanced platforms like MetaTrader 5 (MT5), which allow for superior alert setups. However, these apps require some basic understanding to use to their fullest.
Security and reliability
It is important to know how your app makes money to ensure they are not generating profits by selling user data. Ensure to check privacy policies. Verify sources and ensure your app cites reputable institutions like the IMF, World Bank, and so on. Apps that offer news headlines from unreliable sources could make false impressions and it will cost you a lot of money.
How to customise your toolkit
Here is the list of workflow:
- Open Yahoo Finance for general news
- Track the economic calendar for important news and event timing
- Use apps for deep dives into earnings to ensure you understand what the effects of the earnings will be on the asset’s price.
- Set alerts on your app to get notified when the asset of your interest moves by a certain percentage or hits a predetermined level (Tesla stock price hitting a certain price for example)
Billionaire-level strategies
Billionaires are constantly monitoring markets to ensure their portfolios are protected from adverse movements. They get news first then decide with the help of portfolio and wealth managers how to manage their portfolios. Use apps like Koyfin to track ESG trends or supply chain disruptions. HedgeChatter aggregates hedge fund manager commentary and allows investors to analyse market sentiment, which is crucial in investing and trading
