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Can You Trade Forex on Your Smartphone?
Written by: PaxForex analytics dept - Monday, 10 June 2019 0 comments
The world has gone a mobile a long time ago, and we are doing all of our finances from shopping to banking on our smartphones, so trading forex is no different. In today's world of smartphones and tablets, advancements in technology mean that you can now trade whilst on the move. As long as you have access to the internet then you can trade using a mobile device. Whether it be a mobile smartphone or a tablet, you can simply pick it up and start trading. This means that if you are on holiday or working away or you are on a long flight using Wi-Fi you can always trade.
Being able to fit forex trading in around an already full schedule, with work, family and social commitments taking up a large part of your time are made much easier with the recent advancements in smartphone and tablet technology. As well as using your mobile device for shopping, planning, keeping a calendar, and finding out everything you need to know, you can now use it to trade Forex via one of the many mobile Forex apps. Provided, of course, you have a secure and stable internet connection. No longer are you tied to your PC or laptop.
With all the advantages and dangers of being exposed to the market continuously, it is crucial to have in-depth knowledge of the matter for every serious trader. Apart from the obvious connectivity, the trend in screen sizes (the newest phones are now at or above 5 inches in diameter) has changed the purpose of them. Charting, as an example, is now a viable option and with the easy-to-use accessories, such as a wireless mouse, a tablet or even a phone can be a real
emergency substitute for a notebook or even a desktop. Of course, a multi-screen trading workstation is not the same as a 5-inch phone, but still, it can save you a lot of time and money if you can efficiently use them.
The benefit of trading on the go, or at least the one that is marketed to forex traders, is the ability to manage your trades when you’re away from your office. But if trading from your phone isn’t a great idea, what is the solution to being able to manage your trades while on the go? The very first thing you can do is to make the switch to the higher time frames. By doing this, you eliminate the need to constantly check your trades every 15 minutes. Instead, you only need to check your charts three or four times a day, possibly as little as once a day.
Most pro traders place little to no trades from their mobile apps. Pro traders know that if they are too busy to sit down in their usual trading office or work from their usual trading computer, they probably don’t have the correct trading mindset to fully focus on trading. Thus, it’s better not to trade if you are too busy to be fully focused on the market. Pro traders use mobile trading apps as more of a monitoring tool than anything else. They know that there is too much at stake to lose money simply because they were rushed and didn’t properly analyze the charts from their most effective state of mind.