Forex trading evolved amazingly in the last years due to massive technological advances. Not only the forex market witnessed transformational changes, but also the way retail trading is being done. When opening a trading account with a forex broker, retail traders gain access to their account on multiple levels: desktop, smartphone, and tablets. Trading on the go has become popular once that smartphones and tablets were embraced so quickly. The changes were happening so fast that many brokers were taken by surprise and needed to adapt to the new reality.
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, is 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. Instead you can trade while sat on the bus, waiting in line for a coffee, while out cycling, or sat beside the pool enjoying a vacation.
Although mobile trading offers conveniences that can enhance a trader’s experience, there can be some drawbacks and traders should carefully consider whether mobile trading is the best platform for them. Some of the most noted of disadvantages are the limited screen sizes of mobile devices and the resulting more limited amount of analytical tools that may be used on a mobile device at any given time. Also, depending on where and when they are used mobile devices may experience problems with connectivity that don’t occur as frequently on devices with dedicated fixed-line communication.
Overtrading is the biggest enemy to forex traders and this is especially true now that mobile forex trading is a reality. Having access all the time to the trading account is both a blessing and a curse for the retail traders. Trading has a psychological component that many ignore and great traders can go busted only because of greed and fear, things that do not necessarily relate with a trading setup or rationale. Forex markets spend most of the time in consolidation and some traders, due to human nature, feel the need to be in the market all the time. Only because the market is open doesn’t mean one needs to take a trade.
Platforms for mobile access are often generated from platforms written for PCs. You might get the functionality, but you don’t always get comparable performance, especially if the platform developers have not properly optimized their software for use with cell phones. Likewise, PCs still have the edge overall when it comes to convenience in opening a trade. It is clear that these disadvantages have not deterred a considerable number of traders from adopting the mobile platform for trading forex. Just be prepared psychologically to deal with the higher probabilities of delayed price feed updates, order execution, and duplication of order submission.