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Ins and Outs of Mobile Forex Trading
Written by: PaxForex analytics dept - Thursday, 31 May 2018 0 comments
For many years, forex traders were forced to sit in front of their desktop computers. However, much like many other industries, the forex trading market has joined the mobile brigade, and now offer traders the convenience of trading on mobile devices such as smartphones and tablets. What was on offer started out pretty dismally but it seems that forex brokers and other industry related businesses are now picking up their act.
Forex trading evolved amazingly in the last years due to massive technological advances. In less than two decades, what seemed impossible became possible and retail traders gained access to the largest market in the world. This was possible because of the online environment that allowed anyone with an Internet connection to open a trading account with a broker and place trades on the forex market. 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.
Until recently, trading required you to spend several hours in front of a computer or laptop each week. Thanks to smartphones and tablets, these days you can trade from anywhere with a good internet connection. Fitting forex trading around a busy schedule isn’t always easy. Between work, family, and social life finding time to trade can be a challenge. But
trading forex from your smartphone allows you to trade around a busy schedule. Over the last three years more and more broker’s and charting providers have begun releasing software for mobile trading.
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. This leads to overtrading and overtrading leads to higher risks.
In essence, a mobile trading app is good for monitoring trades and possibly exiting them, but that’s really about it. You have to be very careful in entering a trade from a mobile trading app. Most of the time, it is not the best idea because you will either be entering in a rushed state of mind or you will just be over-trading. Take time and relax and only enter a trade when you are in the right mindset and you have time to determine with confidence whether or not a worth-while trade setup is truly present.