Within the past years, advances in technology have allowed traders to trade forex directly on smart phones and tablets. These devices are great to accompany a laptop or directly trade in. Because of its mobility and convenience, forex traders can even work straight from their phones or tablets. In fact, most brokers offer mobile trading platforms. As long as you have a reliable and safe internet connection, a smart phone or tablet is a handy addition to a mobile office.
The forex market has become one of the largest financial markets active and with so many users joining each day. With the high number of traders currently active, many of the top forex brokers and trading services are offering a mobile platform. This form of trading is the same as conducting forex trades on a computer, but the great advantage is accessibility. Since the forex market never closes, it is important for traders to always have the means to conduct trades. By using a mobile platform traders will not have to be near a computer to perform their trade actions.
Despite the conveniences of checking email on-the-go and having access to what is for the most part, life-enhancing technology, there is definitely a danger for traders having 24-hour instant access to the market. Having market access essentially glued to your body around the clock via a smart phone can very easily create an addiction. Even if you don’t feel like it is an addiction, being able to satisfy your urge to check the market whenever and wherever you want is something that entices many traders to over-trade.
Mobile trading is great for a certain breed of professional, but for the everyday retail trader it can do more harm than good. Essentially, when you trade from a mobile phone you are starting to enter the same world that the online casinos lure people into, which is addiction created by the easy availability of the markets on the run. Since it’s there in front of you at your fingertips or in your pocket, a smart phone tempts and encourages you to watch the market any free minute you get.
Mobile trading apps should be thought of as more of a supplement than a primary trading device. Meaning, if you have a trade on and you have to be away from your normal laptop or trading office for a day or two, then it makes sense to use your mobile trading app to monitor your trade and possibly adjust stops or exit according to what the price action is showing you. However, for most traders entering trades via their smart phone mobile trading app is a bad idea and is something they should avoid.