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Should You Trade Forex From Your Smartphone?
Written by: PaxForex analytics dept - Monday, 05 February 2018 0 comments
It is no secret that smartphone trading has given traders the ultimate freedom. 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. The high trading volume, no geographical or time constraints, and abundant profit maximizing opportunities have made traders who already have a day job, and are seeking an additional source of income are also actively participating forex trading through their smartphones.
Being able to fit forex trading in around an already full schedule, with work, family and social commitments, 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.
Today’s mobile devices have so much computing power that they can serve advanced applications, like charting and analytics, easily. Those were privileges of rich companies with vast resources just a decade ago. The three prominent
platforms are: Apple IOS for the iPhone and iPad, Android for smartphone and tablets and Windows Phone for smartphones and tablets. Most brokers have some kind of solution for all for all three standards but not all of them are perfect. Always make sure to test the broker you choose on the platform that you intend to use regularly.
Past studies have suggested that non-professional investors who trade more frequently tend to perform less well than those who pursue more of a buy-and-hold strategy. In that sense, mobile trading could make it too easy for some investors to trade too much. But fans of mobile trading say that these are problems for which the mobile technology itself isn’t to blame. Chances are if you are going to screw up, you are going to screw up on a PC also.
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 smartphone mobile trading app is a bad idea and is something they should avoid.