How to trade using mobile apps?
How to trade using mobile apps? What trading styles are more relevant when trading from a smartphone and what applications should be used to trade? Let’s get to the bottom of this question.
How to trade via your phone
First, it is worth noting that everything will depend on your trading style. If you are an investor, of course, you can buy from your phone, and timing is not as important there as when you enter a position. You can also use your phone for position trading. And the selection of assets can be done at home. In the evening or in the morning. So, you should have a rough plan of what you are trading, why and where you are going to enter. Of course, in order to make a competent sampling, you have to understand what you’re looking for on the charts. And you must have a trading system.
And those assets that you are following, you can put in a separate window for yourself or set alerts on them. For example, if an asset reaches a certain price there will trigger an alert and you will make a decision to enter a position. In positional trading on higher frames, Hourly, Daily, the signal may remain for a longer time to enter. That is, if you are busy with some business and cannot open the phone, you can look at the chart a little later. If the conditions persist, it is quite possible to work out. And it is possible to track quite comfortably.
Advantages of Mobile Trading
- Availability of the currency market from any part of the world. Traders can trade while on vacation, on a plane or in any other place where there is no possibility to use a regular computer.
- Trades can be copied from a mobile application. Thus, a trader can use signals from a third-party, reliable service.
- It is easier to monitor trades in the mobile version. In the light version, it is not so easy to get confused when checking various quotes and there is no “noisy” and third-party information about the market.
- The trader always stays abreast of all the news and events occurring on the exchange.
- Right from the mobile applications, it is possible to sell or buy trading instruments. This is convenient when, for example, the conditions for buying or selling are very convenient, but there is no opportunity to postpone the deal “for later”.
- With mobile trading, you no longer need to be constantly at your computer.
Disadvantages of Mobile Trading
- If you don’t have WiFi, you have to work from the mobile Internet. You have to choose the best tariffs for high-quality work, because price may not always coincide with quality, and in Forex trading the latter is the key to successful trading.
- Low speed. If the application is not well optimized for the mobile version, be prepared for the fact that it will not work as fast as on the PC.
- Breakdowns due to poor internet coverage (if you use mobile internet).
- The phone’s small screen can be inconvenient when analyzing graphs.
- Some desktop functions may not be available from the mobile app.