Online Trading using your Mobile is something that’s becoming more and more popular as smartphones and mobile internet connections improve. The question is whether or not it’s beneficial to your trading. Does it help you with your trading, or is it one step too far by constantly putting you in front of your charts? Do you know our partners Plus500 and 24Option provide trading software for all possible platforms? That includes your mobile phone!
Mobile Trading Online with Your Computer vs Your Mobile
Most of us use our laptops or home computers to trade from. Screen sizes are pretty standard, you can see your charts clearly and you pretty obviously can’t keep your laptop attached to you all day long every day. Sure you can walk round with it in your laptop bag, or leave it in the boot of your car, but it’s not kept in your pocket, nor does it go pretty much everywhere with you. That’s the major advantage or disadvantage of mobile trading depending on how you see it. Most people have a smartphone that they carry with them everywhere, work, home, out with friends, commuting. It’s hard to think of a time when most people are separate from their mobile phones. This means that you really can check on your trades whenever you feel like it, in a coffee break at work, at starbucks, when you’re out with your friends. With mobile trading you really can be up to date with your trades every minute of every day if you choose. Is this good for you though, and is it good for your trading?
I think it’s fair to say that the market is going to move whether you’re looking at it or not. There’s very little you can do about that, so you have to learn to live with it. The whole point of trading is to make more money in less time. The idea isn’t to be glued to your charts on your computer all day every day, so why do you want to be glued to your charts on your mobile? Think about it, your smartphone allows you to be even more connected to your trading than is possible with your computer. That isn’t the goal. I’m not saying that smartphones don’t have a place for checking on your trades occasionally, but once you make the decision to install the app and keep up to date with your trades, you’ll find it hard to detach yourself again.
The Dangers of Mobile Trading Online
So mobile trading isn’t as great as forex brokers would have you believe, but can it be detrimental to your trading? I don’t know about you, but I like to look at a decent sized screen when I’m trading. It doesn’t have to be massive, but I like to be able to manipulate the charts and zoom in and out a bit, draw a few levels of support and resistance, and so on. This is easy to do on a laptop, or a home desktop computer, but when you’re trading online with a mobile things become a bit more difficult. For a start, we’re talking a touchscreen, rather than using a mouse and keyboard. We all know that a mouse is a lot more accurate than a touchscreen, or maybe I’ve just got fat fingers, but it’s a lot easier to hit the correct keys on a keyboard than on a mobile touch keyboard. The fact is, it’s easier to trade on a laptop or desktop computer, as opposed to a mobile. When you’re dealing with your hard earned trading capital, look after it and protect it, trading is hard enough without making things even more difficult and using a tiny smartphone. It’s too easy to make a mistake when you’re trading online with a smartphone, and that’s a major issue.
The other major danger of trading online with your smartphone is that you’ll be in situations with your phone and your trading account, that you’d never be in with your laptop. Down the pub, showing off to your friends, it doesn’t bear thinking about how you could take silly trades that you would never do normally.
When can Online Trading with your Mobile be useful?
Mobile Trading does have its place. When you really do need to keep an eye on positions such as around non-farm payrolls, or if you want to close out your positions for the weekend, it certainly makes sense. If for example you know that you’re not going to be able to get access to your normal trading computer, but you have to move your stops, mobile trading certainly has a place. The hard part is remembering to use it as a tool to help your trading, rather than an excuse to stay glued to the charts. Remember to only use online trading through your smartphone when you actually need it, not because you want to have a look, otherwise it’ll become a habit that you’ll find hard to kick.
Who should use Mobile Trading to Trade Online on the go?
This is an interesting point, that I feel very strongly about. Beginners absolutely should not even install the app on their smartphone, as the temptation is just too strong. You’re already battling with emotions in your trading as it is, without making things any harder. The only people that should be using online trading on their smartphones are traders who have some experience in the market, and are able to master their emotions and practice their discipline correctly. I know it might not be what you want to hear, but for the vast majority of traders, online trading is simply a gimmick that you can do without, with only experienced, profitable traders using it as a tool occasionally.
Who supports Mobile Trading?
Mobile Trading Tools are supported by a lot of brokers. Our sponsors Plus500 and Easy Forex offer clients for Android phones and tablets as well for iPads and iPhones. A Binary Options Mobile Trading Platform is provided by our sponsor 24Option. They all offer these client software for free. The brokers don’t need an extra Mobile Trading Licence by the FSA (authorised and regulated by the Financial Conduct Authority) to offer the tools. Mobile Phone Trade In is so popular, since in Western Europe a lot of mobile phone owners also have a mobile internet connection. Especially in the UK and in The Netherlands the penetration is huge, almost 70 percent of the inhabitants. It is not the same as CMC Markets Download or City Index Trading Platform.