Have you seen any broker commercials lately that showed a busy dad on the go trading effortlessly on his phone or tablet using a hot, new mobile trading application? Surely you have, as mobile trading is becoming all the rage, and perhaps for good reason: This is a bona fide revolution sweeping the entire trading industry. But is mobile trading really right for you?
It always looks so easy on TV, and in fact, it’s truly remarkable what traders can do with technology these days! But for all that mobile trading is, and all it enables traders to do, there’s one thing it’s not: Mobile trading is not a proven trading strategy all its own! So as traders consider the benefits of mobile trading, it’s even more critical to consider their own capabilities before deciding whether or not they’re ready to join the mobile trading revolution. Here’s how to do it…
To many, it’s a revolution in itself to learn that successful trading doesn’t require spending hours behind a trading desk each day, pouring over charts and staring at positions as they move tick by tick! However, mobile trading takes that even further, and may even beg the question, “Does successful trading even require a desk at all?”
Here are the key features of many of today’s leading mobile trading applications:
Analysis & Charting Functions: Mobile trading apps make it possible to examine charts right from your smartphone or tablet. Many even have advanced charting capabilities, allowing the trader to overlay indicators and even customize the parameters used. Perhaps the only drawback is the smaller screen, which likely lacks the clarity and definition traders may enjoy on their much larger, desk-style monitors while trading at home.
Live Streaming News & Data: Traders can now view and receive notifications right on their mobile devices whenever news and/or economic data impacting their specified currencies or pairs hits the wires. For those who trade news and data, this is a crucial capability that might even alleviate the need to subscribe to a separate news feed or service on their trading computer.
Add New & Modify Existing Positions: Of all the functions and capabilities of mobile trading platforms, however, perhaps most notable is that you can actually place and manage trades! Many broker apps afford for direct linkage between your account and the broker’s infrastructure, establishing a secure connection whereby new trades can be placed—or existing ones modified—without fearing undue lag times or slippage. It’s a remarkable solution that makes mobile trading a viable option for many traders in this modern era, much to the surprise of grizzled veterans out there who may remember such things as paper charts, dial-up Internet, or even calling in positions to their broker by phone!
See also: The Real Reason Your Broker Offers Forex Education
While the advanced analysis and live trading capabilities offered by many mobile trading platforms will please even experienced traders, there’s one mobile trading feature that will serve everyone: The ability to paper trade using these apps. You see, making the transition to mobile trading shouldn’t be a giant leap of faith, and with the ability to paper trade first, it will allow any trader to try it out, get more familiar and comfortable with the process and interface, and iron out any problems before mobile trading even a drop of actual, hard-earned capital.
Perhaps during paper trading it will become clear whether or not mobile trading is right for you. Be advised, though, that if you’re a beginner or inexperienced trader, or if you’re still working to develop and perfect your unique trading strategy, mobile trading is not, by design, a ready-made solution. For traders with a proven and battle-tested strategy, though, mobile trading may well be another viable way to apply that strategy in the markets. Either way, if mobile trading interests you, use the paper trading feature to try dabbling in it, and as always, stay committed to your strategy and have fun!
See related: Demo Trading vs. Live Trading: How to Know When You’re Ready
Just consider that right now, no matter where you are or what time it is, some traders are quickly analyzing the markets and trading in as little as minutes a day without monitors, super-fast processors, or even a trading desk! Instead, they’re at the breakfast table, on the go, or even flying on an airplane!
Indeed, mobile trading is one of the most remarkable innovations to ever hit the trading industry, but make no mistake…it’s not right for everyone. So as you give it some consideration, be aware of what mobile trading offers you, but more importantly, be realistic about what you bring to mobile trading, because while the mechanism may be new, your skills and strategy come in “as is,” and mobile trading, while powerful, won’t make up for inexperience or faulty methods!
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