Trading Forex on Mobile 9

17The most important trend of the past decade in technology has been, without a doubt, the smartphone revolution. Billions of people use connected phones, tablets, and phablets nowadays so it is natural that forex trading expanded into the segment.

With all the advantages and dangers of being exposed to the market continuously, it is crucial to have in-depth knowledge of the matter for every serious trader. You might be surprised that there are disadvantages, but believe us it is not at all evident that being involved with the market all day is beneficial.

Short-term traders

If your approach is day trading or scalping, for example, you should probably want to have a dedicated time-window to trade even you trade for a living. Why? Because markets behave differently in various parts of the day so a strategy that is successful in active trading might be negative in illiquid times. Also, keeping up the level of concentration that is needed for good scalping is not easy—it is likely that after a few hours of intensive trading you will “burn out” for the day.

Longer-term positions

For longer-term traders, it is probably more useful to have the opportunity to glance at prices all the time or have pre-set alerts for certain price levels. If you don’t look at the market in every two minutes (as some people do) the benefits can be great. Just have the patience to let alerts do the monitoring for you; this way you just need to make a decision if a level triggers your strategy.

With this capability, you can leverage your time and still have the power to make a decision yourself. Of course, you can fully automate a strategy too, but for some styles of trading “human” judgment is still essential.

All in all trading on-the-go is an amazing thing—just remember to use it wisely!

What are mobile devices good for?

Apart from the obvious connectivity, the trend in screen sizes (most new phones are now at or above 5 inches in diameter) has changed the purpose of them. Charting, as an example, is now a viable option and with the easy-to-use accessories, such as a wireless mouse, a tablet or even a phone can be a real emergency substitute for a notebook or even a desktop. Of course, a multi-screen trading workstation is not the same as a 5-inch phone, but still it can save you a lot of time and money if you can efficiently use them.

We at FxUniversal believe that the most useful roles for these devices are the following:

  • Visual screening, “At a glance” eat maps
  • News flashes
  • Price and trade alerts, modifying stops and targets
  • Emergency trading

The technical background

18Today’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
  • 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.

Having a smartphone or a tablet has more perks than just the comfort. You can also enjoy the advantages of a second internet connection. Redundant connections are also a great thing if you don’t use a fully automatic trading system. As a day-trader losing your connection when you are in a leveraged trade can be disastrous, especially around news announcements.

MetaTrader 4

MT4 is a special trading platform that is supported by a lot of brokers and it is a really mature and stable system. Having it as an option is always a good choice—and this is true for mobile applications as well. MT4 is well optimized for all three Oss with a devoted development crew optimizing and fixing bugs, keeping the software safe.

Proprietary platforms

Own solutions are somewhat of a mixed bag. There are good examples like eToro and Plus 500, but also some weaker implementations. And because of fragmentation usually, the mobile platforms are those who suffer first—the insufficient resources don’t last for the development of three (or sometimes even more) standalone versions.

Geographical differences

19Not all mobile platforms are equally popular in different parts of the world. This translates to unique priorities for some brokers. Most notably U.S. companies tend to lean towards implementing an IOS solution before anything else as the smart device market is dominated by Apple products. So be aware that if you have an Android or Windows Phone device you might be at the end of the row when receiving updates and functionality.

European and Asian brokers are well balanced in this regard and you shouldn’t have too many problems with mobile platforms. Windows Phone versions are generally speaking the least developed everywhere so sticking with MT4 is sometimes the only choice—on the plus side changing brokers is also easier if you are used to MT4.

The takeaway

As with a lot of new things the smart device phenomena has its ups and downs—but it is here to stay and people will just get more connected as wearables and other smart devices get more common. If you trade for a living or part-time you will find the ways how this trend can help you.

Just be aware of the dangers, don’t get obsessed with every little move in the market, and try to avoid overtrading. Let us know what you think about trading on mobile, and what your experiences are in the comments section!

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9 thoughts on “Trading Forex on Mobile

  • Sergie

    I personally prefer mobile device to connect with market while on the move because I think professional traders always like their desk for study and placing orders mobile device is blessing for traders to remain in contact with markets when they away from their desktops but mobile device can’t be an alternate of your trading desk because the real technical study is possible on desktop or laptops and most charts and technical indicators work on computers only. Another negative point of mobile device is that when you connect with markets, you try to jump in trading too which is not a good thing. Sometimes it’s good to stay away from markets and sometimes no trading is you’re best trading.

  • Jacky Hunt

    It is very nice and detailed article. Trading through smartphone is not a bad thing. I have been using mobile device for trading for a long time and I see no difference between trading through mobile or a laptop. Smartphones are getting closer to computers when it comes to speed and graphics so in my opinion, successful trading depends on your strategies and trading plan.

  • Lion Heart

    Cellphone use will replace laptops. In last few years because of advancement in mobile technology you can use your cell phone as your computer.In both forex trading and binary options trading its great blessing for traders that now they can connect with market and trade on the go too and they just don’t need to seat in front of their computers and laptops all the time. I personally now use my mobile device more than my laptop for trading and honestly, I really enjoy trading through my cellphone its gives me a lot of freedom and I can do trading whiles I am driving or even doing dinner or shopping.

  • Prince Smith

    Trading through mobile devices is good but season traders still prefer their desktops for trading. The reason is that trading require a lot of discipline and attention and when professional traders doing trading they forget everything else and now allow anything which distracts them I know few traders who switch off their cellphones while in trading because for them cell phones distract their attention. Also I know lot of people who lose money because of mobile trading because you are always just one click away from entering the market so people sometimes place trade when not a right time for trade and it’s only because mobile device make trading so simple so honestly speaking discipline traders stay away from mobile devices as tool for trading.

  • Nosherwan

    I am using mobile phone trading because it gives me freedom to move around and do some other things too while doing my trading. Since last few months, mobile phone makers have been launching mobile sets with very good specs. I think very soon mobile phone with super-fast processors and with 4GB ram will be very common. I am using one plus 3 and this cell phone is very fast and gives very good battery backup time so it’s very helpful for me in my forex trading and I can roam around while trading and never miss any opportunity and my levels to trade.

  • Eric John

    I am in forex trading for almost 20 years now and I remember time when landline phones were the only option to place your orders and sometimes it used to take ten minutes to place your order and get confirmation but since last 10 years and especially the last 5 years the enormous technological advancements both in internet and mobile phones have now brought markets at your fingertips to place trades and book profits. Trading through mobile phones is now very common and almost all traders use mobile phones at least to monitor markets if they are not comfortable in placing trades through mobile phone. Nowadays, especially new comers in forex trading prefer forex trading through mobile phones because these days a lot of signal providers are offering services through mobile apps like telegram and WhatsApp. A lot of traders are using these signal services and for this reason they trade more through their mobile devices than computers and laptops.

  • Southern Trader

    Forex trading through mobile devices is so popular in Asian countries because in these countries electricity and internet is not as stable as in western countries. Countries like India and China face electricity shortages and also lack stable internet connections. However, due to the the advancements in mobile phones in last few years, trading via mobile phones is getting more and more popular amongst the people from these parts of world because mobile devices are now more reliable as compared to laptops and computers and also the internet service provided by mobile operators is very good. This is the reason that now you can find people doing forex trading in even small cities and villages in China and other Asian countries.

  • Eveoon

    Trading on mobile is good. If you just want to place or close trades through mobile phone then it’s ok but if you are a technical trader then mobile cannot be enough for you. You can monitor your trades but mobile devices still do not give many options to technical traders.

  • Willy

    Cellphone is the future of trading and now mobile devices give us traders so much liberty and freedom. I am 90% of the time using my mobile device for trading and hardly ever experience any issue.