الخميس، 6 سبتمبر 2012

Going Mobile with Forex Trading

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The world has gone mobile on nearly everything. No longer are you tied to a desk if you want to track financial markets or even make trades.
Forex has finally caught up with the rest of the world with usable mobile trading apps for mobile users.
Some of the types of apps that are available are trading apps, quote apps, and even news apps. There are a few things you will want to consider before choosing what apps you want to use for mobile forex trading.
What type of trading do you do?
Are you a risky trader that needs precise entries and tight controls on your trading? While technology has come a long way, scalping from a phone or mobile device, may not be the wisest strategy. Mobile connections are not always stable and you may either enter a trade late, or at the wrong time completely and not be able to get out of it appropriately without losing money.
Wifi vs 4G
Personally I prefer to conduct my mobile trades over a WiFi connection. 4G can be great, but depending on exactly where you're at and what your mobile coverage is, you can have connection gaps and that just doesn't work for forex trading most of the time.
What size is your mobile device?
Mobile device is a somewhat generic term. These days, it could refer to an Amazon Kindle, an iPad, or a mobile phone. It's fairly easy to do "fat fingers" on a small device and touch the wrong icon and initiate a trade in the wrong direction, on the wrong currency, or at the wrong price.
None of this is to say that mobile trading isn't good it is. Traders used to be tied to desks all day, and probably for the most part, they still are. However more and more devices are coming out the support forex trading software and can connect you with your brokers trading platform and allow you to trade in real time. It's just necessary to be cautious.

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