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Trading Forex on your Mobile? Think Again

 

Today’s smartphones and special forex applications enable trading using a mobile phone. But do we always want to use this technology?

Internet on mobile phones is available for quite a while, but it was rather limited. Some forex traders connected to the internet in order to get a quote, but not more than that. In 2007, the technology significantly advanced: 

The launch of the iPhone in 2007 was a revolution in mobile phones – WiFi abilities became common on mobile phones and specialized applications of all sorts of kinds became available in the iPhone App store, and later for other phones as well.

The forex industry is technologically advanced, and jumped on this wagon as well. Brokers such as FXCM, CMS Forex, FxPro, eToro, ForexYard launched special applications for mobile phones.

These applications often have chart that can be moved with two fingers, quick access to quotes and the ability to make trades in your account. Sounds great, right?

Well, here are some disadvantages:

The technology: Despite the big technological leap, these apps are still somewhat limited. The desktop software will always be more sophisticated and have more options than the mobile app. The mobile app might be enough for some traders, but insufficient for others.

Addiction: Many traders get addicted to trading. They stick their nose to the computer screens and watch every tick in the chart. This may lead to taking bad positions and losing control of their strategies. So, are you sure that you’d like to be connected while walking on the street? This is a chance to disconnect, relax and make a fresh start.

If you still prefer being connected while you’re on the go, I recommend limiting the usage. For example, using the mobile application only for manually closing the position but not researching and starting a new one. This way, you’ll utilize the connectivity but not the research tools that are somewhat limited on a mobile phone. This will also reduce the chance of addiction.

Do you trade with a mobile phone? How does it feel?

Want to see what other traders are doing in real accounts? Check out Currensee. It’s free.




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