3 reasons mobile trading on Forex might not be a good idea
Mobility is an often-discussed topic that has been gaining in popularity for a while now.
The idea that you can trade on forex using a mobile device sounds appealing, and therefore it is no surprise that nowadays most major brokers provide this service one way or another.
The question is whether mobile trading is really as beneficial as advertised. Each trader you ask will give you a different answer, but let’s mention some points worth taking into consideration.
The display size does matter
The size of the display on which you’re trading is very important. Every trader should carefully choose the right display size to receive information and charts in a good enough quality and dimensions.
That means the display should be big enough to fit a chart on the screen without having to scroll down or zoom in, but it shouldn’t be too large, because while a large display will show information in high quality, it might be hard to look at all the content on the screen at once.
What really matters is without question the display technology. LED technology is a big advantage of not only the latest displays. This technology is great because it doesn’t wear your eyes out as much as older types of displays.
I hope that mobile device fans won’t take this the wrong way, but when comparing computer monitors with mobile displays, most traders will probably benefit most from the former. Aside from the points mentioned above, it can be very hard to work on a six-inch display the whole day.
Quality trading environment
You will find many educational articles on trading and different trading strategies on the internet. However, what you will not find there is information about how important a quality trading environment is.
Everything is connected to everything else, and that is especially true for trading. The trading environment of professional traders primarily consists of three things.
The first element is the material things that you touch when you’re trading, or that provide comfort. That is, for example, a chair. If you feel fatigued and uncomfortable after an hour of trading, you surely won’t get the best results possible. Your trading can also be influenced by the device you’re using to trade.
Another element is the sounds around you. Some people like quiet when trading, others can’t work without the music playing.
The last element is the visual surroundings. Traders should not underestimate the light in the room in which they execute their trade orders. All it takes is to type the number eight instead of three by mistake in low light to cause a disaster. Your visual surroundings also include the orderliness of the room etc.
It might seem nonsensical that these elements should influence your trading, but make no mistake – they actually do! The quality of your trading environment is very important.
Mobile trading and analyses
Mobile trading can seem very comfortable and easy. You can take your phone or another device out of your pocket at any time, sign into the platform and simply enter trade orders. This advantage of mobile trading sounds truly amazing.
But every coin had two sides. Let’s say you’re going from point A to point B, you look at your device and see that the market fell. You think to yourself that it was supposed to turn around and you enter a BUY position. The question is: how well can you analyze the market on the go? The answer: probably not that well.
To what extent can you watch other market movements or enter trade orders on the go without making mistakes? It is very hard when going somewhere!
The logical explanation is simply that the primary goal at that moment is not trading but getting from point A to point B.
Therefore, if you’re on the move, try to stop in a calm environment and enter trade orders carefully and not recklessly and while rushing somewhere.
Mobile trading should not replace trading as we know it. It should serve traders as a very useful additional service for when they need to leave their quality trading environment.
You can learn more about our trading platform MetaTrader 4 for Windows, Mac OS X, iOS and Android here: https://www.purple-trading.com/platforms/metatrader4/
About the Author
Team Purple Trading
Purple Trading is a true and 100% fair ECN / STP forex broker providing direct access to the real market. High speed orders execution, no trade-offs, no limits for any type of trading, the most advanced trading technologies. Explore more about Purple Trading at www.purple-trading.com .
P.M. Purple Trading is a trade name owned and operated by L.F. Investment Limited., 11, Louki Akrita, CY-4044 Limassol, Cyprus, a licensed Cyprus Investment Firm regulated by the CySEC lic. no. 271/15.