Forex trading does not tie a trader to a specific place of work. It can be not only at home but also anywhere in the world.
The main thing is that there was an opportunity to access the Internet. If you cannot follow the market situation, orders have been invented for this.
They will automatically open and close the position.
But what if you are constantly on the move or on long flights, should you always trust the orders? After all, if the price does not cross the cherished 10 points line, then your order will not be triggered.
What if it was the only good move that day and you missed it? Many will say that you can use a laptop when traveling.
Yes, this may be an option as well, but there is one big drawback with laptops – their limited operating time. The capacity of a standard laptop battery usually lasts a couple of hours and, as usual, it is “cut down” when not needed.
As you can see, a laptop is also a bad option. What choices do you have? Let’s have a closer look at mobile trading.
Mobile Trading – Path to Success
There remains only one most reasonable option – to use mobile phones. Mobile trading has become widespread not so long ago but has already gained popularity among traders.
Once upon a time, trading was carried out by phone, but now the progress is visible. Forex through mobile allows you to trade using any mobile device over the internet.
It should be noted that mobile Forex trading for beginners, who are just entering the foreign exchange market, might be difficult to understand.
First, they should understand the essence of laptops and PCs, but mobile trading is easily acquirable.
Pros and Cons of Mobile Forex Trading
Let’s try to analyze mobile trading and try to identify its advantages and disadvantages.
Here are some of the advantages that we can point out with mobile trading.
The mobile device is very compact and is always at hand. In most cases, you can always go online. Thanks to mobile trading, you can do everything that you have always done: make transactions, analyze charts, study the economic calendar in a timely manner and receive economic news.
The operating time of a mobile device is much higher than the operating time of a laptop. Anyway, you can work at least 8 hours. In terms of speed, mobile phones can be faster than laptops and it has been proved by different statistics.
As for the disadvantages of mobile trading, there are not too many of them and they can be turned into advantages. Here are the disadvantages of mobile trading.
Cost of Cellular Data
For mobile trading, you use the Internet, and sometimes it is not free. We turn a minus into a plus: all mobile operators have the opportunity to connect to unlimited Internet, and it will cost you much less than if you use it directly.
The display of a mobile device is not a computer display; it cannot boast of large dimensions. Unfortunately, it is limited. Because of that a lot of traders have difficulties reading everything and this can be a big problem.
The mobile platform has restrictions on the number of indicators and on some scripts. It is not so pleasant to carry out any analysis on a mobile device, and there are no special features.
The mobile version of the trading platform always has all the standard indicators, there will be enough of them.
However, the mobile platform is being modernized and everything that was not available once becomes available now. Therefore, we are waiting and pretty soon mobile trading will acquire new opportunities.
The probability is 15% that you will have no connection at all. You can almost always access the Internet through a mobile device, but there may be times when you cannot use your smartphone.
Which are these moments? Mostly, all of them are related to the cellular coverage area. Its possibilities are not limitless and there are places where you can not only go online but even make calls: dense forest, mountains, and various places.
This is the only disadvantage of mobile trading which cannot be turned into a plus unless it is located in areas where cellular communication is not available.
Should You Go for Mobile Trading?
As we have listed all the advantages and disadvantages of trading Forex through mobile we can provide arguments for and against using the mobile system.
Thanks to it, you can greatly facilitate your trading life and make your work in the foreign exchange market even more pleasant and easier.
If suddenly mobile trading for some reason does not suit you, then you can simply use it to at least monitor the market situation in order to always be aware of all Forex events.
Considering that we live in an era when technology develops rapidly and AI-fueled systems massively impact trading, we should anticipate that sooner or later traditional computers will be replaced by smartphones – and it is only a matter of several years.