There’s an emerging trend in the Forex arena, and that’s the rise of the use of mobile devices to open and close trade orders.
That’s not because you couldn’t do Forex trades through your mobile phone before, but now with the processing power, screen space and added functionality of independently developed Forex apps, it’s never been easier to manage your trades using your smart phone.
These days, not only are trading platforms that are designed specifically for your phone, you can also view price charts complete with indicators in vivid color on your mobile device. So if you’re on public transport commuting to and from work, or simply stuck in a remote location without access to your computer, you can still see what’s going on with your live trades or place a timely one on the go.
That said, I don’t see mobile Forex trading replacing the PC version just yet…
Why Mobile Forex Trading Won’t Replace Computer Platforms…
As I see it, there are severe limitations to using your mobile device to manage your Forex trades which mean that it will always be the second option compared to trading on your computer. The small screen size of an iPhone or Android device means that you won’t be able to view full size charts on your phone, and with most platforms you will have to switch between chart and order placement screens which is less than ideal.
Another limitation of mobile Forex trading is that you may not always have a reliable internet connection to your phone. The last thing you want is for your connectivity to cut off at a crucial moment, especially if you’re relying on your mobile access to be able to open or close important trades. Don’t allow mobile access to give you a false sense of security that leads you to place orders without stops or profit targets, because you never know when your app might lose its connection to the main servers.
Obviously, while the touch screen functionality of an iPhone or Android may allow you unprecedented ability to customize your charts, there’s nothing like your mouse for drawing trendlines, support and resistance and Fibonacci lines as a visual tool for your trade decision making. In addition, if you’re trading on the go, there are many distractions that could lead you to make subpar trading decisions that you would not otherwise have made in a controlled trading environment like at your desk with your computer.
Non Trading Apps For Your Smart Phone
The art of trading isn’t just limited to placing buy or sell orders, it involves doing your research and keeping yourself up to date when it comes to the latest news releases. The beauty of a smart phone is that it gives you another avenue from which to read up on the latest happenings in Forex as it happens. Not only will you be able to download apps that keep you informed of the latest news releases, you can also subscribe to signals services and analyst recommendations directly on your phone.
There’s no question that mobile Forex trading is a welcome addition to any trader’s trading toolbox, and while it won’t replace computer trading anytime soon, it certainly helps to have the option to be able to analyze and make trades from your mobile platform. I’m very excited to see what new developments the pioneers of mobile Forex trading have in store for us in the coming years, and who knows, they may find a way to overcome the current limitations of mobile trading. If there’s one thing that you can be sure of though, it’s that this revolutionary ability to trade from the mobile phone is here to stay.