Benefits of Mobile Trading

November 16, 2016

In recent years, trading changed completely with the Internet being available to more and more people. Brokers needed to adapt to the new situation and traders as well. Therefore, online trading became a reality and orders are being opened/closed in a blink of an eye due to state of the art execution technologies now available.

Lately, smartphones changed, even more, the way trading is being done. Everyone owns a smartphone now, and this has been a huge opportunity for the brokerage industry.

The more active a trader is, the better for the broker. Smartphones deliver on this, in the sense that traders are now only a click away from opening/closing a trade at any moment during the trading day.

Mobile Trading Advantages

Mobile trading has many advantages on the trader’s end, the biggest one being the fact that opportunity costs are clearly diminished. By opportunity costs, I am referring to the cost of missing a trade, an opportunity because trading was not possible during a specific moment of time in the trading day.

We all know by now that the forex market is moving based on technical and fundamental factors, with the first ones giving the target and the overall trading setup, while the latter one offering the reason why the market is moving.

This reason is often associated with an economic event to be found one the economic calendar, but this implies traders to be active and ready to trade at that specific moment of time. If trading cannot happen because of lack of access to the trading platform, then the opportunity cost is quite big.

Mobile trading offers access to the trading account at any moment during the trading day, without the need to download a trading platform or to start a regular PC. In other words, one can be on the road, on the bus, or can do other things while still being connected to the trading environment.

There is a saying that the forex trader needs to put in the screen hours to have the proper setup/analysis to trade. This is true when it comes to the analysis, but it doesn’t mean that the trader needs to be 24/7 in front of the screens.

To give you an example, trading with the Elliott Waves theory allows a trader to project future prices based on patterns that formed in the past. This can be done based on a top/down analysis, looking at time frames starting from the monthly chart and coming down all the way to the hourly and the four hours’ chart.

Therefore, while the analysis on the bigger time frames can be made over the weekend, the actual trading can be done via the mobile platform. This is far less time consuming and traders can relate to the market 100% of the time.

Another advantage to mobile trading is the fact that trading platforms are different and they require many resources on a regular desktop PC. Some are slow and give errors as well.

This is not the case when using a mobile trading platform as the access is fast and execution flawless. However, the biggest advantage of mobile trading is quick access to the trading account and fast reaction to the ever-changing market conditions.

Mobile trading offered forex traders something they have wanted a long time: mobility. Retail traders are not “glued” to the trading desk anymore, and this is a huge leap forward in the overall trading experience.

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