In this modern era, many traders have switched to using smartphones to execute orders. What’s the right way to use it? Let’s look at the following tips.
Smartphones or smartphones are now things that are always near us. Every day, you must hold it, whether to chat, play games, or even just surf the internet. However, have you ever tried trading using a smartphone?
With increasingly sophisticated technological advances, you can do many trading activities with a smartphone. In fact, with just one touch of a button, everything can operate automatically. You no longer need to bother turning on the computer and staring at the desktop screen.
In recent years, trading activities with smartphones have been quite popular. Then the question arises in our minds, is forex trading on smartphones safe and still profitable?
Pros and Cons of Trading With Smartphones
Trading via a computer or smartphone is the choice of each trader. There are those who feel comfortable trading with a computer, but there are also those who prefer cell phones.
Switching to using a cellphone from a computer does require adaptation time. But if your concern is about the level of profitability or profit, then throw those worries away. In fact, there are many benefits to be gained from mobile trading. Here are some of the advantages of trading with a smartphone:
Trading forex on smartphones allows traders to take advantage of time that is usually less productive. For example, when stuck in traffic, waiting for tutors, queuing at public services, and so on.
Trading forex on smartphones offers the flexibility of executing open and closing orders wherever we are, for example when we are busy working, socializing, or when traveling. So, you could say that trading by smartphone is perfect for busy people.
We can install alerts in trading applications, so that they respond more quickly to the appearance of trading signals or anything related to market changes.
On the other hand, the disadvantages of trading with a smartphone are as follows:
The screen of the mobile trading platform is smaller than that of a computer (desktop) monitor. This will make it a little difficult for traders to see the chart as a whole.
The number of technical indicators on smartphones is incomplete, significantly reducing the effectiveness of traders to analyze the market. This is because there are several trading features that cannot be accessed on cellphones.
The power of a cellphone which is also smaller than a computer will affect the stability of trading, so traders may experience connection problems and memory storage which of course slows down trading speed. This is of course different from trading via desktop which has more adequate power, such as large RAM storage and high processor.
Tips for Successful Trading with Smartphones
If you frequently open positions, change stop loss levels, or make other modifications, then it’s only natural that you will also be tempted to trade with a smartphone after seeing the advantages above.
In order not to experience losses easily when trading via mobile, you need to pay attention to the following seven successful trading tips:
1. Don’t Just Choose a Trading Application
Many people think of choosing an app based on its popularity. But make no mistake, you shouldn’t install a trading application based solely on its popularity. Try to find out the broker’s website that released it, the regulatory status, to their reputation. It’s quite convoluted, but all these steps must be taken so that you don’t get caught in online fraud under the guise of a broker.
2. Pay attention to the Chart Display
To make it easier to see the chart display on the cellphone screen, use the landscape layout mode. You can set it in almost any mobile trading application settings. If you have no difficulty in doing this method, don’t hesitate to read the help center menu or ask via the broker’s helpline access available.
3. Pay attention to the size of your smartphone screen
The smartphone screen greatly affects your trading. It doesn’t really matter how much your gadget costs, however, one thing to note is that the larger the screen size of the smartphone, the better it is for trading. Use a cellphone with a minimum screen size of 5.2 inches so you can read price movements more freely.
4. Note the Battery Capacity
Just like with the size of the cellphone screen, a large battery capacity will also make it
the trading process runs smoothly. Even better if you choose a cellphone with a battery capacity that can last for 10 hours of daily use. The goal, of course, is that you don’t miss closing positions or other executions just because the battery suddenly runs out.
5. Take advantage of the Demo Account
Even if you are used to trading on a real account via a desktop computer, don’t rush to switch to your mobile phone. This is because trading via desktop and mobile phones has a different sensation. In the first step, you can take advantage of the demo account on mobile to get to know more about the application’s features until you master it.
6. Do Not Overtrading
Seeing the ease of trading offered on a smartphone, you will be vulnerable to over trading. For this reason, you are advised to only trade according to the trading plan that you have compiled.
7. Watch out for One-Click Trading
You must have experienced a typo or a typo, right? Don’t let this incident happen while trading, because of course it will have big and fatal consequences. To minimize this risk, you should not activate the one-click trading feature in your application; just let the trading process take place by default.
Conclusion of trading with a smartphone
Those are the 7 tips for successful trading with a smartphone that you can learn. Also keep in mind that the forex trading applications released by each broker are generally different. In fact, it is not impossible for a broker to release two trading applications, for example one based on MT5, while the other is based on cTrader. So, don’t assume that if you have mastered one broker application A, it will automatically be easy for you to master application broker B.
To understand the trading info on your broker, you should study the reviews carefully. This step is important to determine your success in achieving the desired profits in the forex market.