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Mobile Forex Trading App Tips

FX Scouts By Jeffrey Cammack Updated: November 11, 2019

Mobile Forex Trading Apps

We live in a fast-moving world enabled by technology. With the availability of mobile internet now we can work while we’re travelling, and hence now we live in a highly mobile Internet-powered world. As a trader, you have to be continuously connected with the markets so you can use the mobile internet to your advantage. By using specialised trading apps, you can now keep an eye on the markets right from your phone. Mobile Trading is trading on the go.

Mobile Trading Tips

  1. Accept the fact that you’re not going to be able to day trade all the time. I only recommend focusing solely on swing trading, so you don’t run the risk of putting on a day trade and then having to be able to walk away because your boss or teacher is yelling at you. Having a swing trading mindset allows mobile trading to be much more comfortable.
  2. Find a Forex Broker that has excellent mobile apps for both smartphones and tablets. If you want to learn more about our preferred Forex broker, we have put together a list of Forex Brokers that also offers mobile trading.  The best apps for mobile trading are eToro, Pepperstone, FXTM and AvaTrade.
  3. Keep your platform layout simple, so you have a clear view of the actual price action on the charts you use. If you’re on the go and want to casually check your positions you want to make sure you have a clear layout.
  4. Make sure you get a new mobile application for news if your trading app does not give you adequate information. You can have mobile notifications set up so if there is a piece of breaking news, it will alert your phone right then and there. Additionally, you can also use Twitter for getting the latest news.
  5. The most crucial aspect of mobile trading should be usability and navigation. You want to make sure the app is fully operational and has an uptime close to 100% while at the same time to provide with all the trading tools so you can make quick trading decisions.
  6. Keeping your Forex broker’s phone number into your phone just in case the app doesn’t work, and you need to get out of a position.

When trading on a mobile, you also have to be prepared for the unexpected and prepare for the things that could become a problem for your trading. You might think this step is not necessary, but you have to be cautious and keep a charger or an extra battery for your phone just in case you have a low battery.

Conclusion

The mobile trading app will give you the power to trade anytime and anywhere. With the majority of the mobile trading apps, you’ll be able to place trades as well as to track your positions. You also have chart functionality, but it’s recommended to do your analysis on your main PC to have a much more unobstructed view of the price action.

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Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.