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On the Go Trading: How to Become a Successful Mobile Trader

One of the crucial attributes of a successful trader, whether they’re dealing in forex, stocks, or shares, is adaptability. The slightest shift in the market can have a huge impact on your portfolio and, ultimately, your profits – which is why it is essential to be able to react to market conditions in an instant, wherever you are in the world. It is the urgency, reactivity, and adaptability that has fueled the soaring popularity of mobile trading platforms that allow people to buy and sell in seconds via their smartphone.

All that is needed is the right app and a reliable internet connection to access the same trading tools and resources as you would if you were working at the NASDAQ or on Threadneedle Street. Of course, newbies to mobile trading, or trading in general, need to get to grips with the modern technology that enables seamless on-the-go trading. If you’re wondering how to get started, read on to find out everything you need to know. 

Mobile Trading: The Basics

Many market watchers may already be familiar with the idea of conducting financial trades via a smartphone. Live stock prices have been a built-in feature of mobile devices ever since the first iPhone was released. However, mobile trading technology goes far beyond scrolling through the latest stock market prices and reading the financial news section on your Bloomberg news app.

The rapidly growing capabilities of modern smartphones mean that even basic devices can allow you to connect with a broker, and invest, sell, and follow the fluctuations of the market in minute detail. The major implication of this for the financial sector is that expert and beginner traders no longer need to be chained to a desk or a terminal in a corporate office.

It also means that traders are no longer limited to daily trading windows and can engage with financial markets anywhere the world, completely unrestricted by time zones or the 9 to 5. Improvements in mobile banking technology have allowed for smartphone devices to provide the same kind of financial security as only top-notch computer hardware could have done only a few years ago.

All of this has helped to nurture a new generation of versatile, unrestrained traders from all kinds of backgrounds that can execute trades without restriction. 

Trading Forex on Mobile 

While there are few limits on the types of trading you can do via mobile, foreign exchange, or forex trading has emerged as one of the most popular options for a number of reasons. Chief among them is the very nature of forex itself. Trading currencies to profit from the difference is something that requires very quick reactivity and the ability to make decisions before anyone else.

As many traders already know, the value of all currencies is directly affected by everyday events in the worlds of politics, economics, and even culture. The sensitivity of currency pairs, in regard to even the smallest financial (or political) events, means that you have to act fast in order to succeed.

Unsurprisingly, there is now a wealth of resources available to anyone wishing to start a career or side-gig as a mobile trader. Financial giants have developed their own apps that allow people to connect with brokers, invest in pairs, receive up-to-date market data, and cash out in an instant.

Many of the top-rated apps are also completely free to use, meaning that anyone can access expert financial information without needing a degree in economics or a Wall Street connection. Just one of the reasons why forex trading is becoming the most popular form of mobile trading.

new york stock exchange

How to Trade Like a Pro 

Just like any other kind of financial activity, it helps to know what strategies make successful mobile traders. It’s not as simple as buying low and selling high, especially in an ever-changing market such as forex. You should always begin your trading with some set goals in mind, with a crystal clear idea of why you’re trading on mobile and what your goals are in terms of success and profitability.

Consider looking into the popular goal-setting theories that many successful traders adhere to, and consider whether the type of trading you’re wanting to be involved in aligns best with your goals. For example, someone with a goal of slowly accruing savings to buy a house might want to steer clear of high-risk activities such as day trading and opt for more slow-paced forms of mobile trading.

In addition, it is important to have a solid exit strategy in place when trading on mobile. Set yourself daily limits for both investments and losses, as a few unlucky transactions can throw you off your game and knock your performance.

Finally, it is important to play the long-game with mobile trading, especially when dealing with forex. Don’t be tempted by the short-term, “sugar-rush” profits you might hope to get with one big sell-off. Instead, think of the bigger picture and how you can use a successful trade to your long-term advantage. 

Mobile trading is causing major disruption to financial markets, and barriers to participation are being shattered. You can take advantage of this yourself by simply downloading a free app and getting started.