Mobile Trading – Definitely NOT Just a Fad
Nowadays, an online brokerage that does not offer access to mobile trading apps is not considered a serious and competent operator. Indeed, all the major platforms (including MT4 and MT5) are available in mobile formats.
Mobile trading has become mainstream, and why would it not be that? It offers mobility and the sort of flexibility that no other platform can deliver in regards to portability and accessibility. Wherever a trader may be at any given moment in time, all he/she needs is an internet connection to place market- and pending orders, based on alerts delivered in real time.
Technical and fundamental analysis is well possible through mobile trading apps too and the same goes for advanced charting.
Because most mobile trading apps are developed by the brokers themselves (at least those who feature proprietary trading platforms) their capabilities vary wildly.
What sort of expectations should you have in regards to mobile trading though?
– Chart trading (being able to trade directly off the charts) is of the essence. You have to be able to enter market orders at a tap and you need dynamic pricing overlays to be able to place potentially profitable and well-informed pending orders.
Such pricing overlays offer you information about the order you’re looking to place, including the impact it is likely to have on your balance.
– It is always good to receive trading signals (provided the broker has a reputable and trustworthy signal service), or at least alerts regarding market sentiment. There are indeed brokers out there who offer such alerts through their mobile platforms, in real time.
Customization in this regard is a must as well: after all, you will probably not want to receive all the signals provided by the broker.
– Proper charting and technical analysis tools are also must-haves. What this means is that you want to have access to several chart types, time frames and drawing tools, in addition to an impressive array of technical indicators. You also want to handle these tools in an intuitive and straightforward manner.
– While a customizable trading interface may feel like a luxury, you will find it extremely useful on a much more basic level too. You will for instance be able to establish a set of default parameters that you’ll be able to put to use time and again. These parameters may include your preferred assets, your risk and profitability as well as your traded units.
– Your mobile trading platform needs to be able to properly adapt to screen size – features-wise. For iPads for instance, it needs to be able to display a single large chart or scores of smaller ones – as many as you feel you need to support your individual trading style.
– Obviously, it does not hurt to be able to open a Demo account through your mobile platform. While a fair number of online brokers support Demo accounts, they mostly do so through one (or more) of their desktop-based platforms.
Mobile Demo Accounts are real though and they’re great tools that will help you establish the true value of the mobile setup on offer.
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