Mobile trading continues its ascendency and now more than two-thirds of active traders are using mobile platforms on a constant basis. Due to the small size of your phone’s screen, constantly trading using can present some challengers compared to using a PC screen, but there will be many occasions when you’ll only have your phone for trading. Because of that we’d like to give a few useful tips on how you can trade currencies via a mobile app.
Trade with naked charts
It’s usual among beginners to overcrowd their charts with loads of technical indicators. Although that’s how some strategies are being built, you must understand that adding too many indicators won’t help you optimize your results. On top of that, we’ve already mentioned that you have limited viewing space on your phone, which makes trading with a naked chart one of the best choices.
Alt-text: mobile currency trading
The forex market is mostly flow-driven and professional traders use price action (sometimes with no technical indicator) in order to find demand or supply zones, where there will be a huge number of orders accumulating. Keep charts simple in order to not get more confused.
Analyze the markets on medium time-frames
If you are a day trader and only looking after small market moves when trading on mobile, you’ll be constrained by a few technical factors and you won’t be able to get in and out of the market in a second, as you would when trading via desktop. That is why we advise traders to avoid trading on tick or 1-minute charts.
Instead, the 3-minute, 5-minute, 30-minute, or 1-hour charts, are more suitable for day trading currencies via mobile apps. By doing that, you’ll not only have more time to analyze the market but also more time to enter the market and set your risk parameters (stop loss and take profit).
Choose a reliable broker to work with
Things are in the traders’ advantage in this case, given that longstanding brokers such as easyMarkets now offer high-quality mobile trading apps. However, there are some beginner traders who are attracted by welcome bonuses offered by unfamiliar trading companies. Don’t forget that free money is a mirage, and pay close attention to the broker you’re working with. It must be strongly regulated and have a track record of operating for the benefit of its clients. Work with popular names in the industry, because those companies usually have the best trading features and customer care.