Mobile forex trading has changed the way traders usually approach forex trading. With the introduction of mobile forex trading, it has made it possible for just about anyone with a smartphone or a PDA to access forex trading online without the need for the traditional forex trading systems.
The introduction of mobile forex trading technology allowed forex traders to monitor their investments, trades and so on from any part of the world as long as their mobile carrier service enabled WAP or internet on the go.
In order to take advantage of forex mobile trading, traders basically need to join a forex broker that offers a mobile forex trading platform. The most popular of these happens to be the MT4 Mobile trading platforms that are available with some of the forex brokers. Mobile forex trading usually brings with it, its own set of advantages as well as limitations. However, the pros of using a mobile forex trading app far outweighs the limitations as long as the forex trader knows the purpose for using a mobile forex trading app.
A mobile forex trading platform cannot, under any means act as a replacement to a regular PC based forex trading platform, but is more advantageous when it is used as a means to stay on top of the financial markets as well as your forex trading portfolio.
Mobile forex trading – Compatibility
The next step is to make use of your mobile phone which could be an iPhone, Blackberry or even Andriod enabled phones. Some forex brokers offer forex trading systems compatible with tablet PC’s such as the iPad. In order to install the forex mobile trading platform, traders will be required to install an application that is based on Java onto their phones. This Java based application is usually small in size and doesn’t eat up into your mobile device resources, thus ensuring that the installation of any kind of mobile forex trading system will work smoothly on your mobile device. Once installed and when you login, the mobile forex trading software connects directly to the trading platform for your forex broker and displays all the data from your trading account in real time directly onto your phone.
Mobile forex trading – Pre-requisites
When using a mobile forex trading system on your phone, make sure to have adequate internet bandwidth, which is usually based on your mobile phone subscription. A regular GPRS connection is the basic type of mobile connection required to make use of the mobile forex trading system, although it would influence on slow execution of data. Most of the mobile phones made these days come with the 3G capabilities thus giving the trader access to broadband or high speed internet straight from their phones. Another factor to bear in mind is to check if your phone is Java compatibile. Although most mobile devices these days support Java by default, some may not. Thus it makes sense to check your mobile device features beforehand.
Whilst mobile forex trading offers the main advantage of not being tied up to a desktop or your laptop, the features of a mobile forex trading platform is usually limited, and there in lies the disadvantage. Firstly and as obvious, the amount of information one gets to see via a mobile forex trading platform is highly limited. This is due to the physical limitations of your mobile device such as the screen size of the mobile devices, bandwidth, processing power and so on. While for some traders, the amount of information that comes from a mobile forex trading platform may not be enough to take trading decisions, it must be understood that the basic purpose of using a mobile forex trading system is to get a brief snapshot of your forex trading accounts when you do not have access to a regular PC. Most traders use mobile forex trading platforms for the basic purpose of monitoring and to stay abreast of the foreign exchange markets. Mobile forex trading platforms do offer the option to place trades as well and this is helpful if in case a trader notices a trading opportunity. Opening and closing trade positions is a common feature, albeit a bit limited on the mobile forex trading platforms.
Mobile forex trading – Security features
While making use of a mobile forex trading app might seem savvy, security is one of the concerns in this aspect. Since it is quite possible for mobile devices to be lost, misplaced or stolen. This gives rise to a high probability of someone else accessing your forex trading portfolio with the potential to harm your assets or even withdraw funds. However, this feature can be adequately nipped in the bud by ensuring that you never save your passwords while logging in. This might seem a bit tedious to enter your password every time you wish to login to your mobile forex trading app, but is a good practice nonetheless. Read more about the MT4 mobile forex trading platforms.