We all know that utilizing our smartphones in a positive way increases our productivity. In fact, according to the BBC, we have never been more addicted to our smartphones. In the last decade new apps have put whole new markets at our fingertips, and for the trading community, this has been huge. The image of a stressed broker on the trading floor screaming “BUY, BUY, BUY” or “SELL, SELL, SELL” has been replaced by the image of a person sitting on a beach making trades from their smartphone.
This can be an enticing image when you are new to the world of mobile trading. With 149.3 billion apps downloaded in 2016, it’s safe to say that mobiles are here to stay. However, when we look a little closer, it can be easy to become overwhelmed by the complexity of the options available. Yet the images of people successfully making money with just a smartphone persist. The real question is, “How can I do it?”
‘Keeping in Touch’ – Michael Coghlan via Flickr (CC BY-SA 2.0)
Leverage available technology to keep informed
There is a whole host of trading apps available. Finding an app that offers the right amount of information and updates without making you feel overwhelmed is important. If you’re going to be successful, then you’re going to spend quite a bit of time on the app, so being comfortable with the navigation and information it presents will increase your chances of success.
Most trading apps will provide real-time news and updates. Some providers, such as IG include an economic or forex calendar. This keeps you up to date with any big events with potential to impact the markets. This is just one of the ways traders try to add value to your experience.
Mobile phones also provide a great way to keep up to date with market trends and stock performance. Being constantly connected can have big advantages when day trading, especially for those who already have their smartphone permanently glued to the palm of their hand.
Become part of the digital trading world
There are lots of blogs offering tips and advice about the best apps and how to trade in different markets. Read as much as you can and follow respected traders to speed your ascent up the learning curve. There are discussion boards and communities dedicated to every type of trading. You’ll be using your trading app to make well-informed trades before you know it.
Using your smartphone to successfully trade takes experience. A good way to test the water is by finding a broker that provides a virtual trading account, allowing you to make virtual trades and see how your approach would have worked out. It can be tempting with a virtual account to be bolder than you would with real money, but use your virtual money as frugally as you would your own. This will provide a more accurate indication of how your strategy will work in the real world.
Slow and steady wins the race
Entering into any sort of trading without previous experience is easier than ever. It’s important to select the right online broker with apps you are happy using. Start your trading career with a relatively small amount and build up gradually as your knowledge and successes start piling up.