As this is the time of smartphones and there is too much progress in this tech. It has become a good replacement of several daily use accessories which include landline, cameras, photo albums, voice recorders, radio, calculators, notepad, and many others. Where it has replaced other devices, also it has become a faster and easier way to approach.
Mobile phones have brought a revolution in technology and hence in our lifestyle. Every day many new applications are developed for our use. Hence, providing us with many more opportunities as well as an easier approach to a lot of things.
The internet has brought the whole world into our pocket in the shape of a smartphone. We access it anywhere, at any time. We commonly check our emails, browse social media and do the online searching for any help. Its use is increasing day by day and will never decrease.
Likewise, forex trading has been accessible from mobile phones for many years. This terminology is getting popular among traders at a much faster rate. They take it as an edge and a great favor.
According to me, it’s a really bad decision to do forex trading on a mobile phone. You must be struggling to digest this truth but you will surely get it after reading this article. I will illustrate 3 reasons why mobile forex trading may not be such a great idea.
The size of the display is the first factor which affects your forex trading. Usually, in a professional environment, proper monitors or laptops are used with average 17 inches displays. They will never allow you to do your work on a mobile phone in the office. Because the difference in the display dimensions really has an impact on your performance.
Maybe a mobile phone has a good resolution, brilliant color display, and excellent touch sensors. Surely, it allows you to have a friendly approach to anything you want to use but some things are better if you do them in their original and professional way. It can never provide a visibility like a computer LCD or a laptop screen. Its small size will always be a great drawback to users, in which forex traders are most prominent.
As you know about trading raw price action in which you can easily remove indicators. These indicators take much space and make it difficult to identify the right patterns on your chart. But if you do forex trading on mobile then there will be no any benefit of this option. Because even after removing the indicators charts will remain unclear.
A Distraction-Free Environment is a Must
The choice of environment is really significant in obtaining effective results in any work. Some people like to work in a very silent and calm environment. While some like to do it while listening to a refreshing sound or music. Some like a closed office environment and some love to work in open view atmosphere. It depends upon the person that which one is good for him. But I can never believe that a noisy, congested and un-comfortable environment allows a person to do his work precisely.
I must suggest you read Trading in the Zone by Mark Douglas. It will make you clearer about the selection of a right environment.
As a good forex trading can only be done when you are calm and relaxed. It provides more focus on the work. If you are out somewhere, going to the office on a public transport, having fun in a friends party or taking your kids from school then I believe that you are experiencing a noisy environment. If you are trading on your mobile along with these tasks then you are having a really bad strategy. Then you are just wasting your money and also your precious moments.
Too Convenient for Your Own Good?
Everyone in this world wants more convenience. The technology is evolving our lifestyle to be more convenient.
In the scenario of trading, I will oppose this convenience thing. Its reason is that if someone is allowing you to deal with him on a mobile phone, on a small screen, and in a bad environment then he must be wise because it will only benefit him, not you.
If the market is giving you something then it must be taking something from you too. Their overall profit remains the same. If forex trading is granting you convenience then there must be something they draining from you.
This convenience is allowing you to look at your position and analyze the market in hurry. In a hurried state, your mind will be unable to focus more on work. Similarly, convenience allows you to do many more mistakes which a good forex trader will never do.
There is a fix if you really want to trade when you are out of office. Don’t use the lower time frames because by using them you have to check your position again and again. By using higher time frames instead, you just have to check your charts just 3 to 4 times a day. Then you can easily find time to check them on your laptop or computer.
There is another technique that will save you from using mobile for trading. That technique is a hard stop. The hard stop is actually a stop loss used in the trading platform to automatically remove trader from a position in the event market moves against you. In this stop, you don’t have to close your position every time manually. This feature provides you no need to check your trade again and again and a sense of relaxation.
Position sizing is also an important factor here. You don’t’ have to check your mobile phone if you have already checked that you are going in-line with your trading plan. Your stop loss is capable of your risk management then.
The market is also launching an option for the persons who are away from their offices. It will provide an auto-trading in which you don’t have to do anything.
Most people find more convenient to do forex trading on a mobile phone. It looks like that it will have enough advantages but in actual it doesn’t.
The mobile phone doesn’t have a large display interface which really unable to show everything clearly. Hence, you will lose focus on the trading. So don’t try to mislead yourself and must trade on computer or laptop screen.
The bad environment is a serious issue in forex trading. Trading on a mobile phone in a noisy environment will absolutely affect your outcomes. Try to find the calm environment which will definitely be your workplace.
If your broker is allowing you to work on a mobile phone then it will only benefit him, not you. Because when you will be unable to analyze the market perfectly on small screen and environmental distraction. Then he will surely make money from you and you will be in loss.
These 3 reasons why mobile forex trading may not be such a great idea, must have cleared your mind. You should decide to never do it in the future.
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