Trading is a skill that more and more people want to pick up as something to learn and develop on the side, as the plethora of benefits has enticed many and will continue to do so. Aside from the profit side of things, it is a whole skill set that develops other parts of your analytical skills as well as coming to terms with and understanding how things like the stock market and TradingView platform work.
One of the things that have proved to be a setback for many, though, and means that people give up or are frustrated with the lack of progress that they’re able to make, is the fact that they can’t seem to sit down and make time to learn the ins and outs of forex trading. However, what you might not know is that you can utilize commute times whenever you’re out and about, thanks to mobile apps designed for trading! Here are some of the reasons we’d recommend mobile apps for all your trading needs.
1. Better Prospects
As you may already know, the FX market operates 24 hours a day and is a highly active place to be, no matter the time of day, thanks to all the different time zones around the globe. Being able to access the market straight from your phone whenever you want or can means that you are not restricting yourself to any one particular market. This gives you the flexibility to place the best trades at any time of day and be the first to know about the opportunities because of how quickly you can access them.
2. Research Opportunities
Another benefit of being able to access the market at any time of day is that, aside from having a better chance of placing a good trade, whether you are an amateur-level trader or a complete beginner, researching and learning about the market is a constant and ongoing process. Instead of limiting yourself to a particular market because you only have the time to study in the evening, being on the go means that you can study different patterns, currencies, and movements within the market whenever possible
3. Unique App Benefits
More and more forex brokers are pushing for users to start using their mobile applications, so as an introductory incentive, they may offer you exclusive benefits that you can’t find anywhere else. This is a great thing to keep in mind, especially if you are just starting out with trading and are finding your feet. Some things to look out for are how much leverage they are offering, the range of tradable assets offered, and whether they offer demos or not.
4. User-Friendly Interface
Perhaps one of the biggest benefits of using mobile apps is how they are designed to be as uncomplicated and user-friendly as possible (and that makes a big difference in whether you’re motivated to use a specific app or not). A simple user interface is much less intimidating to start with, especially as a beginner, and is more likely to motivate you to keep learning consistently and mastering the simpler but core skills needed to place successful trades.
5. Versatility of Options
You may think a mobile application won’t be able to keep up with the full desktop software but think again! The endless options that a mobile app can offer you are really unparalleled. Many apps provide you with the opportunity of being able to trade binary options, commodity futures, and even currency pairs. Others will give you access to the market price data as well as the most up-to-date business and financial information that will be of use to you, even being able to broadcast live news to inform your decision.
6. Eliminate Distractions
It might sound contradictory to talk about eliminating distractions when your smartphone is involved, but trying to trade at your desk might actually be more distracting than you think. You might be tempted to fiddle around with other tools or software features that you aren’t too sure of just yet, or even go onto other social media sites. In contrast, when you open up your trading app of choice, you know all you are there to see is the market, to place a trade, or for research purposes. There is nothing to distract you from your goal.
7. Using Your Time Efficiently
Thanks to the efficiency of apps, you might realize that you’re spending less time on screens than before! That’s because you’re not spending hours every evening trying to concentrate. You can even set up notifications so that you’re alerted only when there’s something of use for you personally instead of checking your phone every 5 minutes. The live up-to-date information you can get via the app means that you can train your brain to make decisions quicker instead of second-guessing yourself, improving your analytical and decision-making skills.