Recently mobile trading (or m-trading) became a tool for forex traders. All this time there has been heated debate around mobile trading whether it is a useful tool for foreign currency trading or just a nice, but useless toy.
According to the survey held by NordFX broking company, most opponents of mobile trading... have never used it. On the contrary, most of those that use it for forex trading resort to its help practically every day.
Of course, it is much more convenient to trade from a desktop PC but it has one major disadvantage - you got to be glued to it. Of course, you could use orders to open and close trades automatically, but personal involvement in trading is more reliable. This is why as soon as mobile internet coverage spread to most territories, developers designed different software for mobile trading.
How does a trader benefit from mobile trading? Advantages of m-trading include:
• Mobility. Having applications for forex trading installed on his or her pocket PC or smart phone, the trader can go away from their desktop PC, move freely around their city or country (or even abroad) and still keep abreast with all events in the forex market;
• Small size. The device a trader needs to check up the forex market is always at hand, in their pocket. To transport a laptop, for example, you will need a special bag, which isn't always convenient;
• Uninterrupted communication. Since cellular operators cover practically the entire area of countries (except for the very exotic regions in mountains, taiga and the Far North), internet access is permanent. Batteries of modern mobile devices are powerful enough for them to operate without recharging for the entire day and even more. This is another advantage of mobile devices over the laptop as its batteries can work without recharging for a few hours only;
• Special features. Apart from all tools you might need to work in the forex market, including for analysis, available in mobile device applications, modern software utilizes features of telephones and smart phones themselves - for example, an alarm in case of changes in the market. You need not carefully look at the cellular display - it will tell you when a programmed figure is reached;
• More free time that the trader can dedicate to other hobbies and the family.
For the sake of objectiveness, specialists of NordFX broking company point out a couple of weaknesses of mobile trading:
• Additional costs. They are incurred in payment for the internet at the mobile device rather than acquisition of applications for it (now they are free (at least, at NordFX)). But financial benefits of mobile trading will easily cover these expenses;
• A small size of the mobile device's display. There is a way out - buying a device with as large a screen as possible.
• Lack of some features available in a desktop PC, for example, limitation on the number of indicators which makes analysis narrower. We believe this to be a temporary inconvenience because software for mobile trading is constantly updated. There have been already several updates of popular applications for mobile devices over the past couple of years.
NordFX offers free applications for iPhone and Android OS - NordFX MT4 iTrader and NordFX MT4 droidTrader. They offer traders many features for trading in the forex market: trading real time from any location in the city and country with coverage of the cellular operator whose services the trader buys; using a variety of tools, sending orders, setting Stop Loss and Take Profit, closing and modifying pending orders, viewing history, using different calculators etc. As NordFX recommends, Enjoy it! The interface of NordFX MT4 iTrader and NordFX MT4 droidTrader applications is user-friendly, intuitive and convenient.
