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How to trade cryptocurrencies, forex or stock on mobile

Mobile is the new way to trade

The
world has gone mobile. We are doing all our finances – from shopping to
banking – with smartphones. Cryptocurrency, forex and stock trading is
no different. Opening and closing your positions on a mobile app can be
more effective than on a desktop. Here’s why.

Successful
orders need to be timed perfectly. You have to be able to react quickly
to the news and market moves. That’s why everyone who thinks seriously
about trading needs to learn how to make orders and set up stop loss and
take profit levels using their phones. 

In
this post, we’ll teach you how to do it. I hope that you will never
miss a trading opportunity just because you’re AFK (away from keyboard).

The two-day trading worlds

Two
trading environments make the same computer-based actions completely
different. One is a secluded room with dim or no lights where a trader
sits in front of multiple screens plugged into a powerful computer
unit. 

This
is how professional all-in traders operate. This kind of trading
requires not only expertise but also sacrifice, time and discipline. You
need to be at your trading “office” every moment, so you don’t miss a
vital market event. 

The
problem with financial markets is you never know when the big move will
take place. That makes a freelance trader’s lifestyle less attractive
for some. 

This
is where mobile trading is unrivaled. While you are not able to perform
all the analysis you can do on your powerful desktop trading units, it
gives you so much freedom and makes it possible to react quickly to any
news and market moves.

Trading
with your phone, you are no longer tied to your dealing console. You
can live your life and enjoy the money you make trading.

Mobile trading can be awesome

There
used to be some issues that made forex or stock trading mobile apps
less popular over the years. These barriers have been removed, however.
Mobile internet is no slower than the one you can have in your office. 

LTE
is fast enough for mobile traders to keep up with the markets. With 5G
networks on the horizon, mobile trading will become even more attractive
in the nearest future.

For mobile trading, you need the right tool. Pick an app that fits every screen. SimpleFXWebTrader was built for mobile. Responsive design makes it adjust correctly to any screen size. 

The
platform also offers native Android and iOS apps with some additional
interface features that will fit your phone’s user experience perfectly.

UX
is essential when you are making decisions fast. You need to type in or
choose the quantity with a perfectly designed number picker. Some
mobile trading platforms are error prone since the screen is so small.
Quality UX matters.

Adjust your strategy regularly

It’s
a good idea to adjust your week or even month strategy doing some more
sophisticated technical analysis on your desktop or laptop. You can save
and share your analysis using the Trading Ideas feature or notes to yourself on your Android or iOS device. 

Sometimes you need these additional features. That’s why it’s best to choose a platform that works on both desktop and mobile. SimpleFXWebTrader is an app that adjusts perfectly to different devices. 

Tablets may also be a good solution as they are both portable and offer a cleaner trading charts outlook. 

Things to watch when trading on a phone or tablet

Here are four critical things you should pay attention to when trading using mobile devices:

  • Check your connectivity. Make sure you have good reception, so the accidental lags don’t mess with your trading strategy

  • Choose
    an app that provides you state of the art security solutions. Hundreds
    of thousands of users are continually testing the safety features of
    experienced international brokers like SimpleFX.
    That is why over the time they have developed fraud-proof policies.
    This is even more true for brokers with long cryptocurrency transaction
    history. 

  • You
    shouldn’t go for novelties when trading on mobile. Choose a tool that
    has several years of history and a couple hundred thousand users.

  • Customer
    service – although there’s a lot of buzz about customer service
    automation, the bots are not there yet. You need to count for
    real-person support preferably in your language since when you need your
    problem to be solved quickly, you don’t want anything to get lost in
    translation.

Now’s the time for practice. Let’s make some orders using SimpleFXWebTrader on a smartphone.

Choosing the Best Chart Time-Frame

First,
log in to the app, or sign up if you don’t have an account ready yet.
Choose the Bitcoin pair you’d like to trade. On the main app’s screen,
you see your favorite instruments. Let’s choose BTCUSD for a start. 

You
go directly to the trading panel with a Japanese candlestick chart.
Here you have several timeframe options to choose. Trading with 1D
charts, where each candle represents a day worth of trading, is
different from 1H trading or 1M trading, where you get a new candle
every hour or minute.

Mobile trading

While
the technical analysis tools are the same – you can also use the same
candlestick patterns to identify the breakthrough or reversal signs –
the most significant difference is the trading interval. With 1D
trading, you may limit yourself to checking your account once every
24-hours to verify your strategy and adjust your BUY/SELL orders. 

On the other hand
trading with 1M chart will almost certainly drag you into an at least
10 or even 20-minutes long, intense trading sessions, where you will see
the prices moving every minute. Unless you set a tight stop loss or take profit levels, once you place a substantial order, you will need time to perform your trades.

Make sure you are comfortable and not distracted while you are using 1M or even 5M charts with your mobile trading app.

Making orders

Opening
or closing a position with the best mobile apps are easy enough for
everyone to do it in real-time. Just tap “BUY” or “SELL” button, choose
the size of the position you want to open and confirm your order taping the “BUY” or “SELL” button again. That’s it.

Picture of mobile trading platform

However,
doing it the most comfortable way in the beginning, you’ll need to
spend more time observing your position later, as you’ll have to close
the position manually. To save your time, it’s good to turn on “Close at
profit” and “Close at loss” options. 

Adjust
the levels tapping “+” or “-.” If you are placing a “BUY” order the
take profit should be above and the stop loss below the current market
price. It’s the other way around with the “SELL” order.

Mobile
devices have developed rapidly over the last years and are already much
better trading platforms than desktops on many occasions. While an
in-depth analysis is still much more comfortable using a desktop app,
placing orders itself is much easier on mobile. 

The most significant advantage is that you can do it anywhere and anytime. You are no longer tied to your desk. 

The best solution is to choose a trading app that works perfectly on both mobile devices, laptops, and desktops. SimpleFXWebTrader is a UX-focused platform with no minimum deposits. Give it a try if you are looking for a portable trading tool.

This article was written by SimpleFX.

ForexLive

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