Mobile trading — so easy, you can trade anywhere!
There’s an online platform or mobile app for just about everything these days. From hailing a taxi or chauffeur service, to ordering food, conducting banking services and many other uses. These everyday activities are now able to be done straight from your handheld mobile device.
So it should come as no surprise that you can also carry out trading activities through mobile apps, be it in stocks, commodities or even forex and CFDs. Welcome to the world of ‘mobile trading’.
Mobile trading platforms have been on the ascent lately and they offer investors the freedom to trade on their own time while also reducing the need for excessive intermediaries in order to get the trades done instantly.
Furthermore, thanks to the advancement of technology, we now have increased access to sources of information to deepen our investment knowledge and enhance our ability to make the right trading decisions.
Thus, even if you happen to be a complete beginner, you won’t be left groping in the dark. In fact, there are fully integrated platforms available in the market where not only will you have access to useful trading insights but also the ability to immediately start trading – all within the same app!.
Start trading on-the-go
Just download the application of your choice onto your mobile device (be it a mobile phone or tablet) and you’re good to go!
With some brokers, the account opening process is simple and painless as everything can be done online. Once you’ve setup your online trading account, you can then start trading immediately.
Take IG’s trading app for example. It is an award winning trading app that allows users to easily open, edit and close positions, as well as monitor all their open positions at a glance.
You’re able to trade forex and CFD anytime, anywhere. In addition, you can track in real-time your account balance, profits, losses and margin requirements. Not to mention, you will be able to check the intraday highs, lows and percentage changes.
The best part? This app is completely free to download.
So…what is so good about mobile trading?
#1 Never miss trading opportunities
For those of us who lead a fast-paced and hectic life, convenience is something that most of us seek. With mobile trading, you have all the functionality needed to trade from wherever you might be, as long as you have your mobile device on-hand.
Open a free online trading account and you’ll be able to trade on the move with just a few taps on your smartphone screen.
Gone are the days when you needed to call up your broker every time you want to open, close or amend a position. You also no longer need to endure the substantial wait that usually follows before your desired actions are actually carried out.
#2 You are in control
Nowadays, most of us value the ability to mould the elements of our daily lives to suit our unique needs and preferences.
Mobile trading is no different. You can customise app settings and set alerts so that you don’t miss out on valuable trading opportunities even when you’re on the move.
For example, the IG app has price alerts to inform you if the market hits a certain level and even keep you up-to-date with key announcements.
#3 Analyse and trade multiple markets and instruments
Most mobile trading apps will provide you a vast range of markets for you to analyse and trade in. You will also have access to various instruments such as indices, forex, commodities and many more.
#4 Manage your risks
The IG trading app can also help with protecting your profits and limiting losses with a range of risk management tools, including its innovative guaranteed stops.
These guaranteed stops come free of charge unless your stop is triggered (and even then, it only incurs a small premium). This easy-to-use tool helps you trade with peace of mind even if the market should start to suddenly turn against you.
Some dos and don’ts of mobile trading
Do monitor and track your positions and the markets.
You can also set price alerts in the IG trading app so you would get a notification when specific prices are reached.
Do conduct your due diligence.
Always make sure that you conduct your research on the market and current events that might affect it. The IG trading app allows you to access exclusive market data and analysis so make sure you utilise it before making a move.
Do monitor your account balance, margin requirements and open positions.
You might be busy searching for the next trading golden opportunity, but always make sure to keep an eye on what you have on hand at all times.
Don’t trade on impulse
You might get excited to take action when you notice a trend. But remember, always conduct your research before putting your money into anything.
Don’t forget risk management tools
Sometimes, you might be away from your phone or busy to keep checking on what’s happening to the market. This is why it is of utmost importance to protect yourself with a risk management tool to limit your downside.
Don’t forget about security
The mobile trading app will have access to some of your money. If you’re the forgetful or clumsy type, be sure to customise your security settings to protect your account should you happen to lose your phone.
This article was sponsored by IG, the world’s No.1 CFD provider (by revenue excluding FX, 2016). All views expressed in the article are the independent opinion of ZUU.