Mobile Trading: Forex on the Go

Filed under: Learn Forex Trading |

Screen shot 2013-03-18 at 09.54.46Many of you these days probably have an iphone or other mobile device that you carry around with you, look at several hundred times a day, and have a whole host of apps on giving you all kinds of information – from the weather, to maps, and bank account details. Recently, it has also become possible to look at your MT4 account, and view forex charts and prices. But is this necessarily a good thing?

 

I believe that getting away from the markets can be a good thing, as this allows you to come back refreshed and more objective. You should turn off from the markets as much as possible – go and play some golf, or go for a walk, anything to clear your mind of clutter and emotion. However, if you have a mobile device with access to all of your trades and the market movements, then you may find that you become addicted to watching your trades and the price movements of the forex market, and as a result, you will become more emotionally involved and perhaps make spontaneous trading decisions while you are on the go.

 

For example, you may watch a trade that you have on move into good profits, before going back to a breakeven position. This might prompt you to get out of the trade. However, this might also just be a natural market ebb and flow – and you may not be giving the market enough time to ‘breathe’. Therefore, it is probably better to bin your forex mobile apps, and operate a more set and forget style of trading. The markets are 24 hour, and nobody can watch the markets for 24 hours per day. Therefore, it is important to switch off now and again, and come back refreshed and ready for more.

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