Trading Forex on the Move – The Pros and Cons

Filed under: Learn Forex Trading |

Screen shot 2013-05-30 at 10.23.48There are numerous apps and software that can be downloaded to your mobile device these days (mobile phones, tablets, etc.) that can assist you in trading the forex markets, and today I am just going to run down a few pros and cons of doing this, so that it might help you to decide whether to use such tools.

 

First the pros. Applications such as Metatrader 4 can now be downloaded in app form on your iphone or ipad (or indeed numerous other mobile devices). This allows you to see your account, the trades you have on, and the forex charts. In fact, it allows you to put trades on while you are on the move, and do most things that MT4 does on your computer. This is good if you need to monitor trades on the intraday charts. For example, you might not have a target set on a trade taken on the 1-hour chart, and you may need to move your stop loss up or down after each close of the hourly candles. Therefore, such an app could be very handy if you have to leave the house for a while.

 

The downside is that you could become obsessed and constantly preoccupied with trading. This is not good for your personal life, or for your trading – as you need to turn off from it sometimes and refresh your mind. It can also be quite frustrating if you cannot find a good Internet connection – and this is not good for your blood pressure! All in all, I do have the MT4 app on my phone, but I do not use it often – and usually only to check on the progress of a trade if I am bored waiting for a train for example. However, it is worth checking out – as it does have some value, depending on your trading style.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>