Mobile

Tips for Trading on Mobile

More and more people are using their smartphones to do the tasks their laptops or PCs once did. Whether it’s for gaming, communication, or business, the smartphone is one of the most powerful tools the average person could possess. 

When it comes to trading, using your smartphone and something like the Tradingview app can be an absolute game-changer. Here are a few things to remember when trading on mobile. 

Download the right apps

If you are, or want to be, a serious trader, you’re going to need the right apps. Besides your trading app, it’s crucial that you also download news and business apps to keep up-to-date with the markets and current events.

There is no need to go overboard, though: test a few apps to see which one you think is the most reliable, and then stick with it. A note-taking app such as Evernote or something similar will also help you keep track of your trades. 

Don’t be impulsive

The one mistake mobile traders make, more often than not, is being impulsive. Apps make it so easy and quick to trade that doing it while on the move or if you aren’t in your “trading zone” can sometimes cause mistakes. 

Don’t haste and waste your money. Be mindful when you should buy stocks and when to wait. That is why it is important to know this details like how Vector Vest outlines how these things are important on trading

Use mobile trading as a supplement

Mobile trading shouldn’t be your primary form of trading. While it’s tempting to do so, as it’s easier and more convenient, it should be used to supplement your regular trading routine and habits. 

You won’t have access to the same plethora of tools and metrics as you would have on your PC or laptop. Therefore, use mobile trading as a way to keep up with your trades and investment movements on the go, or to make time-sensitive buys or sells. 

 Mobile

Stay engaged

It’s far too easy to get distracted while you’re on your phone, or when you’re trading on the go. You could be enjoying some time next to the pool on holiday, or maybe there’s someone on the train or bus to work that’s a bit too loud. 

Teach yourself to stay focussed on the matter at hand, and give yourself that 10 or 15 minutes you need to make clear and logical decisions. 

Take notes

As already mentioned, if you’re away from your regular trading set-up, you still need to be taking notes and keeping track of trades. Whether you use an app or a small notebook, you shouldn’t leave the house without it. 

When you’re trading on mobile, you aren’t simply trying to kill time: you’re still moving your money around. Knowing what you did, or what you want to do, is key to making better decisions and not missing out on opportunities. 

Improve your connection

If you’ve played any online video game, you know that lag or a slow connection is one way to absolutely ruin your time; it’s no different with trading. This is especially true if you’re a day trader, a scalper, or a forex trader. 

To avoid this, ensure you have the best possible data package available, which will give you all the internet speed and strength you need. If you can’t do that, the next best thing is to invest in a dongle. While this may seem unnecessary, the last thing you want is to miss out on a big trade simply because your internet connection slows down at exactly the wrong time. 

 Mobile

Keep it simple

Finally, always remember to keep your device and trading tools slimline; only download what you definitely need and will use on a regular basis. This is true for beginners as well; the old saying of “all the gear and no idea” applies to trading, too, and is important to remember.