While the daily, forex trading levels may have fluctuated wildly over the course of the last five years, the foreign exchange remains the most liquid and lucrative of all financial markets. Since 2013, the amount of money traded in this marketplace is per day, which is a truly incredible sum when you consider the volatile nature of the exchange and currency trading as a whole.
The popularity and liquidity of the forex market are not the only things that are hard to dispute, however, as it is also fair to surmise that small details can make a significant decision when trading currency. With this in mind, taking the decision to trade forex through a comprehensive mobile applications can incrementally increase your income as an investor, regardless of the prevailing economic climate.
3 Ways in Which Mobile Trading Can Increase Your Income and Earning Potential
The question that remains, of course, is how precisely can mobile forex trading help you to optimise your income and earning potential? Here are three of the main points: -
Some advantages are dependent on the precise trading application that you use, of course, but there are others that remain universal in their nature. Perhaps the biggest benefit of trading through a mobile platform is that is enables you to operate in real-time, which is particularly important given that the forex market is accessible for 24 hours (for at least five days of the week) and across three, separate trading session.
By leveraging a mobile app, you can access your portfolio at any time of the day and make informed, real-time trading decisions with confidence. Some apps can even be accessed without a viable Internet connection, which is also a huge boon for traders who travel frequently.
While not all mobile platforms are created equal (and there are obviously some that lead the market where others follow), many share similar features and trading tools. The market leaders distinguish themselves through that they offer, however, as these elements drive more informed, and ultimately profitable, transactions.
In terms of risk-management features, the best mobile applications include trailing stops and stop-losses, which can be utilised to minimise the amount of capital that you lose when specific trades prove to be unsuccessful. While these features are only ever as effective as the specific limits that you set, having the opportunity to access them in real-time represents a significant bonus for traders.
To make the most of these, be sure to compare the available range of mobile applications and determine which offers the most value in relation to your outlook and trading strategy.
On a final note, we cannot fully appraise mobile trading apps without detailing the excellent account management tools and educational resources that they offer. The latter features are particularly impressive, as they provide traders with constant access to a free economic calendar and daily, market analysis.
Additionally, some mobile apps have begun to integrate video tutorials and seminars into their platforms, providing freely accessible learning resources that may ultimately prove to be invaluable for novice traders. Once again, having access to these tools through the mobile platform makes it easier for traders to refine their craft and operate efficiently while on the move, and this competitive advantage can often make the difference between trading success and failure.
Zak Goldberg is a Law & Business Graduate from the University of Leeds who has chosen to follow his aspirations of becoming a full-time published writer, offering his expertise on all areas of law and finance.