Why mobile trading is not the right way to trade Forex?

Technology has opened up endless possibilities in Forex trading. Think about it: you’re on a road trip and you suddenly receive news on a major economic event that could turn your trade around. You immediately pick up your phone and pull out of the trade. That’s mobile trading – and there’s an increasingly large number of Forex traders in India who’re turning to this medium to make money in the FX market. On the surface, mobile trading might seem like everything a trader needs offering convenience, ease of use, and the ability to trade from anywhere. But the reality is harshly different.

Let’s take a look at some of the reasons why trading on Forex exchange in India using your mobile devices may not be the right choice:

1) Connectivity issues

Despite massive improvement on the connectivity front by cell phone providers, your mobile devices are still susceptible to fluctuating connections that are harmful for your online trading performance. In the Forex market, even a few seconds/ minutes can spell the difference between a profit and a loss, which is why fixed-line connections are always deemed the best.

2) Susceptible to over trading

Users are constantly hooked to their mobile devices. Forex traders who choose to trade on it will have access to their trading account all the time. While it’s a great way to constantly monitor the markets, on the downside, it increases market exposure and may result in over trading. This habit can be detrimental to one’s trading performance as it’s advised to take some time off the online trading platform for better results.

3) Small screen size

The average mobile screen size ranges from 4 inches to 7 inches. Compare that with your trading account setup on desktop/laptop and you’ll know why size matters. Everything; right from the charts to other vital indicators, must shrink down onto this limited space or be eliminated entirely. These limitations may adversely impact trading on the forex trading market in India.

4) Limited platform performance

Most mobile platforms are optimized versions of the platforms that are originally written for desktops, and thus, the expected performance isn’t up to the mark. Bugs, glitches, slow-loading times or poor UX can rob the convenience of using mobile for trading and complicate matters.

5) Deviates your from your focus

It’s not that computers don’t pose a distraction, but mobile phones can multiply it times ten. You might get inbound calls, notifications or other distractions, that will sway you from your actual goal. Remember, focus is the key and if you lose that you’re bound to make mistakes that will eat into your investments.

While mobile trading offers you the convenience of Forex trading on-the-go, you need to be mentally prepared to face delays in execution, price updates and other issues that arise. For optimal performance, you need to adopt a multi-pronged approach wherein you trade using multiple platforms without restricting yourself to one. WesternFX, a leading Forex broker, offers MetaTrader 5 which can be accessed from multiple devices.

Setting Trading Goals: Four Simple Tips that Can Help

Setting goals that are realistic and within your comfort levels are important in the area of trading. Your aims must reflect your ability in order for you to remain motivated and focused during trading. In this article, we’re going to be providing you a few things to remember when setting goals for trading.

Don’t set Over-ambitious Goals

As a novice in the trading system, one needs to restrain his ambitions and desire to achieve. When setting goals, you need to remember that they need to be achievable, realistic and within your ability. One cannot trade and win without having a deep understanding of the market, and a solid preparation. For this, one needs to be able to design goals that are proportionate to market realities and your area of comfort. Instead of going for heavier, consolidated long-term goals, set smaller and more achievable goals. This would help to hone your focus and to instill confidence during the process. 

Don’t aim to make trading your full-time profession immediately

Forex trading in India is a profession for many, but the vast majority of new traders cannot make a full-time earning from this. Newcomers to the field need to keep this in mind as they enter the fray. Always remember that this can only be taken on as a part-time profession or a hobby at the beginning. One needs to harbor a solid financial support system before entering this space. Be it from a full-time job or substantial savings, these are ways to insulate yourself from losses without having your livelihood compromised. 

Keep Your Market Time Regulated

A crucial thing to know is the ability to remain detached from the activities of the market. There are many traders who are wired into the exchange almost all through the day, working on trades through all of their free time. This is unhealthy for anyone who wants quality in their trading strategies. You need to apply a more focused and methodized approach, with a few devoted hours in which you attempt to gain the best opportunities. This helps give you clarity when setting your trading goals. 

Do not Harbor Extra-High Expectations

High expectations set the stage for defeat in this field. Online trading in India needs to be conducted with a logical and realistic vision rather than on emotion. Traders who ride on hope and expect profits to flow in immediately are likely to be heavily discouraged when they encounter losses. And this is what leads to most players in this space giving up or being driven irrationally. Ensure that you cultivate patience when you trade, and that you remain objective with the outcome. 

If you need more insight into the world of Forex trading, then let us know. We, WesternFX, are an international brokerage firm that represents clients from across eighteen countries. If you need help grasping the trends of trading, then team up with us and we can give you the tools!