Advancements in mobile trading have brought a new phase to our lives. No longer do you have to visit the nearest mall to shop; instead you can do it online. Also, you don’t have to go to your bank when you need to see an overview of your transactions and accounts; instead; you pull out your phone and get the information. Moreover, you don’t need to set up meetings in restaurants and coffee shops to meet your clients as you can simply bring up a mobile trading app on your mobile screen and have the meeting with your clients.
The revolution of mobile trading has spread to almost every service sector. One of them being the forex sector. Today, forex trading wears an absolute different face to the one it donned ten years ago. As technology continues to be supreme, mobile trading is making headlines every day in this digital age.
The good part of mobile trading
Before going to the popularity of mobile trading, let’s take you back to desktop trading. Mobile trading was initially not a viable option for any trading process. However, as technology advanced mobile phones were equipped with large screens and fast processing speeds. This gives a trader a full trading experience better than that got from desktop trading. Other ways that make mobile trading stand out include;
A successful approach to trade
If you are a trader, you’ll agree that you can do almost everything with a mobile trading app on any device. But, this was not the case ten years ago. Before the trading apps were developed, traders would only access their trading sites via their phone’s internet browsers. This was not effective enough as the internet browsers could lose internet connection easily or generally be slow.
With that, only 5% of traders took place over internet browsers. After the mobile trading apps set foot in this digital age, the numbers rose to 36%. That points out that the apps brought a successful and effective way to trade.
All-time access to 24-hour markets
The trading style in this digital age has shifted completed. A mobile trading app now enables a trader to buy or sell at any time without being bound to his or her desktop. The 24-hour access privilege has been seen in the indices and forex markets that stay open for 24-hours. Putting that into perspective, 86% of trades in the forex market are made up from the mobile apps. The web-based trades stand at 80%.
The rise of interest of millennials to trading
The mobile trading apps have increased the interest of millennials to start trading. In recent years, millennials have been reluctant to invest or trade; however, with the mobile trading apps, they are attracted to trading. It’s because millennials trust an app to do or access anything more than the traditional means.
Is mobile trading good?
Well, in the digital age you can do almost anything on your smartphone. One cannot deny the conveniences of trading at any time using your mobile trading app. Unfortunately, there are dangers that you expose yourself to by having your body glued to your trading app just to keep tabs with the market trend.
Many will feel it’s not an addiction, but having a constant urge of checking the market wherever and whenever it is something that should get you worried. It’s a kind of addiction in disguise. Sidelining the apparent health risks, there are other pressing issues like emotional and relationship ones. Sitting with a friend on a coffee table for over an hour and you stay quiet for more than thirty minutes only because you are checking the price of a currency pair on your mobile trading app, is detrimental to that relationship.
It’s not a dis to the mobile trading apps, as a matter of fact, you should use and take advantage of these mobile trading apps. However, remember anything in excess is bad for you.
Mobile trading has revolutionized the way we do business. Don’t be left behind in this successful journey in this digital age.