In this article I’m going to talk about how you can trade forex on mobile phones.
In order to trade you need to be able to:
- watch the price action
- identify good trades
- open them
- log your trades into a journal
Now let’s see what options we have for accomplishing these while on a mobile phone.
Forex for mobile phones – 1: watch the price action
To watch the price action you need charts. You have two options here:
- metatrader mobile
- the good: charts with all timeframes, all currencies, some indicators, in real-time. simple price alerts.
- the bad: only available on windows powered devices. hard to work with trendlines. drains your battery quite quickly.
- fxtoolpack forex free charts
- the good: available for all devices, mobile or not. you can import your trendlines easily. price alerts with email notifications will save you
the trouble (and battery) of wathing the charts constantly - the bad: no indicators. charts not as precise as in metatrader mobile
Forex for mobile phones – 2: identify good trades
I don’t recommend doing all your analysis on mobile phones, because no matter how good the software you have is, the small screen will make you miss important details.
You should use your phone only for managing already open trades, or to open new ones if a setup you anticipated gets fulfilled. For that you typically need indicators and/or trendlines. You can get your indicators from metatrader mobile and your trendlines by importing them into your fxtoolpack account.
Forex for mobile phones – 3: open trades
Your broker should have a mobile solution available: metatrader mobile, software for other mobile platforms, or a web interface. It it doesn’t you can consider changing your broker, there are plenty of them offering mobile alternatives.
Forex for mobile phones – 4: log your trades into a journal
You can:
- use the journal in your fxtoolpack account
- log your trades when you get home. I don’t know of any other forex journal available for mobile phones
Metatrader4 indicators (built-in and custom ones) can be accessed from mobile phone with ChartsAccess.com service
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