This is a stereotypical topic that you will see around social media, “trade to make a side income”, “make money on the beach from your phone”. So, is it actually possible?
Today I’m going to cover the apps that are available and the tools that are available to enable you to trade from your phone. Do I recommend it? Let’s see…
The three areas to focus on when looking to trade from your phone are the following;
- Risk Management
The first way we can go about managing our risk is by using websites such as Admiral Markets Risk Calculator . This is a simple and effective tool but we do have an option for an app on our phones, ‘Stinu’ is a risk calculator app that is very user friendly. This used to be free but they now require a small subscription fee of $14.99 per year with a 7-day free trial.
Tradingview is probably the most user-friendly app you can use for analysis on your phone, it has most of the functions available just as on the web version but the issues that arise from analysis on a phone are the inability to view enough data on the screen and if we are completing our analysis on Tradingview on a different broker to the one we are executing on we run the risk of inaccuracy of price.
We execute on MetaTrader 4 or MetaTrader 5 on the trading floor through Admiral Markets as our broker. This is also possible on a phone as you can download MT4 or MT5, you can then execute on the app once you have connected your broker and entered your login details.
Therefore, in theory, yes, it is possible to trade from a phone. There are applications for each component necessary to trade and it physically can be done. Does that mean, however, that we recommend it? Absolutely not, these apps are useful in times when you may be out of the office or away from your desk setup, but even then, I would advise against making decisions away from your desk setup. These apps are useful should you need to trail a stop or if you needed to check to see if your lot size is accurate, not to initiate a trade from.
Until next week, safe trading!