Traditionally, it might have required two or three desktop monitors, a super-reliable desktop computer and a rock-solid internet connection to trade the stock market and foreign currency exchanges properly. However, the advent of mobile trading has given retail investors the ultimate freedom to take and close positions anywhere with a dependable 4G or Wi-Fi connection. Smartphones and tablet devices are now powerful enough to operate trading applications.
So, whether you’re on the train to work or lazing by the pool, you can now safely enter and exit your trades with confidence. This article is designed to equip you with all you need to know to get started with trading the stock market on the move. Although mobile trades were said to equate to just 1% of total average daily turnover on the exchanges in 2015, that figure is continuing to grow day-by-day as more people learn how to trade currency via bespoke trading apps for mobiles and tablets, each with essential charts and graphs to make informed decisions.
What You Need In A Mobile Device For Trading On The Go
The harsh reality of mobile trading is that some smartphones and tablets simply aren’t cut out for supporting demanding trading applications and software. However, most mid-range Android and iOS devices should suffice. It’s just not worth the risk with BlackBerry 10 and Windows 10 devices; simply because their ever-decreasing market share means fewer forex and stock market brokers will support their operating systems in the years to come.
It’s All In The Screen Size
Although it’s possible to place trades on a smartphone with a 4” screen, there’s no doubt that you’ll be more comfortable trading with a screen that’s as big as 6.3” and above. The last thing you want, is to experience “fat finger syndrome” and place incorrect trades that could cost you precious time and money. Put simply, the bigger the real estate of your screen, the more information you’ll have at your fingertips to make the right decision on each stock market trade. If you don’t want your personal smartphone to have a screen as big as 6”, why not consider having a separate smartphone for the stock market that you can carry around?
You’ll Need A Battery That’s As Resourceful As You
Picture this scene: you’ve spotted a great opportunity to buy shares in a business that you’ve heard is about to publish encouraging annual profits. You’re about to enter your stock market trade into your app and, lo and behold, your smartphone dies. By the time you’ve recharged the phone, the press release has been absorbed by other traders and the company’s share price has sky-rocketed. If you want to trade smart on the stock market, you need a battery that can last a solid day’s trading. According to Statista, ZTE phones had the best battery life in 2017 with 1,370 minutes, followed by Motorola (1,358 mins) and HTC (1,356 mins). Samsung’s Galaxy Note 8 offers an excellent mix of screen size (6.3”) and battery life (671 mins).
Crucial Differences For Tablet Traders
For those who are more likely to trade on a tablet than a smartphone, you’ll want a tablet that offers more functionality than a typical smartphone operating system. In which case, Mac and Windows OS offer the right options. In fact, the latter is often preferred because Macs aren’t as widely supported by brokers’ apps as Windows 10 devices. The Acer Switch 5 2-in-1 has an excellent Intel 5 processor, 8GB of RAM and a battery life of over 13 hours, so you can really immersive yourself in your trading.
Apart from that, all that’s left is to find a mobile trading platform you enjoy using and away you go. Some applications can be unreliable, so it’s a good idea to sample demo accounts with plenty of brokers before committing to the first one you come across. Good luck with your hardware search and we hope this gives you plenty of food for thought when planning your mobile trading setup.