New technology always brings newer and different ways of operating tasks we have historically got used to. For instance, in our everyday lives mobile phones are used more widely now than the historical land line. The same applies to Forex brokers. For years people have undertook Forex trading activities on PC based platforms but it seems that in the recent years, the introduction of smart phones has introduced Forex broker apps that enable users to operate their trading in the same manner but on a mobile device.
In terms of functionality, majority of Forex brokers’ apps do work quite well. They do not have a 100% replicated platform that enables traders to operate in the same manner as they would if they were on a computer. Instead, they provide the user with limited and at the same time -major’ functionality such as buying, selling, debit, credit, indicator set-up and so on. With this limited functionality, Forex trading apps may be slightly missing the point.
The reason why Forex trading with Forex brokers is easy on the PC screen is because of the room you have to view multiple charts, the full extent of functionality use and other resources that generally help traders to manage their trading account efficiently. This is not translated with mobile phone applications.
The reality is that mobile phone screens are far too small to use for market analysis. Even if the screen was large, using fingers to plot lines onto specific price areas can be difficult and time consuming. This is simply not something that professional traders can afford to lose. Time is crucial and if they react too late, they simply miss the trade.
A danger of relying on Forex brokers’ apps is loss of signal – something the user has no control of. If you are on the move and you lose signal mid-trade, there is nothing you can do about that. If you had to close the order or move your stop loss; the opportunity to do so is simply gone. Also, if you are on the move it usually means that you do not have much time. If time is not given to solid Forex market analysis then wrong ideas can be generated for a trade. The amount of free time should never be the cause of a failing trade.
Forex broker apps should only be used for one reason – keep a watchful eye on your trades. This is particularly true with long-term traders. If positions are held for a few days or even a few hours, Forex broker apps are a great way to stay in touch with the market rather than be used to enter the market. Exiting the market can perhaps be acceptable but a stop loss should be able to take care of that in any case. So, despite their pretty shell, they do not seem to bring too much benefit.