In times past, forex trading could only be done on a computer, but thanks to innovation, mobiles phones can now be used to trade forex. If you have an iPhone or an Android phone, you are well positioned to take advantage of fluctuating market quotes.
No matter the type of trading you want to choose; technical, fundamental or social, the power to make money is now in your hand. It is no more possible to miss any market action, since you now have unlimited access to the market even if you are the busy type. Talking about fun that is associated with mobile trading, you have never had it so good. Even if you are on the bed with your partner having a really nice time (you know what I mean), you can open trade positions and earn money while having fun, (but don’t forget to set a stop loss order).
If I will recommend a trading type for mobile trading, it is definitely going to be social trading. As a social trader, you don’t need to worry about studying charts, working out formulas or keeping vigil of news. All you need to do is to watch others do the brain cracking while you just do the copying. I can hear you say ‘smart way of trading’. Get in touch with a reputable broker that has incorporated social trading into its platform so that you will be able to take its full advantage.
I know you are now excited, but there are precautions you must take in the market. Firstly, do not go for a high leverage because it can lead to a high loss for you. Forex is a very volatile market, hence, it is very advisable to take up low leverages.
Another thing you must take note of is that you shouldn’t stake an amount you can’t afford to lose. The ratio of gaining to losing in forex is 3:2, so, at any point in time you want to enter the market, don’t stake an amount of money that you cannot afford to lose. The rate of making money in this game is very high, so also is the rate of losing money.
In addition, you must be in charge of your trade. Even though you are a social trader, you should know where to set the take-profit and stop-loss orders. The fact that you can get signals of when to open trade positions form top traders does not mean that you will be able to copy everything from them. You should be able to set out what you want to achieve with any trade position you open. Forex trading is fun and simultaneously, an avenue of making serious money, once you are smart.