Trading from Your Mobile – 3 Reasons it can Suck

I have just returned from a well-deserved break. Only 4 nights, but OMG that sun felt good.

The Journey was smooth, transfers even smoother and the chance to rest amazing.

As you know, this year has been different for me and also far different for my partner, as we have worked hard on creating my trading systems.

Now that the system has launched, there is support that needs to be offered on a regular basis. This is obviously a fact of trying to teach anyone anything… you need to help when it’s needed.

Fortunately, smartphones and mobile internet make running a business on the go totally possible.

Although running a business, offering email support and genuinely keeping tabs on everything is one thing… but can you really trade effectively from your mobile phone?

Well, being as I did exactly that whilst away I have to say yes. My subscribers want to make money and trade… and I was able to do all the required analysis on my iPhone, relatively easily and profitably.

As I’m used to trading and using my own system, this no doubt aids the overall process. However, if you’re a newbie, then I truly believe that learning to trade on a smart phone can have more negative outcomes than positive.

Here’s why.

3 Reasons Trading from Your Mobile can Suck.

One of the big downfalls from trading on your mobile is that you just can’t see the bigger picture.

Trying to analyse a chart on what is essentially a 6 inch monitor is ridiculously hard to do. Yes… you can see the chart alright, but it is very difficult to gain any true feeling about the price from such a small view.

If you know a chart like the back of your hand and are used to looking at it day in day out on a larger laptop screen or PC monitor then it is easier to get your head around.

But for anyone just starting out, laying their trading foundations by learning charting from a smartphone is going to be a struggle at some stage and most certainly cause errors.

You might be able to check your longer term trades easily enough on a smart phone [I do] but deciding on opening new, shorter term or in all honest any new trade could well be flawed.

I just don’t see how you can get a true insight in the overall picture of the chart on a miniature screen.

I may be wrong on this…. but analysing a chart on a smart phone is a big NO for me.

Trading from your Mobile

Where is the price going?

 

Resolution and view is another big concern I have with smart phone trading.

Turning your phone one way and then another [landscape, portrait] changes the view of the chart totally.

So getting used to the look of your chart can change instantly.

The most irritating thing about this is that you have to do it at some stage in order to see the overall picture that the chart is presenting you with. Plus you have to do this in order to read some data quickly if need be.

Charts on Smart Phones

To me, a chart looks so more urgent in portrait mode. This means that you then need to look at landscape mode to reconfirm the same thing that you have seen in portrait mode… this is a mega issue.

I find that portrait mode makes things look like you need to take action NOW rather than telling you what you really need to be doing… which most of the time is nothing.

These charts are of the USD/JPY. They are both exactly the same. But the portrait few seems to offer a trading opportunity. The chart looks so urgent and liquid to me.

 

Mobile trading Trading on smart phones

 

 

Smartphone Habits

How many times or how many hours a day do you really waste playing around with your phone? Finding something to do other than what you should really be doing?

Over trading… the scourge of all traders…. This is hard to master for anyone.

But nowadays you have a smart phone…are traders more tempted to keep checking their positions? You bet they are. Talk about dangling the carrot.

As the saying goes, and one I have mentioned many times before, ‘the money is in the waiting’

But for those idle hands, the temptation to keep checking your open trade is a disaster waiting to happen.

The constant trading opportunities that present themselves when trading from your mobile are practically endless. Even though there really aren’t any that you need to consider, you’ll find them.

Plus watching your trading go in and out of the money can be an emotional rollercoaster for many.

Betting Companies Love Smart Phone Traders

Any sports bookmaker or spread betting firm must be doing back flips since the invention of the smart phone. Although there has been a sustained effort to get companies in the UK to tidy up their operations, is that enough to stop a gambler gambling? I doubt it.

For the FCA to really save people from losing their money they need to ban any form of punting on smart phones… and that ain’t going to happen folks.

In conclusion

Overall, trading from a smart phone can be a useful tool, but only for the few that have cast iron discipline and are probably not day traders.

If all you’re doing is logging to your trading account and placing a trade, then the smart phone is awesome. Just make sure you can walk away and forget about it once you have done so.

Most should steer well clear, trading on your mobile isn’t that easy. Learning to trade on a PC or laptop is far better.

Trading using support and resistance lines

As I have already mentioned, there are a numerous, even hundreds of ways to trade the markets, I thought it an idea to highlight that there are few simpler and as effective as trading support and resistance breakouts.

Again the one thing you need for this strategy is discipline, and that comes in the form of waiting for the breakouts.

Apart from that this trading using support and resistance lines is ultra-easy to do and mega effective.

Trading using support and resistance lines

Looking at this chart of the USD/JPY you can see that the price opened up on again Sunday evening from its Friday evening close.

Trading using support and resistance lines

The price then moved down quite strongly over Monday 24th after opening… giving us our first resistance level at 11062.3.

From there, the price met support on Tuesday at 10958.7 giving us our first support level.

As the price headed back up to our first resistance level, the candle at 12 noon breaks through this resistance level and as you can see moves higher.

The candle immediately after the breakout candle can give us a good entry point using our 4 hour charts.

You can then place a trade on binary for a set number of hours or if spread betting, open the trade and place a stop loss at the previous resistance line point 11062.3. that has now become our support line.

The price then retracts and moves sideways before resuming its upward climb to the next resistance level at 11229.8.

From this new resistance level we are either expecting a nice strong breakout or a good rebound/swing back down.

Why? Because if we look back at our chart we can get a far clearer idea of where we think the price may go.

Trading using support and resistance lines

As you can now see, the picture is clear.

The price has already rebounded from the same resistance level on 31/03/17 and continued to move down until 17th April where support was met.

Then the price has moved steadily back towards the resistance level that was formed on March 31st.

This simple trade has made around 800 points overall in a month… 400 down and 400 back up if you were spread betting [depending where you entered].

Where do you think the price will go from here? If I was trading this currency pair I’d wait for a breakout candle above the current resistance level around the 11230 mark. I could then place a binary trade for a set number of hours, or I could even use days. If it rebounded we could still trade the swing back down.

Spread Bet or Binary?

I have rarely ever spread bet currencies. I am far more content spread betting stocks or indices… That stems from trading with Vince Stanzione I think.

I do like trading the currency markets on binary though.

Anyway, have a look at some charts and practice drawing in some support and resistance levels. From there try trading the breakouts. You can use a demo account on IG or binary.com to monitor your results.

Drawing support and resistance lines

Don’t over complicate drawing support and resistance lines. All you need to do is ask yourself this… has there been a significant change in the direction of price where I’m about to draw my support and resistance lines?

If yes, then draw your line. It is that simple.

You can also draw support and resistance lines diagonally. This can also help to identify trend directions and create trend channels that can be used for swing trading as well as clarifying entry and exit points.

drawing support and resistance lines

Binary Alert Service Trading Results Update

Trading Results Update

Another month has already passed since the last results update from my binary alert service.

Trading Results Update

This last month on my binary alerts service we had a total of 19 trades.

Of those 19 trades 7 were losers.

This means we had a strike rate of 63.1%

Our new balance as of today is £496.30

Giving us a total ROI return on investment of 148.15% to date

You can see from the results that you do not need ridiculously high strike rates to make trading pay. Nor do you need huge starting banks.

Also the results could have been better if I had set my trade to stake instead of payout on the 28th April… also, I set the time to open a trade not accounting for daylight saving hours and had to close it and take a £5.77 loss.

My bag though, and lesson learnt again unfortunately as I have been caught out on the stake/payout issue before… Ohh Rachel.

If you haven’t considered joining my alert service then you can read about it here.

The results may seem slow and steady now… but the compounding of your bank will most certainly make your eyebrows rise over the coming months.

In fact, you’ll find my results beat many sports tipsters services.

Adapted Selections

Also, I have had to change my strategy ever so slightly on these alerts as some subscribers were unable to get the trades on in time. This was affecting their profits and also my morals to my customers.

To rectify this I am sending the alerts out up to an hour earlier so that everyone is trading at the same times. And there is now no rush or irritation to get over to binary.com in time.

In fact once you get the alert you can select the time on binary that the trade has to start and then just log back out and forget about it for the day. It couldn’t be simpler.

Trading Results Update