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.
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.
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.
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.
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.