The markets never stop moving. As the clock turns and active trading pickups in different places around the globe, it’s important to keep abreast of every event that can alter your risk.
There are benefits to having the ability to trade while you are on the go. The flexibility to execute orders and deposit funds provides a luxury to traders that has only been available during the past decade.
There are also several benefits to desktop trading. The applications that are available are generally more sophisticated. Your ability to chart and back-test strategies is made easier with desktop applications.
For an active trader, using the combination of the two is the most effective mechanism.
How You Can Use Mobile Trading
To trade on mobile refers to the use of a mobile device to track and manage your portfolio while you are on the go. Some traders even use their mobile device as their main platform. There are many mobile devices that provide traders with great tools.
The most important feature of a mobile device is providing you with information while you are on the go, in nearly any location where you mobile device has access to the internet. Receiving pertinent information is important, especially if you rely on new information to manage your risk.
In a perfect world you would be at your desk when a key piece of economic data is released. If you are trading stocks, quick information about earnings and revenues can be the key to timely success. A mobile device will provide you with the information you need to make quick decisions.
If you are willing to execute while you are on the road a mobile device provides that capability. You can also view your positions as well as your balances to make financial decisions. In addition, if you need to add capital to your account, you have this capability with most mobile applications.
Why Use a Desktop Account
While a mobile device has many features that cannot be replicated with the use of a desktop, there are several features to desktop apps that are imperative. While many traders will create their strategies using a mobile device, as desktop is better suited to evaluating charts, and statistics.
If you plan to back-test your strategy, the features available on a desktop are far superior to those that are available on a mobile application. Drawing trend lines and evaluating technical indicators on a desk top are efficient while this process can be very cumbersome on a mobile app.
Desktop applications that are browser-based can be very flexible and allow you to access them wherever you can find access to the internet. This can be the same for a downloadable platform but you would need your hard drive to access your portfolio.
Both mobile apps and desktop apps have key features that make them essential. While the mobile device can supply key pieces of information allowing you to execute while you are on the go, a desktop is better suited for analysis.