Disguised addiction

For many traders, downloading mobile apps from their broker seems like an obvious must-do.

"Yay! That's great, now I can trade at any time (even when I'm on the toilet) without missing any chance!"

Why people are attracted to mobile phone deals

People are attracted to mobile phone trading for a multitude of reasons.

However, I believe that most individual traders abuse mobile trading apps and do not use them properly. How can you not spend money on something if you always go around with a bunch of cash in your pocket? Trading with smartphones too, if you don't have it, why would you have made trades that should not have been made ?!

Some of the more common reasons traders are attracted to mobile trading apps are:

1. It's cool to think you're "trading like a pro" with a mobile trading platform

In fact, most professional traders do little or no trading from their mobile app.

Professional traders know that if they are too busy to sit in the familiar trading office or work with their regular trading computer, they may not have the correct trading mindset to fully focus on.

So, better not to trade if you are too busy to focus entirely on the market. Professional traders are only using mobile trading apps as a monitoring tool than any other. They know there is too much risk of losing money simply because they were in a rush and not properly analyzing the charts from their most effective state of mind.

2. It's cool to show your friends your fancy trading app

Maybe you think it would be cool to trade on your smartphone while waiting in line for food or hanging out with friends.

However, most people think that glued to your phone screen constantly is somewhat impolite when meeting in person or at other events.

In trading, making money is the main goal, not how you look like a trader!

3. It's cool to be able to take his phone to bed and lie there checking the chart

Insomnia because you can't stop seeing or thinking about the market is a classic sign of an overtrading trader and a trading addict.

Smartphones gave traders too much pampering, forming bad habits, such as lying in bed watching charts or analyzing other trading variables.

Once you've climbed into bed to go to bed ... go to sleep! Insomnia affects your overall trading performance as well as other aspects of your life!

Ease of access isn't always a good thing

Here's a fact: smartphone trading is great for certain professionals, but for retail traders it can do more harm than good.

Basically, when trading from mobile phones, you will start entering a world where online casinos attract people to join, which is an addiction created by the easy availability of marketplaces. the school is in motion.

Because it's there, in front of you, at your fingertips, or in your pocket ... the smartphone will appeal to and encourage you to keep an eye on the market for any free minutes you have.

Traders who control millions or billions of dollars do NOT trade HUNDREDS of times a day or a week on their mobile phones. For the most part, they only use them to test markets if they are traveling or don't have access to their regular trading computers.

A lot of traders have misinterpreted the main use of mobile trading: it serves as a monitoring tool, not there to engage in any trading activities.

How to use the mobile trading app the right way

A mobile trading app is a great tool if used properly. Here are some of their useful and convenient uses:
  • Exiting positions - You can sometimes find a valid reason to exist while monitoring your mobile trading application. However, you have to be really careful with this and it is not something you should try to do until you have gained experience and know what you are looking for. A smartphone trading app will give you the ability to exit at a better price, since you have more access to the market, just make sure you don't overdo it by exiting for reasons by emotion instead of logic.
  • Track a trade you have tried to enter many times a day but have not yet matched ... Simply check the quote!
  • If you're traveling and don't have access to your laptop, then for sure, the mobile trading app can play a role in your analysis. But if you are traveling then it is best not to trade because you are in a mode of enjoyment and relaxation, right?