4 Little-Known Tips for Mobile Trading Success
- Remember, in mobile trading it’s less about the app and more about this…
- How mobile trading can help you become a more effective trader…
- Since history repeats itself pretty closely, you should keep an eye on these…
Dear Penny Stock Millionaire,
Looking for an easy place to get started with a trading app? These apps are ideal for beginners.
This is a great app for new traders. First off, you can link it to your bank account in a pretty unique way.
You can set up a program where it rounds up your purchases to the next dollar, and these amounts are transferred into your Acorns account for investing. You can also add money manually. So it’s an easy passive way to build up trading capital.
Once you’ve amassed some cash in your Acorns account, it acts as a kind of robo-advisor for you, helping you build a portfolio of investments based on your goals and risk preference, which are ascertained through a questionnaire you’ll fill out when making your account.
While I love doing my own research and making my own choices for investments, this can be a great way for totally new traders to get their feet wet and to see how various investments react in the market.
It also has built-in diversity, so it can help you decide which direction you’d like to pursue as a trader.
- Metatrader App
Metatrader is another app that’s ideal for newbies and one of the premier apps for Forex trading.
One of the biggest advantages is that per the app description, you can actually choose from “hundreds of brokers and thousands of servers” to create a trading platform that is just right for you.
From this app, you can trade, analyze the market, and use technical indicators.
You can get real-time quotes, trade from charts, execute all types of trades, and maintain a log of your trading history. It also has a number of customizable features, so that you can keep track of the information you want to see.
The technical analysis tools are pretty advanced, featuring 30 technical indicators, analytical objects, and several types of charts.
Mobile Trading Advantages
How can mobile trading help you become a more effective trader? In a few ways.
For one, every trader knows how stressful it can be to have to go away from your computer during trading hours. The anxiety can be staggering. Having a mobile app close at hand can help you make quick entry and exit, so that you can manage your account from the road.
This is particularly great if you’re traveling or on vacation. Since I travel so much, mobile trading has saved my ass(ets) many a time.
Your mobile trading app will also give you alerts, so you don’t have to be constantly checking. Your device will let you know when something needs your attention.
Tips for Mobile Trading Success
If you want to maximize your success with mobile trading, consider these tips.
1. Get Used to Technical and Fundamental Indicators
I put a lot of emphasis on studying and making use of indicators and analysis.
There are a ton of technical analysis tools and fundamental indicators out there, and it can be easy to become overwhelmed by them. However, one of the benefits of mobile trading apps is that they make it easy to sort through them.
As you keep trading, keep track of the indicators and analysis that is most informative to your trades in your trading journal.
This will help you zero in on the information you want to find when pursuing stocks in the future, and will help you execute your mobile trades with more confidence.
2. Keep an Eye on Key Patterns
Learning to read stock charts and how to identify patterns is extremely important for traders. In fact, many of my top students have built their accounts exponentially by following reliable patterns.
I focus on teaching my students patterns and strategies such as dip buying and shorting supernovas, as well as what I call my “gimme” pattern of buying low-priced stock breakouts on volume.
Yes, it will take time to develop your skills, but once you do, you’ll be able to forge your own path as a trader. The idea is that you want to learn how to identify potential trades ahead of the pack by getting very good at seeing patterns.
Since history repeats itself pretty closely, once you’ve learned how to read patterns, you can apply it to mobile or desktop trading and use these techniques to your advantage across multiple platforms.
3. Develop a Trading Strategy
Finding long-term success as a mobile trader means that you have to have an edge. This means that you’ve got to have a little more strategy than just “buy and sell.” You really need to think about what’s working and why, and to be able to refine your techniques over time.
Identifying patterns and researching stocks thoroughly is part of it. But you also need to keep track of your trades and techniques in a trading journal.
As you see your own trading data amass over time, you’ll be able to see what’s working for you, and what’s not. This allows you to develop a unique trading strategy for yourself.
That means that you’ll be able to refine your strategy so that you can choose trades that have your desired level of risk and reward, and that work with your strengths.
4. Knowledge is Key
What you need to remember in mobile trading is that it’s less about the app and more about your level of knowledge.
Yes, a flashy app with all sorts of features is fun and can make trading easy. However, to really find success on a mobile app, you need to focus on putting capital in the most important “account” there is: your education.
Knowledge is key to finding success as a trader, regardless of your account size, trading style, or what platform you’re using. The more knowledge you have, the better decisions you’ll make.
Taking trading classes can help you whiz past the learning curve so that you can develop a strong foundational knowledge that will inform and assist you in making calculated risks with your trades.
Armed with trading knowledge, you’ll likely have greater success on any app or platform!
The Bottom Line
Mobile trading apps can help you take your trading career anywhere. You can literally have the market at your fingertips, regardless of whether you’re in an office, on the bus, or in line at the DMV.
However, just because mobile apps make trading accessible, it doesn’t mean it’s any easier. So yes, take advantage of the technology, but don’t forget the importance of technical analysis.
You still have to put in the work and do your research to help mitigate risk and make intelligent trades.