Mobile trading is being offered by an increasing number of binary options websites. Being able to trade on your mobile device opens up a lot of opportunities for profit, but it can also present some potential pitfalls. What are the benefits and disadvantages of trading on your mobile device?
Pros of Mobile Trading
- Trade anytime, anywhere. Never miss an opportunity again just because you’re away from your computer when the moment arrives. The more opportunities you have to trade, the more “A trades” are available for you to take. This should leave you less tempted to take setups which are less than ideal.
- Monitor trades with ease. With mobile trading, you can check up on your trades or set up trade alerts to let you know if you need to intervene. You might choose to use early closure or rollover to exit a trade early or stay in it for longer. This can actually make all the difference in the world between whether you become profitable as a trader or not.
- Trade while you’re asleep or at work. If your method presents you with opportunities during the nighttime hours or while you’re at work, or you need to monitor trades to take potential action during those times, your mobile device can make it possible for you to do so without changing your schedule to accommodate your trading.
Cons of Mobile Trading
- Insecure networks. If you trade on public networks, you may be compromising the security of your data. That doesn’t mean you have to trade anywhere, however; you might want to just use your mobile to facilitate trading in your home or on other networks you trust. Even the most secure site in the world isn’t going to stop your data from being stolen if you transmit it across a network which is compromised.
- Dangerous for workaholics. Some people have a hard time getting motivated to trade, but others can become addicted to it easily. If you’re susceptible to this kind of behavior, you may need to learn to detach yourself from your mobile device and your trading sometimes so that you can relax and balance out your life. The mobile may tempt you to work all the time.
- Mobile trading may tempt you to trade in the wrong environment. Trading on your mobile device is potentially a great asset, but it may tempt you to trade in the wrong places and times when your mind isn’t 100% focused on your trading. You might see an opportunity that looks great, but maybe it only looks great because you’re out at the bar and you’ve had a few too many drinks. Don’t compromise your trading by trading in situations where you aren’t at your best.
Binary Options Brokers Offering Mobile Trading
- Traderush – for iPhone
- Banc de Binary
- Ikkotrader – for iPhone
Mobile trading is a very useful feature, and we highly recommend you make the best of it. Just use care when you trade on your mobile device so that you aren’t tempted to make bad trading decisions. Use it to enhance your trading and become more profitable.