Benefits And Pitfalls Of Using A Mobile Trading Platform
Benefits And Pitfalls Of Using A Mobile Trading Platform – by Chrissy Davidson
Mobile is now the preferred method to surf the net in New Zealand. The average New Zealander spent 104% more time browsing using their mobile device in 2017 than in 2016, which is a massive surge. It’s only natural that these users will stop relying on their desktop for trading as well, and thankfully, trading platforms provide some exciting opportunities for mobile users.
Fast, Easy, and Cheap Trading
With online share trading brokers doubling their accounts to 4 million, their mobile-friendly approach has a lot to do with it. The clients have their trades at their fingertips and there are a number of options that can be actioned while having a run, doing the daily commute to work, or having that sandwich during the lunch break. But for mobile investors, the draw-card is the low fees. Many of the options are offered with 0% fees or commissions and the fact that users can exercise their option at a moment’s notice explains the shift to mobile trading.
Accessible Through More Than One Device
Whether it’s low battery issues or a faulty device, an app is easily accessible through various mobile devices. Deciding on which device to use as the main trading platform will mainly rely on whether the device has enough free space to download the app and enough RAM to run it successfully. Traders often opt for larger devices such as tablets when it comes to trading, due to the size of the screen as it makes it easier to read the charts. The same app can be downloaded onto a cell phone as well, providing an additional access point for when traders are on the go.
While it may seem like a bit of an overkill to have the app on more than one device, traders know the significance of waiting even a few minutes to buy or sell. Looking for a terminal or a space that can accommodate a laptop may delay the response to the trade. This could lose traders a substantial amount or prevent them from taking part in a good trade.Timing in trading is integral to the success of maintaining a healthy investment portfolio.
Possible Pitfalls Of Mobile Trading
While it’s great to have all that information on hand all the time, it can also be to the detriment of the trader.This is because the ease of investment may cause them to invest far more than they were planning to. The constant barrage of information can also be a bit difficult to work through which may lead to premature sales or placing ineffective stop losses. The key to making the most out of mobile trading is to err on the side of caution.
Ideal trading conditions in any financial portfolio is subject to change and the key to riding it out, is by being aware of the role players in those changes. This is possible through instant access to relevant information, and also the ability to respond to the change as fast as possible.