Using Your Devices Effectively for Forex Trading

 

devicesSince the Smartphone revolution began with the IPhone, internet usage and online trading transformed significantly. People are connected 24/7 and Canadian traders are not different from the average person—in fact, they are probably more attached to the internet. Why? Because the ability to be constantly online acts as an urge for traders to always monitor markets…

Is that a good thing? Not necessarily, as paying too much attention to small movements in markets may lead to overtrading, significant stress, and losing your objectivity.  Of course, that doesn’t mean that you shouldn’t use new technologies; on the contrary, you should harvest all of their advantages—just don’t let your devices use you!

Benefits of multiple devices

  • Keeping track of your positions and orders has never been easier. If you don’t look at your phone every minute and use smart alerts, you can achieve great results and avoid surprises.
  • Also, the significant computing power of every device you have allows you to use advanced charting and analysis methods on your phone, tablet, or PC. That was unimaginable just a few short years ago.
  • Redundant connections: What was a hassle for traders back in the days is now common—having more than one internet subscriptions. With your mobile devices at hand you have at least two independent ways of going online; an invaluable thing if something goes wrong.

 

Trading platforms and ecosystems for traders from Canada

meta trader platform

Fragmentation of ecosystems is a real danger. Not because it cannot be overcome, but because no we are in a transitory period. Lots of different digital universes compete (Apple , Google, Microsoft…) with their own design languages and preferences. That sometimes leads to fragmentation in functionality too.

The positive example is Meta Trader 4 with its comprehensive ecosystem-wide functionality and usability. As a lot of brokers are using it and a lot of effort is put into the stability of the various platforms it’s a great standard for the industry.

But there are negative examples too. A lot of brokers push their own platforms, sometimes rightfully so, and several of them just don’t cut it. To be honest, having to develop all the platforms for at least six different devices, is not an easy feat. But as a trader you cannot afford to deal with unstable and buggy platforms.

It’s your money at the line!

Automated trading, semi-automated trading, Expert Advisors, and VPSs

Another trend these days is the spreading of cheap ways of automating your trades. Previously this was the privilege of big investment firms but now with devices getting stronger and stronger, even back-testing can be processed on a tablet or phone…

This has lead to a boom in VPSs  which give you the comfort and security of 24/7 direct connection to the exchanges—supervised from your phone if needed. If you find the balance between automation and human creativity you can achieve amazing results, just don’t trust your models 100%; remember that conditions and markets always change.

The takeaway

It is not just markets that change—the trading environment evolves too. To keep up with the market you have to adapt and use new technologies as they emerge. The key is that shouldn’t let yourself be blinded by something just because it’s new; rather you have to integrate the novelties with the traditional techniques to have the best of both worlds.

If you stay objective and open the results will follow!