If you have stable access to the internet, and posses the funds that you would be willing to invest in Forex, but lack constant access to a PC, trading on smartphones can be a great solution for you.
Forex is an international exchange market, which you can use to make money by selling and buying currencies. Android is a free operating system for phones, that is very common, and rivaled only by Macintosh products. In order to be able to dive in to trading on smartphones, you need to have a trading platform installed on your smartphone, which will allow you to use all of the necessary charting and trading tools.
There’s a lot of different trading platforms for Android mobile phones out there. You may practice almost any trading strategy using these applications, which usually serve multiple purposes: real time processing of market quotes, trade execution with different order types and settings, advanced charting with indicators and other parameters.
In this article we will speak about Meta Trader 5, which is one of the most popular trading platforms, with versions both for standard PCs and laptops, as well as mobile phones. This application allows you to use both paper-trade demo accounts, as well as real money, live accounts from some of the most renowned brokers.
How to trade on a smartphone?
First off, you will need to download the Meta Trader 5 platform through the Google Play store. After installing it, click on the apps icon on your desktop. Once the platform is running ,you may either connect to an existing trading account if you have used Meta Trader on your PC previously, or open a demo account to try the software out. Note, that depending on your broker choice, there may be a wide variety of trading platforms offered for mobile phones – so make sure to check out your brokers recommendations if you have traded before.
Once you complete the process of logging in to an account or creating a new one, you will be presented with the main window of the app, which in the most part consists of the work area, and a top panel, which is necessary to access the main tools of this platform. Here’s a brief overview of the most important items that are available to you here:
- Quotes – in this tab you can find core information about price quotes of the different currency pairs.
- Charts – here you can find visualization of current price action on traditional trading charts. Check out our article about charts, if you would like to find out more how these work.
- Trading – here you may review information about the current state of your account, and monitor or manage your orders.
- History – this tab provides information on all of the trades that you have taken previously.
In order to make any changes, such as management of currency pairs or accounts, trade execution, or anything else (depending on the tab that is currently active) you will need to press the Menu button (usually the middle key of your device) on your phone or tablet.
As a conclusion ,we would like to iterate once again, that Forex is a great venue for trading. Thanks to the explosive development of digital technologies and various software you are no longer tied up to your PC or office if you intend to pursue trading on smartphones. Almost all of the functions that a typical trading platform could perform. Trading on smartphones gives you the invaluable ability to be informed of the current quotes, state of your trades, and other important information 24/7. wherever you are, whether it is in your car, on a bus, restaurant or night club.