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22nd March 2017
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Most Common Mistakes While Trading With the Smartphone

Due to the recent advancement in technology, the retail traders can easily get access to their online trading platform from any digital device. Most of the novice traders in the financial market often trades the market just by seeing the trading screen on their mobile platform. But as a professional trader, you must know that the mobile trading platform doesn’t have all the essential tools for the professional traders to execute any trades in the market. Most of the professional traders in the financial market use the mobile platform just to monitor their open position in the market and in some cases, they readjust their open positions in the market. In this article, we will discuss some of the most common mistakes while trading the market with a smartphone or small portable digital device.

Incomplete trading tools:The first that all the professional traders in the financial industry should know that the mobile trading platform is never a complete trading platform. It’s true that you can easily access to you the online trading platform from your mobile device but the screen is not big enough for you to do the perfect analysis in the market. Most importantly you cannot do the multiple time frame analysis perfectly in the mobile trading platform due to limitations of the mobile device in the market. Most of the novice traders in the financial market often fails to make money in online trading since they use the mobile trading platform in the market to trade the live assets. So if you truly want to become professional traders in the financial world then it’s highly imperative that you trade the market where you have the complete sets of the trading arsenal in your trading platform.

Risk evaluation factor:Forex market is a huge market and trading the financial instrument involve an extreme level of risk. All the professional traders in the financial market can easily assess their risk exposure in before taking a trade in their online trading platform. But if you execute your orders in the market by using a smartphone then you will never be able to assess the risk perfectly in the market. If you look at the professional traders in the financial industry then you will notice that they draw the proper take profit and stop loss levels in the market in their trading chart before taking any trades in the market. But if you use your mobile device then it will be extremely difficult for you to evaluate the real risk exposure in the market. The mobile trading platform is just a supportive tools for the traders which help them to readjust or monitor their trade from any place and at any situation.

Prone to the faulty analysis:If you trade the live assets in the market by using the smartphone only then chances are very high that you will do many mistakes in trading. If you look at the professional traders in the financial market then you will notice that every single one of them spend a good amount of time dime in doing the technical and fundamental analysis before taking any trades in the market. But if you execute your orders in the market by using the smartphone than chances are very high that you will do mistake when doing the technical analysis in the market. Most importantly if you become a professional price action trader then you will have a hard time in spotting the key support and resistance level in the market in your mobile trading platform. So make sure that you access to your trading platform from a desktop computer and main a right trading environment so that you can take the best possible trades in the market.

In summary,There are many kinds of mistakes that the traders make while trading the live assets in the market. But if you are relatively new in forex trading then you must not be trading with your mobile trading platform since it’s incomplete and doesn’t have the full functionality. When you execute any trades in the market make sure that you have access to your trading platform from a desktop computer and do the correct analysis there. And make sure to follow proper risk management factors before executing the trades in the market.

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