How to Trade Using Your Phone

 

Trading on the move has never been easier. Thanks to a combination of mobile trading exchanges, the increase of mobile wallets, and digital asset classes which are easier to trade, store, and stake at the click of a button, trading is now possible wherever you happen to be.

 

This is important to recognize for several reasons.

 

The first reason is that trading has never been this simple before. Only twenty years ago, it was unheard of for anyone but professional brokers to trade financial assets. If you wanted to trade, you would have to go through a third-party firm that would take a cut (potentially on both ends of the deal), be slow in reacting to your requests, and may even advise you on which deals to capitalize on.

 

Furthermore, being able to trade from your smartphone means you can maintain a trading strategy as a remote worker - which is ideal if you want to become a digital nomad.

 

Here is everything you need to know about trading with your phone:

 

Choose the Asset Classes You Want to Trade

The first step you must take to trade on your smartphone is to choose the financial asset classes and industries you want to concentrate on. While it is certainly possible to trade all manner of different assets, you should try to keep your strategy as simple as you can - at least at first.

 

By doing this, you will develop a stronger understanding of what you are trading, then you should trade it and what the market trends are. You are more likely to trade successfully when you do this than if you were to attempt to jump on every major trade in every asset class you come across.

 

Instead, pay attention to prices in one or two markets. For example, if you wanted to trade cryptocurrencies, you could check the Terra current price.

 

Join an Exchange

The next step you need to take if you want to trade using your phone is to join an online exchange. There are several different platforms to choose from, depending on the assets you want to trade.

 

Pick the one which offers the most competitive trade rates, as well as the one which has the most available options within the market you want to trade.

 

Set a Time During the Day to Check Your Trades

When you can trade on demand, it can be tempting to check the latest prices every few minutes. Although understandable - especially if you have your money tied up in the deal, the relationship you have with trading (as well as your phone in general) can quickly become unhealthy.

 

Instead, ​​set certain times during the day when you check the markets. If necessary, turn your phone off or leave it out of sight when you need to stay away from the markets.

 

It might feel counterintuitive at first, but it will likely make you a more effective trader. This is because you will be sharper, less stressed and able to clear your mind (when the best decisions formulate in your mind).