Trading requires time, patience, and the ability to be in touch with market activity most of the time. If you plan on actively trading, it’s advisable to avoid a situation whereby you hear about important news and you have no access to the markets. If you are at the point where you are trying to determine the best mobile application to keep you in touch while you are on the go, here are five things you need to know before you start trading on your new mobile app.
Do you Plan to Trade While You are On the Go?
This seems like an obvious question, and if you want an app that provides you with news, real-time quotes and execution capabilities, you need to make sure that this is the case. There are dozens of good apps that only provide news, or quotes, or even charting but are not connected to an execution platform. Many apps that do not provide transactional capabilities are very useful, but they won’t allow you to make a trade.
Can You Add Funds to Your Account Through Your Mobile App?
Even if you have an app that allows you to execute trades, many do not allow you to add funds via a mobile application. If you need to add money to make a new trade or you need to satisfy a margin call, you want to make sure that your mobile app can add capital to your brokerage account while you are on the go.
Can You Withdraw Funds from Your Mobile App?
If you need money in a hurry, you don’t want to wait around for a week while your broker processes your withdrawal request. Especially if you are away from your laptop or PC and the only access you have to your account is your mobile app. Make sure if you think you might need money in a hurry that your mobile app has the capability to withdraw funds.
Does Your Mobile App Have Risk Management Functionality?
There are several metrics that you can use to pay attention while you are trading including your profit and loss as well as your balances. If you do not have real-time balance information, you can leave yourself at a disadvantage if you want to withdraw capital or place a new trade. You may also want an equity calculation, so that you know if you have enough to meet your margin requirements. Additionally, it’s important to have a mobile trading platform that shows you your open positions as well as your closed transactions. All of these metrics are taken for granted when you are looking at your account on a laptop or PC but are not a given if you are using a mobile application.
Can You Trade Successfully with Your Mobile App?
While your mobile app might not have all the bells and whistle that your browser-based application has, it’s important that it has enough functionality to allow you to trade successfully.
