Forex Trading on Iphone and Android Devices

Taking the world with you is an understatement when it comes to Forex trading on an Iphone or Android device. These days, mobile trading is becoming so popular, many brokerage firms are developing their own mobile trading platform, so that you can literally trade from anywhere in the entire world, at any time.
In this article, we’ll see exactly how far mobile prop firm trading has prop firm  come, and whether or not you can rely on the new technology to place trades and update positions on the go.
Forex Trading for Iphone
Ever since Apple released the iPhone back in 2005 / 2006, millions of consumers worldwide have entrusted the device with their sanity. Things which were once only done on a computer have now become portable and completely mobile.
For example, take a look at the following tasks which can now be done from anywhere:
Reading email and composing new messages.
Reading Word documents and creating Excel spread sheets.
Chatting to friends through messenger programs, in real time.
Checking your bank balance and transferring funds between accounts.
Each of these tasks has been simplified thanks to the “apps” which are now created by third parties, and allowed to be installed on the iPhone.
Forex trading on the iPhone is no different. Where you might once have had to sit at your computer for hours on end, staring at the screen and reviewing charts – the Iphone is now able to provide you with an alternative tool to trade.
Specialty Forex platforms allow you to make trades, review positions, and make adjustments all from the comfort of your car, lounge suite, or friend’s house. If you want to get involved in mobile Forex trading, check to see if your broker has a dedicated iPhone trading platform as part of their package.
Forex Trading on Android Devices
Much like Forex trading apps for the iPhone, Android has its own range of Forex trading platforms. Android is a development from Google, which was released much later than the iPhone from Apple. Despite this, development of trading programs specifically for Android has not been slow or missing.
There are now a number of brokers which allow you to download special applications for your Android device, which allows to you trade from absolutely anywhere. Because the platforms are relatively new though, you should probably check with a broker before signing up to see whether they support these devices.
IPhone trading is almost expected these days; however Forex trading for Android devices is still a “bonus” in many cases.
Mental Anguish from Forex Trading
Experts believe that it takes 6 months to fully grasp all of the concepts in the Forex world. However, statistics point out that even with knowledge, 95% of traders in the Forex market in particular, will fail and lose their account money within the first 365 days of their trading careers.
Dismal statistics, right? 95 out of 100 traders losing all of their money and dropping out of the Forex market within 1 year? That’s got to be a worse success rate than any other financial market in the world.
Forex Plays on the Mind
Forex markets process a whopping $5,000,000,000,000 per day. That is five trillion dollars. Every day – five days per week. Just think of how much money people can make from such an incredibly liquid market.
Because of its size, people often fall in to the trap of entering the market too quickly. When we say “entering” – we don’t mean placing entry orders or initiating trades. We are referring to getting involved in the live trading of currencies too quickly. At the end of the day, it’s a mind game. And if you are looking for a financial market which is the most demanding on the mind – the Forex market is it.
How to Overcome the Mind Games
So far, you’ve probably thought that we seemed a bit doom and gloom about Forex trading. In reality, if you can get the emotional side of trading out of the way – the light at the end of the tunnel is definitely there.
Whilst Forex has made some people lose all of their money, at the same time it has made a number of people extremely wealthy. The key differences between these lots of people are:
Some can get their emotions under control and others can’t.
Wealthy traders learn continuously and never give up.
Risk management is a huge part of some traders strategies.
It’s all about strategy. Whichever strategy you choose to use, make sure that it is a robust, successful one. In other words, if you are currently losing more money than you are making, think long and hard about why you are in the Forex market to begin with.
Are you treating it like a game? Are you there for the long haul? Do you need to revise your trading style to better suit your desired outcome? Answer all of these questions, reposition yourself, and aim higher than you ever imagined before.

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