Switching over to a Mobile Trading Platform on your Smartphone? Do you still need a Trading Desk

Nowadays, when most traders are switching over to mobile trading platforms in the race for getting the technological edge, trading desks are being ignored by many. Some fail to understand the idea behind development of mobile trading platforms i.e. they are more of a backup option, and quite handy when you are on the go. While trading from a mobile device speed and security may be a bit of concern, and this is also a key reason why you should not discard your trade desks completely, rather use them as your primary trading devices.

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It’s still early days for Mobile Trading Technology

At present, the technology theme is Smartphone, and as we know trading goes hand in hand with developing technology, traders are being offered reliable trading platforms on their Smartphone. So you can trade on the go, away from your trading desk, but here you must note that this technology is still in its early days and there are a whole lot of features that you might miss out on your mobile devices.

 

Who wouldn’t want the Power to Trade on-the-go?

So, having access to a mobile trading platform on your Smartphone is smart thinking, but replacing it with your trading desk may not be a good idea after all. On the contrary, even if you have a great trading desk setup with multiple screens, you simply cannot afford not having a platform ready on your mobile device. The power to trade from just about anywhere gives you an edge over many others, and above anything else it makes you feel secure.

That’s right, staying connected to the markets and monitoring your account even when you are not at your trade desk can be quite attractive. Now you don’t have to miss out on a vacation if the market gets volatile, and moreover you don’t have to miss out on life. Being able to watch your portfolio on the go without having to call a broker is something that every trader would want.

 

Don’t even think of dumping your Trading Desk

Benefits of mobile trading platforms may be overwhelming, but there are certain drawbacks as well. You won’t be able to place trades at the same speed as you can do while trading from your trade desks, and then you are totally dependent on the connection speed of your mobile network. Being at the mercy of the wireless technology, I bet you will always miss your trading desk. Network coverage can be very poor at some locations, and trading is all about lightening fast speed, so this remains to be the biggest challenge while trading through a mobile platform. A landline connection is the best option you have. No matter how good is your wireless connection, it simply cannot match the speed of a wired one.

Active traders cannot rely solely on their mobile platform, but it gives them the freedom to move around a bit more.

 

Testing Mobile Trading Functionality

Another important factor along with speed is functionality. While using a mobile platform you will find that many features are missing. So it’s important to evaluate a mobile trading platform and compare the features with those on desktop version before jumping on to decisions.

It should not be a tough task as these days most mobile trading platforms have enhanced capabilities which closely matchup with sophisticated desktop versions. But still, you should check the charting features, advanced order entry placement, supported devices and versions, and then the most important one “security”. The best way to do so is trying them out, and the good news is that most popular brokers offer free trial of their applications.

Conclusion

You may have your own view on mobile trading platforms, but I strongly suggest that you keep them as a backup option. Moreover, I recommend that new traders should use sophisticated desktop platforms.

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