Forex trading is a great way to make money from anywhere in the world, on the go. In this article, we will talk about how to trade forex on the phone and if is it a good idea to trade on the phone. There are a few steps you need to follow if you want to trade forex successfully on the phone.
- Sign up with a good forex trading broker that allows you to trade with your phone ( More on this later )
- Learn about profitable forex trading strategies ( You can learn it here for free! )
- Mindset is extremely important if you want to become a profitable “Mobile Trader”.
Keep reading on how to start trading on the phone and the best way to do so.
Why Trade Forex in the First Place?
The forex market is the largest financial market in the world. It’s bigger than the stock and the cryptocurrency market. There are trillions of dollars traded every single day (when the market is open of course!). So learning to trade the forex market can be a great skill that can make you some great profits! There are so many advantages to trading in the forex markets, a few of these are,
- Forex markets are 24 hours, so you can trade anytime you like.
- You can profit from a bear or a bull market ( by going short or going long ).
- It is very liquid, so there are plenty of opportunities ( trillions of dollars are traded every day ).
- You can use high leverage.
- Much more here.
How to Start Trading Forex On the Phone
First, before you start trading. You need to learn how to trade profitably. Trading is not easy but it is simple. If you don’t have proper trading knowledge you will lose a lot of money in the market. But don’t worry, you are in good hands. If you follow the steps below you will be able to learn how to trade the forex market profitably.
1. Learn About Technical Analysis
Technical analysis is the holy grail of trading. If you learn how to do the technical analysis properly you will make profits with forex in no time! But if you are a beginner, it will take some time for you to understand technical analysis properly. The technical analysis starts by learning price action and how to read the candlestick chart. Below shows a candlestick chart with a bullish engulfing pattern formed. ( If you don’t know about chart patterns, don’t worry, we will show you how to learn all the chart patterns for free. )
As you can see, before the formation of a bullish engulfing pattern the market was in a downtrend. After the formation of the engulfing pattern, the market reversed its direction. The ability to identify these patterns is one part of the skill set you need to become a successful trader trading on the phone. Keep reading to learn more about technical analysis strategies.
2. Learn about Profitable Trading Strategies
There are a lot of trading strategies out there but most of them don’t work. Of course, there are good trading strategies that actually make profitable traders if you learn how to use them. Let’s talk about one of our favorite forex trading strategies. It is the breakout strategy.
If you look at the chart above you see a good breakout trade. The breakouts happen when the market “Consolidates”. If you become a master at spotting these consolidations, you can make some serious profits in the market. If you want to learn about profitable trading strategies we recommend you check out, the learn forex guide.
3. Learn about Profitable Trader’s Mindset
Becoming a profitable trader is not only about learning profitable strategies. If you don’t have the proper mindset then you will never be able to use these strategies profitably. Therefore you need to learn about how to be disciplined as a forex trader. You also need to learn how to control your emotions when some of your trades go wrong. Trading, in the end, is having larger winning trades than losing trades. This means that you will have trading losses but as long as your winners are huge you will be profitable.
Best forex broker to trade with on your phone
If you want to trade forex on your phone, you need to find a good broker. There are 1000s of brokers offering a mobile trading platform but most of them are not that great. There are many factors that you should take into account when choosing a broker. Some of these are;
- Customer service the broker provides
- Is the broker regulated by a well-known financial regulator?
- Does the broker pay on time?
- Does the broker have low transaction fees?
Lucky for you, we have reviewed a lot of brokers and narrowed them down to the best brokers that you can use to trade on the phone. Our recommendation is XM Broker. XM broker is a great broker to trade with. They offer a great mobile trading platform as well as great desktop/web trading platforms. Make sure to sign up with XM Broker here.
Is it a good idea to trade forex on the go?
Well, it depends, if you learn about profitable trading strategies and learn about price action you will be able to trade on the phone successfully. First, we recommend you download this app to learn forex trading ( It’s great for beginner traders and even experienced traders ). Then learn about forex trading strategies that it teaches and then sign up with the recommended forex trading broker. If you follow the profitable trading strategies properly you will be able to make profits in the forex market.
Conclusion
In this article, we discussed how to trade forex on the phone. But not only that, we discussed how to become a profitable trader. We also discussed how to learn profitable trading strategies and the best broker for trading forex on the phone. Make sure to check out our complete forex trading guide.
