Tech mistake |A very underrated part of the trading process is the experience you receive when you trade using an online application. If the process is arduous, you will struggle with success. You want the experience to be positive. A negative experience will make certain trading activities nearly impossible. Part of the trading process is finding an online trading app that will allow you to make money and efficiently navigate your trading app without difficulty.
Avoid the Negative Experience
Online trading applications should allow you to easily log on and have access to every part of your account. You should easily be able to switch from balances to execution. You should be able to see your positions and perform technical analysis on securities without having to log on to a different application. Your trading app should perform all the necessary function you need to trade the markets. If your experience is time consuming and the app is difficult to maneuver, you will not want to stay on your app and there can be ramifications for this scenario. For example, if you want to develop a short-term trading strategy you might need to be on the app most of the time. If you don’t, you basically remove this strategy from your trading arsenal.
Types of Trading Applications
When you look for ease of use, having a flexible app that allows you to log on in nearly every situation is key. You definitely should consider a web-based online trading app, similar to the one offered by iFOREX. This type of online trading application allows you to log on were ever you have access to the internet. It differs from a mobile app, and is more comparable to a downloadable app were the software is located on your hard drive. While the downloadable online trading application can be intricate, they are not flexible. While many traders will use a downloadable app in conjunction with a mobile app, the ability to see a full online trading application while you are on the go has several merits.
Using a Demonstration Account
If you come up with a trading idea, and you want to test it immediately, having the flexibility of a web-based trading application is helpful. A demonstration account provides you with all the tools that you would be able to use with a real-fund account but instead uses demonstration money. This will allow you to test strategies without risking real capital. You can execute trades using your web-based demonstration account where ever you have access to the internet.
Having Full Functionality While you are On the Road
The web-based trading application allows you to have full access to your trading tools whether you are in your office, on a business trip, at home or on holiday. While much mobile application has most of the functionality of a computer based application, there are many times that charting, testing, and technical analysis tools will be unavailable. If your full application is only a downloadable feature you will lose some of the flexibility you would otherwise have if your trading application was web-based.