Before I started trading foreign exchange (Forex), I would hear experts equating Forex and technology all the time. After all, it was technology which made the market so accessible, whether to expert or layman. You could trade from the comfort of your home, no matter the time, and so on and so on.
Which is why I found it so strange that using a smartphone to trade Forex was never a realistic option. I mean, we’re living in a world in which we use smartphones (or their note equivalents) for everything.
But before you could easily access Forex indicators on your phone, trading from anything that could fit in your pocket was a fool’s errand.
Why trading from a smartphone was pointless
Okay, so maybe your Forex broker made their platform available on your mobile. It was possible to open and close trades no matter where you were, as long as you had an internet connection.
But that was all you could do. Without instruments for analysis, you were trading blind. And what was available was difficult to access, usually through your smartphone’s browser.
What are Forex indicators?
Before I explain why Forex indicators made smartphone trading worthwhile, let me make sure we’re all on the same page.
Forex indicators are instruments that recognize patterns forming. While the Forex market behaves according to the whims of the human psyche, these whims are less random than you’d think. Trends show us exactly what people are doing and are likely to do.
Forex indicators do exactly what their name purports to. They indicate what the market is doing and how to react to it.
There is a wide range of Forex indicators. Some are more complex than the others. But no matter what the indicator, it makes you a whole lot more likely to succeed. You cannot analyse the markets alone, due to the limitations of your human mind. But indicators are coded to analyse masses of data and recognise patterns immediately.
Forex indicators on your smartphone
So, I think it’s pretty clear why indicators are necessary for trading. If you can’t access them on your smartphone, it’s probably better to wait until you’re home before you trade.
Fortunately, MetaTrader 4 – widely acknowledged as the best Forex trading platform out there – is available as an Android app, and it comes with all the tools you need.
It provides you with data analysis in multiple forms, and allows you to add indicators so that you always know the right trade to make.
The future of Forex technology
To be honest, technology in the Forex space has a long way to go. It’s behind the rest of the fast-changing financial sector in that regard. But what we do have is now more than enough to trade with, even when you’re out and about.
The addition of Forex indicators and other tools to smartphone technology has made mobile a worthwhile way of trading.
EDITOR NOTE: This is a promoted post and should not be considered an editorial endorsement