Forget trading floors and suited and booted city execs, the next generation of financial traders are going to be the average Joe; smartphone in one hand and a coffee in the other. Brokers all over the world have realised the potential of mobile applications, and are giving you the power to speculate on anything from foreign currencies to the price of oil while on the go.
It may seem a world away from what you’re used to, but the basic principles of financial trading are quite straightforward. By looking at patterns on charts or reading the news, you come up with an opinion on how something might change in value. You then buy or sell it, depending on what you think is going to happen, and earn a profit if you’re correct. Granted, this is a simplified way of explaining things, but the idea is always the same. You don’t actually need a degree in economics to be a success.
These new applications simply allow you to see what’s going on with the markets, and buy or sell different assets. You have an account with a broker, which acts as the middle man between you and the markets, but otherwise, you’re free to do whatever you think is best.
Buy or Sell?
As an example, you know that the US is about to announce some unemployment figures, and you think that this will decrease the value of the dollar. Using your smartphone application, you can sell dollars (even if you don’t actually have them) and earn some money if you’re correct. Of course, if you’re wrong, then you’ll lose money, which means that you have to research your trade beforehand to make sure that it’s a good idea. You can do this over a matter of seconds, minutes, days or even months, depending on which product you choose.
You don’t need a massive amount of capital either. Brokers want people to get involved who can trade quickly on the go with their smartphones, without risking a huge amount of money. Some methods of trading can be done with just a few dollars. The markets really are open to everyone who has done a little research, and understands the risks.
It’s always a good idea to try out the demo accounts before you begin risking your hard-earned cash. You can play about with the app, and thousands in virtual currency. Many find that it’s actually a really exciting experience, as well as being a way of training you.
There are numerous options on the market, and the only way of deciding which one is best is to try some out and see which you like the feel of. Not all platforms will be available for all smartphones, but Meta Trader 4 is available on both Apple and Android operating systems.
If you think you’ve got what it takes to trade the markets, then give one of these demo accounts a go.