We all know that technology has advanced extensively over the past decade. You can now trade the market from just sitting in your room. Not only this, you can also use your smartphone to execute quality trades from anywhere in the world. But when it comes to mobile trading you have to be extremely careful about your trade execution. Since you are dealing with a small version of the desktop trading platform, it’s highly imperative you do the technical analysis with an extreme level of accuracy. Though there are many advanced features in your mobile platform you should not use all of them. Try to develop a simple trading system so that you can use it in any trading platform. Today we will give you some amazing tips which will help you to find profitable trades even on the portable trading station.
Use the dynamic support and resistance level
Support and resistance levels are the most crucial part in currency trading. You can’t make any real progress unless you know how to find the key support and resistance level. The new traders in the United Kingdom are doing relatively well since they trade the major support and resistance level. But in order to find the key levels of the market, you must trade this market in the higher time frame. In the higher time frame, you will have accurate trading signals. But when it comes to the mobile trading platform it’s really hard for us to find the key support and resistance level. This is where the dynamic support and resistance level comes into action. You need to use the 100 and 200 days SMA to filter the best possible trading levels. But when using these SMA make sure you are trading the 4 hours or higher time frame. Never try to trade the lower time frame using a mobile device.
Avoid trading the news
News trading is very popular among the professional trader community. It allows them to catch large market movements to secure their profit. But if you use the mobile trading platform in the CFD trading industry chances are very high you will make mistakes. You need to assess the fundamental factors before you take any major trading decision. This is where things become complicated.IN the mobile device you can’t assess the economic data within a very short period of time. For this reason, you need to avoid news trading while using the mobile trading platform. However, if you still want to trade the high impact news use the price action signal. This is one of the easiest ways to save your trading capital. Being a novice trader it will be really hard for you to learn all these things. But there is no need to worry since you can always use the demo trading account.
Reduce your exposure
When you are trading with a mobile you are not well aware of the risk factors of this market. Under no circumstances, you should take more than 2% risk since it might ruin your trading career. If need to reduce the leverage of trading account. Many successful traders prefer low-leverage trading accounts since it restricts them to open big lot size. Money management is often considered as the most vital element in currency trading. You can’t make any real progress unless you truly know how to deal with the complex trading industry.
Use a simple trading system
The complex trading system will never help you to become a successful trader. You need to focus on the simple trading system since it will help you to take a quick trading decision. Follow the path of the successful UK traders so that you can easily get a general idea about this trading industry. Take some professional trading course so that you can understand the dynamic price movement much better.