Is it better to trade on PC or Mobile?
Beginners should start on a big screen to optimise their understanding and trading strategy: Technical analysis will be more accessible on a large screen purely from a visual point. Trend lines, support and resistance, price action will be easily visible on a larger screen, with less chance of making an error with trade execution.
Let’s look at it from first a practical standpoint, pros and cons. It can come down to a matter of preference or where you are working from, internet availability: physical room, your workspace. Whether you trade stocks, day trading, cryptocurrency, trading equities, bitcoin, it can all be done using mobile systems.
- Desktop PC
Not mobile, but easy to add monitors and upgrade. If your budget allows, you can purchase a trading setup with extra screens all ready to go. It will be easier to utilise all the trading tools on your particular platform with multiple monitors, and executing trades will be more straightforward on a large screen.
Semi-mobile: easy to add more screens. Many options are available, not as easy as a desktop to upgrade or add screens. Check connection availability before purchasing any hardware for a laptop.
- Mobile Phone Apple iPhone Tablet
As the name infers, very mobile, can trade from anywhere with an internet connection. Receive up to the minute notifications in real-time wherever you are. Firstly, install the mobile app of your chosen platform.
- Working From Home
If you use a pc or desktop, the higher specification, the better if you’re going to use more than one screen: a gaming laptop is a good option with eight Gb ram, preferably sixteen Gb ram. Most laptops these days do not come with an ethernet port, so unless it’s a gaming laptop, you will have to rely on wireless or a USB adapter. This should allow you to run all your applications with ease and no lagging. It is pretty easy these days to hook up more monitors to your setup. Newer laptops do not come with a VGA port, but a simple adapter to HDMI should do the trick.
There are HDMI, USB and VGA monitors. There are various ways to connect extra monitors: an HDMI adaptor is simple. Plugin and set up. If you want six screens running simultaneously: it may be better to purchase a trading desktop with the appropriate graphics cards installed; it should then be a matter of plugging in, adjusting how you want your screens set up.
Plug it in, select monitor, very simple to set up. If you experience problems, there are many tutorials on YouTube.
Using a Phone or Tablet
In most cases, if you’re using a phone or tablet, it’s generally because you are trading on the move. Most brokers have applications for android, apple and tablets.
However, viewing is limited as opposed to a pc; it’s not to say it cannot be done; many traders trade only using a mobile phone.
A matter of preference. The apparent difference is screen size and the number of charts you can display simultaneously; 1 screen with four charts is the norm.
Wherever you trade from, you will need a decent internet connection, which is widely available these days from many different providers worldwide.
Trading on the Move
Life-enhancing technology and having 24-hour quick access to the market poses a significant risk to traders. Having market access practically plastered to your body 24 hours a day, seven days a week via a smartphone can quickly become addictive. Even if you don’t think it’s an addiction, the ability to satisfy your desire to check the market whenever and wherever you want could tempt many traders to over-trade. Aside from obvious health risks like trying to place a trade while driving down the motorway or while trying to clean your car, It could be the last trade you make. Do not use your mobile device whilst driving.
Mobile trading appeals to people for a variety of reasons. However, the majority of traders exploit and misuse mobile trading programs. Having a mobile trading app on your phone is akin to carrying a wad of cash in your pocket all the time; you’ll eventually spend money on something you wouldn’t have bought if you didn’t have that cash in your pocket. Keep your emotions in check and do your due diligence.