Trading commodities has certainly evolved over the years, and gone are the days of missing out on important updates once youíve left the office or moved away from your computer. In the modern world, you can instantly keep up to date with the commodities market, as well as trade the most popular assets, all from the screen of your mobile phone.
Mobile applications for trading platforms, updates from brokersí websites and a constant Twitter feed from top traders, means its even easier to trade commodities, and respond accordingly to important events and changes in the market.
Trading commodities using a mobile app
A mobile app of a trading platform acts like an online dashboard, and in its simplest form, allows you to trade any commodity from your smartphone or tablet. Through a mobile app you can check your account balances, the price of oil, as well as allowing you to execute the trading of the commodity.
The advantages of mobile trading app
For a serious trader, it is important to able to continuously monitor their trades, as well as movement in the commodities market. Although most mobile apps for trading platforms do not currently have all the capabilities and functions of its desktop counterpart, it does enable traders to keep that all-important track on regular updates, and instant access to their trading history.
There is great flexibility when using a mobile app to trade oil, which is particularly enticing for new traders. It is very advantageous to not have to use a computer all day to monitor your trades and the market, especially if you do not have to time to do so. Trading oil via a mobile app can be done Ďon-the-goí essentially, without the need to have to sit at a desk to complete the exchange.
Position trading, or contracts for difference (CFD) trading, works especially well on a mobile trading platform. For both technical traders, who analysis complicated chart patterns, and fundamental traders, who monitor and research several factors, a mobile app can help make access to huge amounts of data, quicker and easier.
However, you should always do your research about the market and assets beforehand, for example learning how to trade oil CFDs on Plus500, a financial trading platform that has lots of advice, information and resources available to peruse. If you do this before the markets of the underlying asset open, then you can easily monitor the market via your mobile during the trading day.
In terms of the app itself, depending on the company or type you wish to download to your device, the process is pretty straightforward. Itís just a case of downloading the app of your choice, entering your information, and then you can begin trading. But, with the accessibility of a mobile trading app, there also may be the temptation to use it like a game. This, of course, runs the risk of not taking it all seriously. You must ensure you are in the right mindset before using your mobile to trade assets, such as oil, and have your trading goals and strategies already in place.
Mobile apps vs Desktop trading platforms Mobile apps for trading oil do come with their benefits, but it doesnít look like it will replace the desktop version any time soon. Although they have similar features, currently mobile apps donít have all the aspects available that a trading platform website would have, or arenít possible to use on all operating systems. However, it is expected that creating more sophisticated apps, and fixing these issues, are becoming a priority for the trading industry. So, investors should expect to see more and more of the best trading platforms becoming available as a mobile app in the future.