Trading commodities have evolved from placing orders on landline telephones to cell phones, computers and now mobile devices. It used to be nearly impossible to keep up on the markets when you were outside the office or away from your computer, but much has changed.
Now it's easy to get quotes on the market through your smartphone, as well as current updates through brokers' websites and Twitter feeds. And most online commodity brokers have introduced mobile applications to allow clients to place trades with their smartphones.
Using Mobile Apps for Commodity Trading
The applications have most of the bells and whistles of desktop trading platforms, but they fall a little short of sharing all the same capabilities. Mobile isn't quite ready to replace the desktop platform, nor is it really intended to, but it does provide traders with a much-needed tool to supplement the regular trading platform. Having the assurance to monitor trades and the markets is very important to a trader.
Mobile applications for trading commodities can open the door for attracting new traders, such as investors who were concerned that they had to be attached to a computer in the office all day. Many people work jobs that don’t allow for trading, including those who travel frequently, those who are regularly outside the office, or those who just don't work in a career that involves sitting at a desk.
The Best Way to Use Mobile Trading Platforms
It's probably not feasible to try to make a living day trading futures through a mobile trading app, but position trading can be done very well using this tool.
A good rule is to do your homework the night before the markets open. Then you can monitor the markets through your mobile application during the trading day. Traders usually look for specific levels or chart setups to initiate trades. If you know what yours are before the markets open, mobile apps will work fine.
Trading commodities have become fairly sophisticated in recent years. Technical traders use sophisticated algorithms and advanced chart patterns. Fundamental traders are able to access an unprecedented amount of research and data in a short period of time. Mobile trading platforms now make this process more convenient and, in some cases, quicker.
Mobile Apps Vs. Desktop Trading Platforms
Most online futures brokers have mobile trading platforms. TradeStation, Interactive Brokers, RJ O’Brien and many others have mobile apps available. Most of them have similar features. You can tell that some are a little behind the curve and they don’t yet have apps that are ready for all the operating systems, but fixing this is expected to become a priority. It's likely that the best desktop platforms out there will eventually have the best mobile trading platforms in the future.
Note: Always consult with a financial professional for the most up-to-date information and trends. This article is not investment advice and it is not intended as investment advice.