Welcome to the 21st century where it is now hypothetically possible to order a drone to deliver dog food because Spot is wearing a smart watch that knows when he’s hungry. Yet for some reason, one thing that you will tend to not find people doing is simply trading from their mobile. Seems inconsistent? Well it is. While the technology certainly exists, studies continue to show that mobile adoption for trading is a dismal 30% lower than the industry standard.
The reality is a mobile platform could be to a trader’s enormous benefit, your traders are busy people for whom finding the time to trade can be tough. As a broker it’s in your interest to enhance your trader’s opportunities to trade wherever possible, be it whilst on their way to work, at the gym, or for that matter, whilst walking Spot. In this article we discuss features on how to design your mobile platform so that traders are likely to use it and maximize the time they have available.
Social Trading
Social trading presents as the ideal match for the mobile trader, for a number of reasons; it increases the frequency of the trades deposited, the trader is less reliant on a swag of charts and then, no less importantly, it’s just an enjoyable way to trade. Aside from its suitability for the mobile device, there are multitude of benefits to social trading, such as there being a shorter learning curve for a new trader wanting to test the waters without bearing too much risk. It is also presents as a great way to get a pulse on market sentiment as it provides a snap shot of trader movements.
Ideally, the app should have the means to be switched between a standard trading mode and a social trading mode. The social trading mode needs to display all the master’s that a trader can copy and their profile data. In Sirix, this is in a vertical list that can be “spun”. In both modes, the trader should still be able to see the information that is most relevant to his trading interests by displaying currencies or commodities that tend to be preferred.
Tutorials
In order to increase an app’s adoption rate, provide short and quick tutorials that show traders how to use the app. Instead of having one long tutorial that explains all the different functions and uses of the app, traders may get more out of your mobile platform if you have a series of short tutorials that are triggered once the user clicks on the relevant icon. So for example, you need to have one quick tutorial on how to place a trade, another tutorial on how to access and use the charts, a short tutorial on how to use and maximize the social trading mode, etc.
This is important as the most common reason that traders are reluctant to start trading on mobile, is because they believe that they don’t have the same resources and tools otherwise available to them on a desk top. If you can demonstrate that these features are available, and also importantly, are easy to use, then you’re effectively removing a significant barrier.
Push notifications
Traders are often attracted to the world of forex because it has that appeal of a ripe opportunity for money to be made. A mobile app can address that underlying appeal with push notifications. If traders have a mobile app, they can be alerted to ideal opportunities to trade with push notifications and take advantage of the stock markets so much more effectively. In a simple process, traders receive messages that update them of developments in the market, letting you know if a particular currency is expected to plummet or if the value of a commodity is due to rise because of surrounding circumstances. Being aware of events happening in the markets will enable traders to take advantage of prime opportunities and more effectively implement their trading strategies.
All essays, research and information found above represent the analysis and opinion of Leverate only. As such it may prove wrong and be a subject to change without notice. Opinions and analysis were based on data available to the author of the respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Leverate does not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Leverate is not a Registered Securities Advisor. By reading Leverate’s reports you fully agree that they will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investment trading and speculation in any financial markets may involve risk of loss.e risk of loss.
Editors’ Picks
EUR/USD flirts with daily highs, retargets 1.1900
EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.
GBP/USD remains well bid around 1.3650
GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.
USD/JPY edges up above 153.50 with all eyes on US CPI figures
USD/JPY appreciates above 153.00 but remains on track for a 2.4% weekly loss. Trading volumes remain subdued on Friday, ahead of the IS CPI release. The Yen remains supported by hopes of a stable government and calls for further BoJ tightening.
Editors’ Picks
EUR/USD: Yes, the US economy is resilient – No, that won’t save the US Dollar Premium
Some impressive US data should have resulted in a much stronger USD. Well, it didn’t happen. The EUR/USD pair closed a third consecutive week little changed, a handful of pips above the 1.1800 mark.
Gold: Metals remain vulnerable to broad market mood Premium
Gold (XAU/USD) started the week on a bullish note and climbed above $5,000 before declining sharply and erasing its weekly gains on Thursday, only to recover heading into the weekend.
GBP/USD: Pound Sterling remains below 1.3700 ahead of UK inflation test Premium
The Pound Sterling (GBP) failed to resist at higher levels against the US Dollar (USD), but buyers held their ground amid a US data-busy blockbuster week.
Bitcoin: BTC bears aren’t done yet
Bitcoin (BTC) price slips below $67,000 at the time of writing on Friday, remaining under pressure and extending losses of nearly 5% so far this week.
US Dollar: Big in Japan Premium
The US Dollar (USD) resumed its yearly downtrend this week, slipping back to two-week troughs just to bounce back a tad in the second half of the week.
RECOMMENDED LESSONS
Making money in forex is easy if you know how the bankers trade!
I’m often mystified in my educational forex articles why so many traders struggle to make consistent money out of forex trading. The answer has more to do with what they don’t know than what they do know. After working in investment banks for 20 years many of which were as a Chief trader its second knowledge how to extract cash out of the market.
5 Forex News Events You Need To Know
In the fast moving world of currency markets where huge moves can seemingly come from nowhere, it is extremely important for new traders to learn about the various economic indicators and forex news events and releases that shape the markets. Indeed, quickly getting a handle on which data to look out for, what it means, and how to trade it can see new traders quickly become far more profitable and sets up the road to long term success.
Top 10 Chart Patterns Every Trader Should Know
Chart patterns are one of the most effective trading tools for a trader. They are pure price-action, and form on the basis of underlying buying and selling pressure. Chart patterns have a proven track-record, and traders use them to identify continuation or reversal signals, to open positions and identify price targets.
7 Ways to Avoid Forex Scams
The forex industry is recently seeing more and more scams. Here are 7 ways to avoid losing your money in such scams: Forex scams are becoming frequent. Michael Greenberg reports on luxurious expenses, including a submarine bought from the money taken from forex traders. Here’s another report of a forex fraud. So, how can we avoid falling in such forex scams?
What Are the 10 Fatal Mistakes Traders Make
Trading is exciting. Trading is hard. Trading is extremely hard. Some say that it takes more than 10,000 hours to master. Others believe that trading is the way to quick riches. They might be both wrong. What is important to know that no matter how experienced you are, mistakes will be part of the trading process.
The challenge: Timing the market and trader psychology
Successful trading often comes down to timing – entering and exiting trades at the right moments. Yet timing the market is notoriously difficult, largely because human psychology can derail even the best plans. Two powerful emotions in particular – fear and greed – tend to drive trading decisions off course.