Forex is a 24-hour trading market. It is open for 5 and half days a week. Traders invest in forex with the sole aim to get returns on their investment. However, to do so, he needs to flow several calculations and predictions. These estimates are available in a forex calendar, and one can avail it through forex on mobile.
What is a forex calendar?
The forex market is vulnerable to any political, economic or social news that affects the market. These include news of recession, a natural calamity or any news announcement that has the capability to move the market in a significant way. This is what is represented in a forex calendar.
Why use a forex calendar on mobile?
As a trader, one needs to keep a 24-hour check on the happenings of the market. This can be done by using forex on mobile. However, before that one should look at the genuine reasons for switching over to smartphone trading.
The press releases in a forex calendar are the news events that a trader watches out for. If an investor can keep a constant check on the upcoming events, he will be able to give his trade a better opening.
Suppose, USD/EUR is currently trading at 1.3000. Trader A has bought this currency pair at 1.12096 and looked to close his trade at 1.13010. The sudden news release of an earthquake shakes the world as well the forex market. Now, this investor immediately alters his trade and looks to go long on EUR.
Using forex on mobile, he will be able to change the position of his trade right at that moment without a single second’s delay.
Indicators in a trading calendar define the impact; news will have on the currency market. In contrast to multiple computer screens, using forex on mobile, a trader will be able to track the market indicators irrespective of his location.
Indicators come marked in green, yellow or red. A trader who can track news marked red will be able to take advantage of the situation or hedge his account as required.
Suppose, trader A places an order for USD/GBP at 1.5000. However, when the trade finally opens, it gets marked at 1.5003. Therefore, a trader loses three pips in the process. Use of forex mobile by dealers can improve this scenario.
Apps on mobile will allow the investor to place his trade at that very moment. Without the app, he would have had to call his broker to place the trade. This delay of a few minutes can be enormous in determining the overall profit in currency trading.
Therefore, one can say that forex on mobile not only speeds up the trading process but also increases the accuracy and efficiency of a trade. Moreover, it is light, portable and can fit in the comfort of your pockets. So, if you are finding logic in the above text, grab a smartphone today and try your hand at forex trading.
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.