Trading Made More Convenient: 8 Best Practises for Using MT4 on Mobile Devices
Mobile trading has been a popular way to ensure traders don’t miss the opportunities to gain profit and experience. One of the go-to mobile trading platforms for beginner and professional traders is the MetaTrader 4. It’s a trading platform created by MetaQuotes in 2005. Although it can be used to trade various financial instruments, it became well-known for forex trading.
However, for those who are used to trading using a desktop or laptop, navigating the mobile trading app can be a hindrance instead of a convenience. So, if you’re just getting to know the world of mobile trading using MetaTrader 4, here are some of the best practices you should try.
1. Check Your Internet Connection
Whether you’re placing an order, or monitoring and exiting your trade, you should have a reliable internet connection. The main goal of mobile trading is to trade wherever and whenever you want to, but you shouldn’t also rely on data connections. Instead, use Wi-Fi to make sure you won’t lose connections.
Meanwhile, if you can’t help but use a data connection, ensure that you’re in an area with a strong signal to avoid being disconnected. And when you’re placing orders or closing a trade, you should have a backup internet connection, even if it’s just a hotspot from another device.
2. Master the Mobile Charting Tools
Another thing you should be aware of is the charting tool in the MetaTrader 4 mobile app. Although it’s not the same as the desktop version, you can still add indicators, and alter the chart settings based on your preferences.
Since the mobile screen is smaller than what you’re used to, it’s recommended to use it in landscape mode, so you can read and analyse the charts more easily.
At first, you should try navigating the charting tools, and familiarise yourself with its interface. You can zoom in on the various parts of the screen to read and see all available features.
3. Create a Watchlist for Quick Access
Creating a watchlist allows you to access assets and charts without any hassle. Since it can take a while to manually do it, you should utilise this feature to avoid losing trading opportunities.
When doing so, you should first identify the specific assets you’re interested in trading or already trading. Next, go to the View tab, and click Watchilists. Once you’re done selecting the underlying assets, click Save Watchlist.
Alternatively, you can also set or edit your Watchlists through the Symbol Subscription Window. Meanwhile, you can also edit the title of your Watchlist, so you can identify them right away.
4. Enable Push Notifications
One of the first things you should do when you decide to trade via the mobile MetaTrader 4 is to enable push notifications. It allows you to stay updated on the status of your trades, and the current market conditions.
As you know, one of the most essential features of mobile trading apps, including MetaTrader 4 is they provide alerts that can help you improve your traders. More importantly, you can alter the settings of these notifications based on your preferences and needs.
5. Use Risk Management Tools
Even when you’re trading on mobile, you shouldn’t forget about using risk management tools. Similar to desktop trading, you can also set stop-loss and take-profit orders when executing trades. By utilising these tools, you can ensure that you still trade responsibly no matter what device you’re using.
Other risk management strategies you can use in mobile trading include limiting the position size, limiting the use of leverage, and always checking and updating your trading strategies.
6. Keep Your Trading App Updated
From time to time, check the mobile trading app if it needs to be updated. Just like any other software, the MetaTrader 4 mobile app also releases new updates to help its clients have a better trading experience.
Besides, if the app isn’t updated, it’s possible to experience slow response, glitches, and crashing of the app. So, if you don’t want to experience any of these, you should set up automatic updates for your MetaTrader 4 app.
7. Use a Secure Trading Environment
When opening your mobile trading account, ensure you’re in a safe environment, so that no one can hack your account. In addition, use a strong, unique password, and don’t forget to replace it once in a while. You should also enable two-factor authentication, and if you’re connected to Wi-Fi, ensure it’s not in public mode.
However, if it can’t be helped that you’re connected to a public Wi-Fi, ensure that you’re using a VPN (Virtual Private Network) to protect your data.
8. Monitor Your Battery and Data Usage
Mobile trading apps can consume more battery than any other regular apps. So, if you want to continue trading without any interruptions, ensure to charge your phone before you go outside. The same goes if you’re using a data connection. If you think your data isn’t enough to get you through monitoring, and placing or closing a trade, go to a loading station first.
Final Thought
Mobile trading may seem complicated at first, but once you get used to it, you can easily trade like before. By incorporating these practices into your mobile trading venture, you’ll be able to get the best results.
