Details To Consider When Using A Futures Trading Mobile App
Posted on: 20 January 2022Share
Many futures traders rely on a mobile app that allows them to trade when they aren't at a computer. Successfully using a futures app requires more than just downloading it -- or even knowing how to trade futures well. Here are some other details to consider before you begin using a futures trading mobile app for the first time.
Your Phone's Capabilities
You need current futures contract pricing data in order to make the most informed trading decisions. Not only should the futures trading mobile app that you download provide real-time prices and volume information, but your phone should be able to run the app well.
If your phone's capabilities aren't sufficient to run a futures trading mobile app, upgrade your phone before downloading an app. With a phone that has sufficient RAM and a powerful processor, the app will be able to provide real-time data throughout each trading day.
Your Network's Speed
Another bottleneck that can interrupt receiving real-time data on the futures trading mobile app is your cell network's speed. Most networks in metropolitan areas are sufficiently fast to process price, volume and transaction information. If you're in a remote place where the cell network isn't as fast, though, you may not always be able to get the most recent data.
You don't necessarily need to avoid trading futures contracts just because you have a slow cell phone connection. If you can't get a fast connection, you may want to avoid day trades.
Swing trades and long-term investments don't require quite the same level of pricing accuracy, as these strategies provide more time for bigger price movements. Focus on these if your cell network is slow or unreliable.
Alternatively, you might generally have a good connection at home but not when traveling to more remote areas. If you're in this situation, do most of your trading on the days that you're home and have a fast connection.
Some futures trading mobile apps use location data, as they might have to report tax information or only have a license for one country. If you travel between countries, the app might only work in your home country.
You can address this issue a couple of different ways. First, you could download two or more futures trading mobile apps -- one for each country that you visit. Second, you could trade only when in your home country, similar to how you might only trade at home if a network is slow where you travel.