What kind of technology do you need to be a successful trader?

There’s no doubt about it; entering the world’s financial markets can represent a huge rush. This is particularly true in the case of markets such as currency, with forex renowned as a volatile entity which is characterised by sudden and often significant price movements.

However, such a complex and intricate task is also deceptively challenging, so it’s imperative that you have access to the latest and most purposeful technology if you’re to enjoy sustained success.

But what technology do you need as a trader, and how can you go about ensuring that you have everything you need to be successful?

Determine Your Market and Trading Level 

Whenever you start out in the marketplace, the chances are that you’ll have a small and simple portfolio that can be easily managed.

In the case of forex trading, for example, you may start out by trading one or two major currency pairs, as you grow accustomed to the marketplace and look to scale your efforts gradually over time.

In this case, you’ll most likely access the MetaTrader 4 app through your smartphone, as this lends itself to occasional and small-scale trading that can be performed at any time of the day or night.

However, as you begin to bank profit and gain experience, you’ll start to trade more often and potentially diversify into alternative markets and assets. This will require more and increasingly intensive price analysis, which may in turn demand the superior hardware included in a computer or laptop.

This also enables you to grow and evolve with apps like the Metatrader 4, which are capable of performing detailed technical analysis in real-time.

As you do begin to grow your portfolio and undertake more comprehensive analytical moves, you may also benefit from using your smartphone in conjunction with your laptop.

Importantly, apps like the MT4 allow you to access the same trading account and tools through different devices, affording you the flexibility to trade on the move and in real-time without having to switch between different accounts and interfaces.

What Technology is Best?

Ultimately, utilising a smartphone and desktop computer (such as a laptop) in unison often contributes to a superior trading experience, as it delivers the very both of both worlds in terms of flexibility and performing detailed technical analysis.

However, there can be no doubt that smartphones remain the device of choice for trading novices, especially when you consider their portability, ease-of-use and capacity for real-time decision making.

It’s also important to note that mobile penetration rates continue to rise incrementally in the UK, with the share of active smartphone users on these shores projected to reach 93.68% of the total population by 2025.

However, as you become an expert trader with a more diverse portfolio of asset classes, you’ll need to utilise a more powerful desktop device such as a laptop or a personal computer.

This will enable you to undertake detailed technical analysis more efficiently, even if you continue to use your smartphone to execute individual orders.