I have an android smartphone, how do I begin trading forex on it?

How would you advise a beginner who only has a mobile phone at his/her disposal to start trading forex?

T
@tony_xhan - 8 months ago

If I were in the shoes of a beginner, I'd go to the google play store and download a forex trading app of a regulated broker. Here in Australia the ASIC regulates brokers such as Pepperstone, eToro, CMC Markets & Eightcap so I would download any of their apps.

I would then proceed to open a demo account from inside the app which would allow me to experiment with forex trading on my phone using virtual or fake money.

Now, right inside the forex app I would access the in-app educational resources and if need be I would chat with the forex broker agents to seek more knowledge; all these can be done without having to leave the app.

After practicing for a few months, I would open a live account on the app and deposit real money (probably about 10 AUD depending on the broker).

I would then begin to place very small trades (0.01 lot size) and I would focus on trading only one instrument so I become a master of it. I think I would choose EUR/USD because its got lower spread than most currency pairs on offer.

I would also set my stop loss and have a mental picture of the maximum amount of money I can lose in a day. Once i lose or make that amount of money I would close trading for the day.

Trading on a mobile phone can be intoxicating and even addictive because you could be tempted to over-trade due to the convenience.