Serious Forex traders should always be on the lookout for the newest trend in technology that helps in making better trading decisions and creating a better lifestyle. With the advent of Google Android which has a great potential to take the mobile operating system industry by storm, traders are naturally curious to find out the best way they can take advantage of these addictive little gadgets.
There is no doubt that Forex trading has become more available and flexible for everyone today. A Forex trader can choose from a wide array of phones and tablets now available and the device seems to be getting smaller and smaller – from laptops to mini notebooks and now to something that would fit in the palm, a mobile device. Ironically now some of the devices are getting bigger again in order to have a larger screen such as the Apple Ipad. These devices make it possible to do Forex trading anytime and anywhere.
But the next question is – does the latest always mean the best? Will a smaller size device mean the trader would have greater flexibility and convenience? Technology is changing fast and no one can deny the fact that the place of Windows Mobile as the leader in mobile device operating system is now rapidly being replaced by Google Android. Android may even pass Apple’s Iphone in popularity.
The current situation puts Forex traders in a dilemma if they should purchase an Android phone right now. Fortunately, the latest video of Scott Shubert, founder of Trading Mastermind, sheds light on this matter as the Forex guru himself did his own research to find out the pros and cons of utilizing a mobile Android phone for Forex trading.
In the 12-minute video, Shubert tried out different gadgets such as Samsung Galaxy and Apple Ipad to test out different Forex trading software and cites their good features as well as the shortcomings of different applications.
Forex Software Reviews
Oanda mobile trading for Android phones (http://www.onda.com): This software is okay because it has a trading platform for Android phones. However it is not ideal for those who want good charting software. Users would have a hard time doing some technical analysis that would help in making sound trading decisions.
ThinkorSwim Mobile (http://www.thinkorswim.com): This application has its own proprietary Android application trading platform. It has its own chart window and users can add an indicator. The downside though is that the window is so small and it’s impossible to zoom.
Swiss Forex Android App (www.dukascopy.com): It has a small rudimentary chart that one can enlarge by double tapping it. Users can add an indicator and change units. The number of indicators that one can add though is limited to one per channel. Shubert thinks that this application is okay for charts but still lacks some essential features that a Forex trader would need.
Mig Bank mobile (www.migbank.com): Although this broker is highly recommended by Shubert, and it is convenient because it has a trading platform for Android so users can place trades at Mig Bank using Android phones, the chart is a little too basic and lacks the vital functionalities that are desired.
Interactive Data mobile (USD $59.95 per month www.esignal.com): This one is not a broker trading platform but is a mobile charting software from Esignal, now known as Interactive Data. Shubert found the inability to zoom in and out, scroll and add multiple settings of the same indicator in one channel to be a little disappointing vs. the cost.
In the end, Scott Shubert concludes that MetaTrader Mobile is by far the best Forex trading software for a mobile device. It has about everything a Forex trader needs and one can easily add multiple indicators in the same channel and save the settings to automatically remain each time the platform is opened. Unfortunately it is not yet available for Android and the developer, Metaquotes now has a reputation for being extremely slow to release new products.
As Shubert thinks that development of MetaTrader software for Android phones may take some time, he cited two software apps that can be considered the best software that is currently available for Android phones.
One is the Trade Interceptor from Android app market (www.tradeinterceptor.com): The application has a fully functional window that one can zoom in and zoom out. Furthermore, adding a wide variety of indicators is not a problem. Even if one cannot add two indicators in the same channel using this application, Shubert is almost satisfied with it.
Another software that Shubert recommends is Team Viewer Mobile (www.teamviewer.com) and Logmein Ignition (https://secure.logmein.com/). This software offers a breakthrough technology that has a great potential to enhance the lives of Forex traders because of its unique remote access feature. This means that one will be able to open and access his/her personal PC via a mobile device.
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