Top 3 Ways Technology Allows You To Monitor Your Trades

Top 3 Ways Technology Allows You To Monitor Your Trades

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Technology has made the forex markets more accessible than they’ve ever been previously. In previous decades, trading floors appeared to be the domain of high flyers and Hollywood alone: only those who could afford for someone to trade on their behalf.

Also gone is the day where the broadsheet newspaper was the only way that you could access the latest trading news. Nowadays, you can get news about your trades anywhere, all at the end of your fingertips. But, as well as making forex trading more accessible, technology has also made it simpler for you to monitor your trades. Here’s how:

#1 Broadband and Superfast 4G Mean You Can Trade Anywhere

Finally, technology has even advanced to the stage that we no longer have to be sat at home chained to our screens in order to monitor our trades. Instead, you can be sampling the great outdoors, be sat at work or even out on lunch… you can still monitor your trades on the go.

Broadband and Superfast 4G Mean You Can Trade Anywhere

This has been made possible because of mobile trading apps and superfast 4G networks. If you spot a problem, you can close your position in seconds. There’s no need to run back home.

Technology has improved trade monitoring immeasurably over the past decade or so. It will be interesting to see it develop further in the coming years.

#2 Stop Losses Can Protect You

Worried that the markets might turn against you while you’re away from your trading portal? Stop losses are the perfect thing for you.

Technology has now advanced far enough that we don’t even need to be sat at the screen in order to limit our losses. With a stop loss, you order your broker to buy or sell once the stock reaches a certain price, which saves you losing large sums of money on a security position.

Plus, because of technological advances, you don’t even need to phone your broker. It can all be done via the platform.

#3 Charting Software Allows You to Analyse Trades

Charting Software Allows You to Analyse Trades

The forex market doesn’t operate in a vacuum. Instead, it is influenced by external factors. Thanks to technological advances, many brokers such as EXT Capital are now able to display charting software as well as fundamental analysis within the trading platform.

If you’re a new trader, you may not yet be fully versed in how important charting software is. However, as you gain more experience, you’ll apply more and more to your trades in an attempt to spot patterns and trends.

By overlaying your charting software onto your graph, you’ll be able to spot trends quickly, maximising your profits and limiting your losses.