Sometimes, traders have to trade on the go, which requires the use of portable devices instead of computers. Although a smartphone seems to be the best solution, its screen is too small, which is highly inconvenient.
This is where a tablet comes in handy. In this article, you will find tips on how to select one.
The article “What do you need for Forex trading” will tell you more about the tools you might need to trade as well as the ways to select and use them.
Tablets vs laptops/smartphones
Not all traders choose tablets. Rather, they prefer using laptops or smartphones. However, these devices are not always the smartest decision when it comes to trading.
Laptops are quite heavy and bulky although they have almost all the features of a computer.
Mobile devices have too-small screens to work with. In addition, with a smartphone, you can trade only via a mobile version of a trading platform.
That is why tablets seem to be the right choice: they are smaller than laptops but bigger than smartphones. In addition, the trading platform is available for tablets, no mobile version is needed.
Moreover, unlike laptops, tablets can connect to a SIM card, which means you can have an Internet connection anywhere and not look for Wi-Fi.
Still, tablets have one big drawback – they do not have a keyboard. Using the touch screen is not suitable for all functions.
The fact is that traders, especially those who use intraday and scalping strategies, have to quickly react to changes in the market.
This is quite difficult to do using the touch keyboard. Therefore, in order to quickly execute commands, you must either use combinations of hotkeys or special keyboards designed for trading.
In this case, laptops are better. However, some tablets now have the ability to add external devices, including the keyboard.
True, when you attach the keyboard, the tablet gets bigger in size and weight.
Transforming tablets into computers
To use the tablet to the maximum, especially at home, it must have a separate keyboard.
Some tablets now have a built-in keyboard. Such a tablet is simply inserted into a case with a keyboard and is automatically connected to it.
In addition, tablets can be connected to keyboards with a cable. However, in this case, the device must be equipped with special connectors and support OTG technology. To a greater extent, this applies to gadgets run on Windows OS.
There are also options for wireless keyboards that can be used with any device, including tablets. They connect to the device via Bluetooth.
A mouse is connected in the same way. For example, you can use a case with a keyboard and connect a mouse via Bluetooth.
Another feature of the tablet is that all programs run via applications. Nowadays, you can find an application for any field of activity and job.
Every tablet manufacturer provides access to a store where you can find or select the applications you need to perform specific functions.
Still, not all programs that are used on personal computers can be found in app stores as they simply do not exist. There are certain analogs but they may differ from original programs in terms of functionality.
In other words, certain functions will still be unavailable, which means that you cannot turn a tablet into a computer by simply connecting it to a keyboard.
Advantages and disadvantages
Mobile trading appeals to many traders. However, it still has its advantages and disadvantages.
Advantages:
- Mobility. With portable devices, you can trade anytime, anywhere, which is very convenient as you are not tied to one place when you work;
- High speed of work, which is achieved thanks to the performance and power of the device;
- Good battery life. If you have a device with good battery life, you can easily use it for hours without any hassle of frequent charging. This is a great advantage in the event of a sudden power outage or other emergency situations;
- Instant response. Mobile devices respond much faster to user commands and are ready to work with a single touch.
Disadvantages:
- The small screen limits the scope for analysis. Even if you remove all the indicators that clutter up the chart, the small screen size will not allow you to see the chart in full size;
- Mobility is both a pro and a con as there can be a lot of noise and interference for a trader to work comfortably in public places. It is quite difficult to concentrate and trade while in a cafe or public transport, where there are many distractions;
- Additional mobile Internet and roaming costs in case of traveling;
- Abrupt and unexpected disconnections while moving from one place to another. In such a case, the trader may miss the right moment for opening/closing a position;
- Limited functionality. A mobile device is in no way similar to a computer. Oftentimes, they offer a limited range of indicators and no expert advisors;
- Flagship devices are pricey. Not all users can afford them. At the same time, the gadget remains just a tablet, and higher power is the maximum a manufacturer can provide for its price.
Choosing efficient tablets
When picking a tablet, you should pay attention to its price, brand, screen size, performance, built-in memory, processor, manufacturer's reputation, additional features, etc.
Here are the common features of an efficient tablet:
- Display of 8-10 inches;
- Weight of more than 800 grams;
- Access to the Internet through Wi-Fi and a SIM card;
- Connection to additional devices such as an external keyboard or mouse;
- Battery life of no less than 9 hours;
- Affordable price: gadgets for trading do not have to be the most expensive. The priciest ones are usually made for graphic designers and engineers as they use special resource-intensive applications;
- Operating system. Devices running on different OS can have a different set of tools. Here you should take into account your broker and the devices on which a mobile application is available.
Trading with tablets
Nowadays, to work on trading platforms, you can use portable devices for trading, including smartphones and tablets.
You can access a trading platform via a web browser. This option is commonly considered inconvenient as it takes a certain amount of time to load.
Moreover, not all websites are optimized for mobile devices, which can also cause difficulties.
Mobile trading via portable devices is the most popular option. Mobile apps are usually designed by trading platform developers and therefore have all the platform features.
Mobile applications have advanced functionality and allow trading on tablets in much the same way as on the desktop. Moreover, tablets have a faster response and reaction to user commands.
The speed and performance of the device and the speed of the Internet connection are essential. Above all else, many tablets have a SIM card connection and use mobile Internet instead of Wi-Fi.
Therefore, before trading via a portable device, you should check the quality and stability of the Internet connection. If the Internet freezes, you may forget about successful trading.
What is more, you should have an efficient trading strategy. In fact, not all strategies are suitable for mobile trading.
Best table for stock trading
Modern portable devices run on three main operating systems – Android, iOS, and Windows. Therefore, mobile applications are mostly designed for devices with these operating systems.
The mobile versions of the most popular trading platforms such as MetaTrader operate smoothly on the iPad Pro.
High prices and incompatibility with some apps are the main disadvantages of Apple gadgets.
Many Windows-based tablets are 2-in-1 devices, meaning they can be used both as a tablet thanks to their touchscreen and as a laptop thanks to their keyboard (removable in some cases).
HP has several devices that meet traders’ needs, including the HP Elite Dragonfly and the HP Specter X360.
The HP Elite Dragonfly costs a penny but is a quite powerful device with good battery life and access to the Internet with a SIM card.
The HP Specter X360 is akin to the HP Elite Dragonfly and is even more advanced in some respect. Its only drawback is that it works for fewer hours without charging.
The Dell XPS 13 is also a nice option with a highly responsive display. Although it may be somewhat inferior to the above-mentioned devices, this gadget is still a good option for trading.
As for devices running on Windows, there is a choice between Microsoft and Lenovo gadgets. Thus, Microsoft’s Surface Go 2 has a large screen and high power, and a good price/quality ratio. It is less costly than HP gadgets.
Lenovo's portable devices are significantly cheaper than the Surface Go or the iPad Pro. They have all the necessary features, and some of them come with a detachable keyboard. These gadgets have good battery life and a large processor capacity.
Trading on iPad
Apple devices have always been different from their counterparts. They have features that devices from other manufacturers lack. However, in some cases, they may limit users’ capabilities.
With the number of traders using iOS devices growing worldwide, the mobile versions of the most popular trading platforms are designed especially for iOS devices.
Thus, the mobile version of MetaTrader 4 for iOS has most of the features of the standard desktop version, including interactive charts, analysis tools, various order types, etc.
There are also some additional options, including one-touch trading and displaying up to four charts in one window. What is more, there is an information window where you can track trading operations, an event log, etc.
The mobile version of MetaTrader 5 for iPhone/iPad has the Market Depth option. Together with the one-touch trading feature, it is a powerful tool, especially for traders using short-term strategies and scalping.
With push notifications, users can instantly react to incoming important data.
All these functions are free of charge. All you need is to download the application from the AppStore and log in to your trading account or opened a new one.
There are also other applications for analyzing charts, tracking quotes, communicating with other users, and receiving information from the world's largest exchanges online.
Trading on Android
Now let’s talk about trading on Android devices. These gadgets are in abundance, and developers of trading platforms offer mobile apps for them.
MetaTrader 4 for Android is one of the most popular and commonly used trading platforms.
The mobile version of MetaTrader 4 has a set of basic functions such as tracking live quotes and placing orders of various types. It also provides all types of trading operations and quote history.
This software also has extensive functionality, including quick switching between several instruments, sound notifications, trading levels, access to up-to-date news, Live Chat, and other options.
Above all else, it has a set of technical analysis instruments, such as indicators, patterns, time frames, and charts.
Still, using solely MetaTrader 4 will not be enough. In order to trade, you should find a broker and open an account because the developers of MetaTrader do not provide such services.
MetaTrader 5 and Sirix are other universal mobile applications. At the same time, some brokerage companies avoid using third-party resources and chose to design proprietary mobile software instead.
All these applications are free of charge. Universal applications can be downloaded from developers’ websites. Meanwhile, brokers also offer clients applications for free.
The main thing here is to be careful and choose a reliable and trustworthy provider of applications and services.
Strategies for mobile trading
Not all strategies and assets are suitable for mobile trading.
On the one hand, tablets are powerful enough, which is beneficial for traders. For instance, a big screen allows them to display several charts at once.
Still, there are some limitations, Thus, all trading features are realized through a unique mobile application that is akin to a standard trading platform.
It is impossible to trade and conduct analysis on one and the same chart. In addition, many users believe that mobile applications have a limited set of technical indicators and patterns for analysis.
Therefore, they often download third-party applications for analysis but trade directly on the platform.
This is inconvenient and time-consuming. Therefore, using short-term strategies, especially scalping, when trading from a tablet is quite difficult.
That is why medium-term and long-term strategies are better. They do not require your full-time presence in front of the screen to track price changes.
With long-term strategies and investing, traders have enough time for comprehensive analysis and forecasting. They analyze fundamentals and financial indicators in the first place.
In such a case, a tablet will be the smartest decision as it possesses all the necessary resources to search for information about any company. Traders will have enough time to analyze and decide what assets to invest in.
Assets for mobile trading
Not all assets go with both mobile trading and trading strategies.
Thus, volatile assets can be used for short-term trading as traders can yield profits from price fluctuations as well as high liquidity.
Such trading instruments include currencies, certain securities, cryptocurrencies, and other assets.
Forex trading is dynamic with currency pairs prone to multiple price changes intraday. Their prices are shaped by numerous factors. Therefore, traders should monitor the news to forecast future prices.
On the one hand, using portable devices for trading is convenient. It allows you to track changes in quotes anytime, anywhere.
Nevertheless, tablets and other mobile devices are still used only as a safety net for most traders, i.e. when you need to close a position right away or place a stop order for protection.
All in all, using tablets for short-term trading, particularly scalping, is not the best option.
With medium-term and long-term strategies more suitable for mobile trading, it is important to choose the appropriate assets.
Assets for medium-term trading include stocks of reliable companies, government and corporate bonds, and shares of various investment funds.
Almost any instrument with growth potential is suitable for long-term trading and investing, including metals, 10-year bonds, and other assets.
Best trading applications
When picking a trading application, you should take into account the following criteria:
1. Adaptation of the application for tablet devices. Many developers do not bother to create separate applications for smartphones and tablets, or even adapt them.
The difference between smartphones and tablets is in the size of the screen at least. Best table for stock trading have a much larger screen size, and therefore they can display more information.
At the same time, some applications work only in a vertical position of the tablet, which is a serious drawback because users mostly use their tablets horizontally.
2. User-friendly interface. A friendly and intuitive interface includes various tips for novice traders, including convenient authorization, asset search, and many other options.
A user-friendly interface is essential as it allows users, especially beginners, to concentrate on trading rather than navigation through a complex mobile application.
All the necessary documents should be at hand. Likewise, traders should have quick access to customer support if needed.
3. Authorization and synchronization of devices. Interaction between different versions of the trading platform is essential in case you need to use one device and then switch to another.
In other words, the user should be able to open a trade via a computer and then close it with a tablet.
4. Compatibility of the application with your device. If it turns out that your device does not support the application, you will have to use a browser.
This, in turn, creates certain difficulties because browsers are somewhat different in use from mobile applications.
As a rule, mobile applications are mostly developed for Android and iOS because tablets mostly support these operating systems.
5. Choice of assets. Various applications have different sets of assets for trading, which is vital when choosing a mobile application.
Assets should be selected depending on a trading strategy followed by the user. Modern trading applications offer a fairly wide range of assets.
Applications for trading
Mobile applications for trading can be universal, i.e. provided for download by trading platforms. They may also be developed by individual brokerage companies and provided to their clients only.
Here are the most popular mobile applications for trading.
- MetaTrader 4 is perhaps the most popular universal application. It is as commonly used as the MT4 trading platform. With this application, you can trade Forex, stocks, cryptocurrencies, commodities, etc.
The application has a full set of functions, analysis tools, and other options. - AvaTrade is a mobile application designed by one of the most reliable and reputable brokers. It allows users to select between МТ4 and МТ5 or use AvaTrade WebTrader, the firm’s proprietary software.
This program offers a wide range of assets for trading as well as various types of accounts. - Finam Trade is an application designed by the FINAM company. It is a user-friendly application with a set of assets for trading and extended functionality.
Users have access to graphic analysis patterns, charts, various information, customer support, and outlooks. - Capital.com is one of the best applications for trading CFDs. Its distinctive features are no commissions, opportunities for training and obtaining high-quality analytics, and a convenient interface.
Libertex is one of the best software for stock trading. This mobile application is proprietary and is provided to the firm’s clients only.
This application is easy to use even for beginners. Moreover, it provides online training opportunities and a vast array of trading instruments.
Supplementary applications
In addition to applications for trading and investing, experienced users recommend downloading and using other useful programs.
Here is the list of helpful supplementary applications:
- TradingView is one of the most popular applications, providing quote reviews for most assets. With this application, traders can track charts and price changes as well as conduct analysis without registration and trading accounts. The service also has Live Chat where users can share their trading ideas.
- Bloomberg is a useful service for monitoring the news. Traders should always be aware of the latest and breaking news from reliable sources. This application provides high-quality content, videos, analysis, and company news.
- Coinkeeper is a program for accounting and managing personal finances. With its help, users can track their spending and allocate funds for investing or trading to make additional profits.
- Cbonds is a service that is commonly used by investors in bonds. With this service, you can search and select bonds based on their maturity, country of issue, credit rating, etc.
- Investing.com is an application that shows current quotes of over 40,000 instruments, the economic calendar, the latest news and analysis, and broad technical analysis opportunities. It is one of the primary sources of information for traders, especially beginners.
- Finviz is a service that helps users select the most attractive assets for investing thanks to a large number of filters. The application provides information on stocks, futures, currency pairs, and cryptocurrencies.
- Opentraider is predominantly an educational resource. It is suitable for novice traders and savvy users. It provides access to various articles, webinars, and online courses of various levels of complexity. However, most of the information is in the public domain and is available free of charge.
Rules of trading with tablets
Brokerage companies actively promote mobile trading. In fact, this type of trading is highly popular among traders. However, if you do not want to lose funds when trading with a tablet, you should follow some rules:
- Although brokers and developers of mobile trading applications say their inventions are in no way different from desktop versions, that is not entirely so. Therefore, it is wiser to use mobile devices only in cases when you have to close a position or carry out other operations immediately.
- No matter how hard you try to transform your tablet into a computer, you will never succeed because of its features. Not all modern tablets have connectors for keyboards or other devices. However, this problem can be solved thanks to wireless keyboards. In any case, using a tablet with a separate keyboard is much easier than using a virtual keyboard.
- Almost all functions of the tablet are available via an application only. Still, not all computer programs have mobile versions. Oftentimes, analogs have limited functionality. Make sure you know in advance what functions you can sacrifice.
- Using portable devices can be both a pro and a con. On the one hand, they allow users to stay online and trade on the go. On the other hand, public places are quite busy and noisy, meaning that traders can’t concentrate and trade efficiently due to multiple distractions.
- Despite relatively small screens, tablets can display several charts at once, which is a great benefit as traders do not have to switch between charts.
- Tablets and mobile versions of platforms provide extensive opportunities for technical analysis. You can use up to 30 technical indicators and over 20 analytical objects. They are free of charge after downloading.
- Mobile trading platforms have one great benefit – some of their functions are available offline, i.e. without an Internet connection. It comes in handy when quote data require adjustments.
- With push notifications, you will always be aware of what is going on in the market and can affect quotes. This function will help you make decisions in time.
- Antiviruses and other protection programs will keep your data safe when using public networks (access to Wi-Fi without a password). Such programs should stop any attempts to steal your personal and confidential data.
Final thoughts
In this article, we have outlined all the features of mobile trading as well as its advantages and disadvantages. Although portable devices are easy to use, they have their limitations.
Most traders prefer physical keyboards to virtual ones. However, this problem can be easily solved as modern tablets can be connected to wired and wireless keyboards.
This way you can transform your tablet into a laptop. Still, in most cases, this is not required, as tablets are used for tracking changes in the market and, if necessary, performing any urgent manipulations, for example, closing positions.
On top of that, having an effective trading strategy is essential. Short-term traders and scalpers are advised against best table for stock trading.
These types of trading require your constant presence in front of a computer screen to track the smallest price changes and react to them instantly.
Meanwhile, medium-term and long-term traders may well use portable devices. They have enough time for analysis and decision-making.
Tablets can also be used for investing. They have all the necessary functions for searching for information about companies and their stocks.
Tablets have one important feature — their functionality is available via applications. Nowadays, almost all big and well-known brokers and trading platform developers provide mobile applications for trading.
Tablets vary depending on their power, performance, availability of a SIM card to connect to mobile Internet, price, and other parameters.
Each user can pick a device based on their needs and finances as there are more expensive and more technically equipped options as well as simpler and cheaper variants.
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