The nature of the forex business is that of the mobile office. Forex trading is traded 24/5 per week from anywhere in the world where the internet is available.
The forex business may be conducted from the home office environment or from a mobile office environment where the trader is not office bound. To enable the trader to trade unhindered globally, planning and organizing is required. Planning is key to success and some of the options to consider could include the following:
The investment in the correct device for trading is of utmost importance. The device is usually the most expensive capital lay-out and should be approached with care. Consider the trading activities the trader is expecting. The technical specifications of the device should be carefully scrutinized.
The laptop is the most common device to be considered for a mobile office. The modern laptop is a rugged and sturdy device and lends itself to be effective in a mobile office setup.
Smartphone and Tablet
The latest technological advances have allowed traders to trade directly on smartphones and tablets. These devices are well-suited to accompany laptops or can be traded directly from. Most brokers offer mobile platforms. All that is required is a stable internet connection to make the smartphone or tablet a handy utility to the mobile office.
The screen size and software will dictate the choice of smartphone or tablet. Especially the screen size is of importance. The screen should be large enough to navigate, monitor the charts and trade efficiently. Small screen sizes might hinder productivity or add to eye strain.
Before trading on a smartphone or tablet, consider the battery life of the device. Ensure the device to be suitably charged.
Secure Internet Connection
A mobile office for Forex requires at least 5 megabytes to trade and analyze charts. Free wi-fi provided to travelers and passersby is not reliable nor secure. The use of a portable broadband or a MiFi could counter free wi-fi. The portable device should be tested for speed of cellular data network. Another option is to create a hotspot with a USB modem.
An encrypted password must be used to protect data.
Virtual or Mobile Backup system
Mobile backups should be created to allow for access to data on the go or for when back at a home office. It is also a buffer against malfunctions.
Backups can be done via a USB flash drive, external or portable hard drive or via online backup systems.
What to pack when traveling
Ensure to travel light and stick to essential digital accessories if it contributes to better trading. Useful accessories to consider include:
- Laptop or wireless mouse with mouse pad
- Universal adapter
- Small surge protector for traveling
- Headphones or earphones
- Tablet stand
- Power bank, extra batteries or power cord for all devices
- Privacy screens or protectors
- Cleaning products for devices like wipes or solutions
- Wrist cushion or smart gloves
- Extra back-up systems like USB or external hard drive
Forex trading provides a kind of business mobility that is flexible to any change in location. With a mobile office, your work is ready to go without any extra obstacles. It is the best solution for when you suddenly need to work out of the office or travel during work days. Make sure to plan ahead and do a test run for your productivity levels. Once you have everything you need, take advantage of your mobile office for convenient trading on-the-go.