How to Be a Mobile Trader
FREE MONEY & BOOMERANG STRATEGIES
Two of our most popular strategies we teach at Trading College are Free Money and Boomerang. These were the strategies we focused on during our recent Forex Mastery Retreat in Lanzarote. These strategies are the most straightforward of all the strategies we teach, and it’s easy to manage your trades when you use them because you can set alerts on your phone or use “set and forget” to automate your trades. Both strategies involve looking for trending directional markets. Once you’ve identified the trades you want to take, you can either set your phone to alert you when the price is at the right point or programme your software to enter and exit your chosen trades at specified levels.
SET & FORGET
With today’s technology, it’s easier than ever to be a mobile trader. Let’s say you do your analysis and identify a trending market; you see the volatility, which means the market is moving, but the price is not yet at the level you want to enter the trade at. With set and forget, you set your orders with the broker at the levels you choose and everything happens automatically. You decide on your desired price to enter the market, and at what levels you want to exit the trade, and then you can forget about it. For example, say the market is trading at $100.20 but you don’t want to enter the trade until it reaches $99.00. You simply set your order at $99.00; you tell your broker that this is the price you want to buy at. You can then set your target for that trade, say $110, so that you exit that trade if and when the price reaches $110. You would also set your stop loss, say at $97.00 so that you don’t lose any more money if the price drops below this. This is a fully automated way of trading.
SETTING TRADING ALERTS
If you want a little more control over your trades, you can set your phone to alert you when the price approaches the level you want to enter the trade at. Then you can open your account and manually enter the trade when you are happy to do so. This obviously requires a little more commitment than “set and forget” but it still means that you don’t have to sit at the computer watching the market move, or repeatedly check where the price is at, because your phone will alert you when it’s nearly time to trade.
Either system, when you are using simple and straightforward strategies, means that busy people can trade on the go. These tools will become your best friends and allow you to be a truly mobile trader! There are no more excuses, you really can trade from anywhere at any time.