As it continues to move up and down in a volatile fashion, the crypto market has the potential to generate numerous short-term trading opportunities. Now that traders can use contracts for difference (CFDs) to speculate on price movements ofpopular cryptos, they can get involved via brokerages that offer these instruments.
Recent developments in the crypto price market have not been positive, with Bitcoin on track for its biggest monthly loss since May 2021. Such a high level of market uncertainty will require a careful approach, and one of the best ways to keep track of an account is by using the benefits of mobile trading.
Tip #1 Monitor markets frequently
The main function of mobile trading is to allow for greater flexibility, given traders can stay in touch with the markets even while on the go. Since they can access the platform on their phones or tablets, that will require frequent monitoring of markets, be in opened trades or price action developments for any token.
By doing so, traders will not be caught by surprise when unexpected events occur and can place more accurate trades, reducing their risk, with the ability to increase potential returns.
Tip #2 Customize charts
CFDs on cryptocurrencies allow trading without needing a wallet or crypto exchange and more often than not, these instruments are used by traders with a short-term market approach. In such conditions, technical analysis plays an important role and that is why traders should take advantage of all the tools integrated into their platforms.
Subtle details on the charts can be highlighted by using the customization features available, plotting indicators according to the trading strategy, or drawing tools that show price patterns and structures.
Tip #3 Use mobile trading as a complement to desktop trading
In 2020 alone, mobile trading in stocks surged 220%, showing greater involvement by retail traders. Technological developments enabled access to a wide range of platforms that can be used even on a smartphone. However, despite their practicality, one should not shift towards a full-time mobile trading schedule.
Reduced real estate (screen size, hardware, etc.) can act as a drag when markets are volatile. As a result, mobile trading should be a complement to desktop trading. When trading on a larger screen, traders can multi-task and notice small details, tasks that are harder to perform on a mobile phone.
Tip #4 Place price alerts
Some people might have full-time jobs and also want to trade cryptocurrency CFDs in between. In this case, it would be difficult to stay in front of the charts 24/7, as your regular work will consume a decent amount of time.
With proper technical analysis tools, traders can spot areas of interest on the charts and use mobile trading apps to place price alerts. That way, they don’t need to monitor their accounts constantly. Instead, the app will notify them instantly when the market will reach those highlighted price levels. Price alerts can save up a lot of time, allowing traders to handle other activities.