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Why traders should not use mobile MT4 as their primary trading platform for technical analysis

#1
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In an age of smart phones and tablets many people are using their portable devices for trading. Which brings us to write this post on why you shouldn't use the mobile MT4 for Android or iOS as your only trading platform.
Although this seems like common sense to experienced traders there are quite a few people on social media who are glamorizing and encouraging new traders to "just use mobile MT4 and you'll be fine" and even some brokers who are telling their clients to use mobile MT4 as their only trading platform because it's "faster" :?

Mobile MT4's indicators aren't accurate.
Load the RSI on your mobile MT4 and you'll see that if you draw trendlines or divergence lines on your RSI, after a few hours the mobile MT4 RSI
will usually re-calculate itself and completely shift off the lines you've drawn.

Below shows the RSI on CADJPY. Several hours later you can see the trendline is no longer aligned with the indicator as previously drawn.
1.jpg
1.jpg (73.94 KiB) Viewed 635 times

Mobile MT4's trendlines "move" and don't align on different timeframes.
One of the most obvious issues with mobile MT4 is when you draw trendlines on the mobile chart quite frequently you'll see price totally misaligned with your trendline on other timeframes. So if you're using mobile MT4 as your primary trading platform there are many instances where one timeframe will show that price has broken or been contained within the trendline when it's actually the opposite way around.

Below shows a trendline drawn on the GBPJPY Daily mobile chart which has "broken" resistance. Zoom down into the 4 hour mobile chart and the picture tells you a different story. Which chart is correct?
2.jpg
2.jpg (71.27 KiB) Viewed 635 times

That being said we do consider MT4 for mobile to be one of the best mobile trading platforms in terms of performance, speed and usability but there are a couple of charting issues you should definitely be aware of before you start doing technical analysis on your mobile MT4.

Always do your primary trading on your desktop or laptop pc and only use MT4 to monitor or close trades! :ugeek:
Myfxbook live trading results


Re: Why traders should not use mobile MT4 as their primary trading platform for technical analysis

#3
Actually, the idea to use mobile platform as the main trading tool is not so good at all. You need to have big enough screen to be able to see the full picture, to analyse situation. As for me, there are three main scenarios, when mobile platform is necessary:
1. To watch current mid-term positions without computer.
2. To be able to open the trade when the sutiation you are waiting for appears at the moment you do not have access to computer.
3. To be able to close your position in case of problems with main computer or network (as phone has its own connection).

In other cases, even old cheap notebook is better.

Re: Why traders should not use mobile MT4 as their primary trading platform for technical analysis

#4
J_C_Anderson wrote:
Sat Oct 20, 2018 6:56 am
Actually, the idea to use mobile platform as the main trading tool is not so good at all. You need to have big enough screen to be able to see the full picture, to analyse situation. As for me, there are three main scenarios, when mobile platform is necessary:
1. To watch current mid-term positions without computer.
2. To be able to open the trade when the sutiation you are waiting for appears at the moment you do not have access to computer.
3. To be able to close your position in case of problems with main computer or network (as phone has its own connection).

In other cases, even old cheap notebook is better.
Absolutely mate. Spot on.
Myfxbook live trading results

Re: Why traders should not use mobile MT4 as their primary trading platform for technical analysis

#5
Jimmy wrote:
Tue Jul 10, 2018 4:07 pm
Social.jpg


In an age of smart phones and tablets many people are using their portable devices for trading. Which brings us to write this post on why you shouldn't use the mobile MT4 for Android or iOS as your only trading platform.
Although this seems like common sense to experienced traders there are quite a few people on social media who are glamorizing and encouraging new traders to "just use mobile MT4 and you'll be fine" and even some brokers who are telling their clients to use mobile MT4 as their only trading platform because it's "faster" :?

Mobile MT4's indicators aren't accurate.
Load the RSI on your mobile MT4 and you'll see that if you draw trendlines or divergence lines on your RSI, after a few hours the mobile MT4 RSI
will usually re-calculate itself and completely shift off the lines you've drawn.

Below shows the RSI on CADJPY. Several hours later you can see the trendline is no longer aligned with the indicator as previously drawn.
1.jpg


Mobile MT4's trendlines "move" and don't align on different timeframes.
One of the most obvious issues with mobile MT4 is when you draw trendlines on the mobile chart quite frequently you'll see price totally misaligned with your trendline on other timeframes. So if you're using mobile MT4 as your primary trading platform there are many instances where one timeframe will show that price has broken or been contained within the trendline when it's actually the opposite way around.

Below shows a trendline drawn on the GBPJPY Daily mobile chart which has "broken" resistance. Zoom down into the 4 hour mobile chart and the picture tells you a different story. Which chart is correct?
2.jpg


That being said we do consider MT4 for mobile to be one of the best mobile trading platforms in terms of performance, speed and usability but there are a couple of charting issues you should definitely be aware of before you start doing technical analysis on your mobile MT4.

Always do your primary trading on your desktop or laptop pc and only use MT4 to monitor or close trades! :ugeek:
You would think that it was bad enough to trade manually... then you read something like this.
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