Voice trading or Forex trading via phone in voice mode
We've all long been accustomed to the idea that trading on Forex or the stock exchange is conducted online using a trading platform.
But just a couple of decades ago, everything happened over the phone – orders were opened and closed, stops were set.
And it would seem that now there is no point in using a telephone connection for trading; not only is it inconvenient, but many modern strategies are simply not applicable over the phone.
But many brokers provide a "Phone Password" when opening an account. What is it for and in what situations is it useful to use a telephone connection?
Voice trading in practice
In fact, there are quite a few situations in which a telephone can be useful. Currently, voice trading is primarily used in force majeure circumstances when trading through a trader's terminal is unavailable.
the brokerage company who will execute your orders on hand
It would be a good idea to practice opening and closing an order over the phone to check how the system works.
The procedure itself is carried out as follows:
- Call the desired phone number
- Provide your account number, full name and phone password
- Formulate an order to complete a transaction
- Receive confirmation from a brokerage representative
It would be a good idea to record the conversation, as the recording could later serve as evidence of your actions.
Telephone trading allows you to place market or pending orders , set stops, and close orders previously opened on the trading platform.
It's clear that the phone mode offers far fewer options than the trading platform, but the mode itself is designed more for emergency situations.
Examples include a lack of internet connection, a malfunction in the trader's terminal, or loss of access to the trading platform. Those who have been trading for years know that, while these situations are unlikely, they do happen.
