There are many threads on this subject over in the FM GO Forum. (See tab at top of this screen.)
It is possible and there are several options. Which is best depends on your connection options.
The simplest is to open the database on your computer and make the necessary setting changes so that your computer is hosting the file over the local network. You can then use WiFi to open that database from your phone as a client of the hosted database. Any changes that you make to the database on either the computer or your phone are being made to the files on the computer so your "updates" are automatic. I use this connection with my Laptop to quickly check layout design modifications on my iPhone layouts.
More complex is to set up the needed network options so that you can use the Internet to access the hosted database on your phone. That way, you can use the cell phone connection to connect to your database as a guest or WiFi from a hotspot or other network to access the database. Your connection speed is a lot slower this way, but it can be made to work if you have good cell phone coverage or WiFi access from where you plan to use the phone.
And if all else fails, there are ways to physically copy the file onto your phone and then "synch" the data in your two copies of the database. You can set up your own system if you are up to the programming challenge and your needs are fairly straight forward or you can use a 3rd party product such as those offered by SeedCode and 360Works to synch the databases.