Smartphones are enormously useful for helping you stay connected to the rest of the world, but if you trade in stocks your phone has the potential to be a lot more than a communication device. With the right software, you can trade stocks from your phone and take your trades and investments with you wherever you happen to be.
When you’re trading from a smartphone or tablet, one important key to success is the trading platform you choose. Ideally it should have the same functionality no matter what kind of computer or device you use it on. If you can do all, or almost all, of the same things on your phone as you can on your computer you’re off to a good start.
There are also many free-standing trading apps available, that provide a range of different services. Most offer easier ways to check stock prices and monitor trends, and can be handy if your trading platform doesn’t include this kind of information. Some good examples include:
Investing.com offers an app that provides news and other services. With real-time data and stock prices for more than 100,000 stocks, bonds, commodities, currencies, and other financial instruments, as well as an economic calender, an alerts system, and the ability to add your own holdings to a digital portfolio. Available for Android and iOS.
TradeHero is a great app for novice traders who want to improve their skills, or for any trader who wants to test strategy adjustments without risking real money. TradeHero is a learning app that is based on real-world data, and it includes not just video tutorials and other media, but also the ability to share tips and information with other users. This app is available for both iOS and Android.
Stocktouch offers users a way of monitoring the stock market in real time, plus the ability to access detailed information about stocks and market trends. This app is available for Apple devices only.
Using your smartphone to trade can definitely improve your potential to make successful trades, but it’s important to remember a few golden rules. For instance, if you’re using your phone to trade when you’re out, it’s easy to let other matters distract you into multitasking when you should be focusing on your trade. Ideally you’ll give your trades 100% of your attention, regardless of the device you’re using.
And, while your smartphone can open up your ability to trade from anywhere at any time, it’s important to avoid letting this freedom tempt you into making impulsive purchasing decisions without researching the company and the stock first. Stock trading needs a clear head, and it ‘s always good to remember that, no matter where you’re trading from.
The truly great thing is, whether you favour trading from your computer or your phone, there’s no reason why you have to choose one method over the other. Both have their advantages and limitations, so integrating the two is definitely the way to go.
