Trading Stocks Using Your Smartphone- A Good Choice
If you’re a busy person with a lot happening in your life, it’s never easy to concentrate on your business, especially when your business involves trading of stocks and options. Sometimes, it’s hard to communicate with everyone, and as a result, you fail to get latest updates. But that’s no longer the case because you can now turn your smart phone into a highly functional gadget for stocks trading.
With the easy availability of these solutions, you don’t need a computer to get yourself going. You just have to swipe your position in your portfolio and start trading options, stocks or mutual funds, and that’s irrespective of where you are. Moreover, these apps are optimized for speed in a way that you get real-time updates for your portfolios, balances, and watch lists – all you have to do is shake your phone to refresh your screen for new updates. The list of good things doesn’t stop here, as there are other features that help you lift your game. For instance, you can improve the way you invest with custom alerts, advanced charts, options chains and much more.
More about Mobile and Conventional Stocks Trading:
Those who are new to this concept and are reluctant to make a move should consider comparing mobile and traditional trading. In traditional trading, everything relies on broker-client relationship. Here, the buying and selling takes place on the exchange floor. Even here, it all starts with a connection to the broker. You tell them to buy some shares of a particular firm. Your broker takes your order and sends it to their floor clerk. The floor clerk gets in touch with f the firm’s floor trader who finds another person willing to sell shares of that firm. They discuss price and cut the deal. These types of trades are quite common in the NYSE.
On the other hand, some markets believe it’s not easy to get high quality services through a human-based system, and that’s when they opt for the one where everything is handled electronically; the NASDAQ is a good example of this. Here, computer networks are used to find buyers and sellers, and as everything is handled electronically, deals can be closed quickly. Now, there are sites that allow you to get updates through your online account, but it can sometimes become difficult to access a computer and the internet. To resolve the issue, these brokers now encourage traders to get every piece of information by logging on to their sites through their smart phones. In fact, some developers have designed specific applications that make trading on the go a breeze.
The Amazing Benefits:
What it means is that the speed of finding a buyer or seller and ease of completing a deal are the too big reasons why people are turning toward mobile stocks trading. There are other benefits as well. For instance, you will have to shell out more money to trade stocks traditionally; the average cost is somewhere between $12.95 and $29.95. On the contrary, you can use your mobile and internet to trade stocks for as low as $3.95. And the icing on the cake is the availability of interesting offers, like some companies provide you with free trades each quarter.
Another big benefit of mobile trading is that it doesn’t limit you in terms of time. Unlike the traditional brokerages that close with the stock market, mobile or online trading goes on 24 hours a day, seven days a week. What’s more, online brokerages usually come with huge libraries of information, including charts to provide info about the latest trends. You can even get a side-by-side breakdown of stock-to-sector and stock-to-industry comparisons to make a better decision. Moreover, you can customize your login pages and get real-time updates for specific stocks you’re more interested in.
A Few Important Considerations:
However, before you start using this particular option, you should understand a few things. Though trading stocks on smart phones is a good idea, it can be confusing to pick one out of so many brokerage services. Execute your trades only after getting some references about the brokerage firm you’re selecting. Also, pay attention to the features and services; you should be able to get real-time updates and charts, along with having the freedom of using your checking account to transfer money to your trading account.
You will be better off doing some research before opting for a brokerage service, and to keep you updated, don’t forget to use some nice mobile phone stocks trading apps. Make sure you avoid apps that don’t have layered security features that include time-outs after a specific period of inactivity, encryption, passwords, and more. A few nice options include apps by TD Ameritrade, E*Trade, Zecco and thinkorswim; iPhone users may also want to try apps like Stocks, DailyFinance, Bloomberg, iStock Manager, and iSwim. Not only will they help you access millions of resources and get quick alerts to your smart phone, they will also help you keep an eye on the tax side of trading by allowing you to keep records of profits, losses, as well as costs associated with different trades.
Christopher is a well known blogger and a writer who has gained recognition as a valued writer for ISA Rates. He takes keen interest in merging technology and trade.