Mobile Stock Trading
The reality of the situation is that most of us do not have time to be sitting at our computers during market hours to track and execute stock orders. Be it a job or some other activity, most of just do not have that luxury; nonetheless, thanks to the combination of technology and savvy time management now most of us have the ability make profitable stock trades from anywhere.
To actually perform the stock trades you will need either a capable phone or wireless device (i.e. Blackberry, iPhone) or quick access to computer to check price and execute orders.
To be able to trade almost anywhere, a smart phone would be desirable. Popular stock brokerages such as E*Trade, thinkorswim, and TD Ameritrade offer applications for the Blackberry and iPhone, which allow you to access your account from directly through your phone. Obviously, these applications makes having an account with these brokerages more desirable. That being said, if you can’t or don’t want to open an account with them and your current brokerage does not offer some type of smart phone application, then you will have to live with the ability to need quick access to a computer.
Next we need some way of checking stock prices. Once again, if you don’t have a smart phone, then you will need access to a computer to quickly check current prices. Later in this article we will be looking at how to minimize your monitoring, so you do not have to constantly use the computer. On the other hand, if you have a smart phone then you are in luck. Check out a complete list of recommended mobile stock trading applications for the iPhone. Many of them also have a version for the Blackberry.
Okay, so now that we got all the equipment out of the way it is time to start planning our stock trading process. Remember that since we are not stationed at a computer, we need to make each check-up more efficient. That is where the pre-planning comes in.
If you are following a stock that looks ready to buy or sell, then you need to create your price targets: entry, stop, exit. These are specific prices for where you want to execute some action. By knowing these prices ahead of time, we are able to quickly check a price of a certain stock and take necessary action. I use simple technical analysis indicators and patterns to predict price movement.
Another way to make your stock trading more efficient is to use other types of stock market orders.
The whole idea of trading on the go is to be able to effectively make money from wherever you are. It really is a powerful feeling. As technology has evolved, no longer are limited by location-constraints to where we can trade. As long as we do our proper preparations and efficiently track our stocks’ statuses, then all traders should be able to make money in the stock market from anywhere.
Check out a full list of online discount stock brokerages that offer mobile trading apps.