Recent years have brought many changes to the way we do business and function in general. Even though it took a while for us to get used to doing everything online, doing business online has become completely normal to us, and we are starting to realize that while we do business on the go, we can do a lot for our work-life balance. We have seen a large increase of apps available for investments that people can use on their tablets or smartphones. If you are one of the people who decided to make their life easier, here is what you need to know!
Top 5 secrets about stock trading via mobile phone
If you are new to stock trading and you are confident that you will earn some money fast, you should keep in mind a few secrets that only experienced stock traders know. Here are a few things that will help you achieve success with trading stocks:
- Create a good plan
- Choose the best stock trading apps
- Always have a management plan for your money
- Don’t get emotionally invested
- Stay disciplined always
We will go deeper into each one of these secrets, and we are sure that implementing them will help you overcome any obstacles that you may face on your way.
1. Ceate a good plan
What we mean by creating a good plan is that you will need to be clear about what motivates you to trade stocks in the first place. Spend some time contemplating the time you want to invest and the goals you want to achieve. It is easy to get lost and lose track of time once you start stock trading via mobile phone since availability at any moment can be a two-edged sword that can bring problems with achieving the distance you need in order to make good decisions.
In addition, you should think about some rules for risk management that will help you protect yourself from huge losses and help you overcome the difficulties that you will inevitably face at some point. Besides, it is necessary to create a few strategies that you will have in mind in case you wish to change your course of action. Making a plan will help you to trade easier end progress over time. Keep in mind that the stock market changes all the time, and it is necessary to take some time to upgrade your knowledge and be consistent about it.
2. Choose the best stock trading app
The stock market is blossoming, and there are lots of apps available. It is crucial to choose wisely and turn to the best apps for stock trading via mobile phone. Keep in mind that stock trading apps differ by the options they offer, and we have done our research concerning the best apps out there. Top 3 apps that have proven their value are certainly:
- eToro
- Webull
- Interactive Brokers
Here is a little bit about each one of these apps!
- eToro
When it comes to the best stock app for this year, eToro certainly wins the race because its app gives access to numerous markets out there to its users. There are listed stocks in Germany, Canada, the UK, and many more. With numerous markets available, it does not come as a surprise that it has been chosen by thousands of stock traders around the world. The app is very simple to use, making it easy for the users to find out their way easily. In order to start trading on the eToro app, you should create an account and deposit $10. Once you do that, you will be ready to dive in.
- Webull
One more app for trading stocks that has proven its value is Webull. It is available both for Android and iOS smartphones. In order to start using it, you should create an account and provide a screenshot of your ID. One of the reasons why some users like it is that there are no minimum amounts set when it comes to deposits you wish to make and transfer the desired funds via the bank wire or ACH. Keep in mind that there are fees that the banks take for the transfers, so you shouldn’t be surprised. Cryptocurrencies and ETFs are also supported.
- Interactive Brokers
Seasoned investors are fond of the app Interactive Brokers because there are various technical indicators, information about the market in real-time, and research tools that make the whole process easier. The reason why we have it included on our list is that traders can choose stocks from 30 countries worldwide. Besides, there is a fee policy that is pretty low, and there are no requirements concerning the deposits you need to make.
We cannot stress enough the importance of choosing the best app according to your needs because that will save you plenty of time in the long run. We are sure that you will find these apps equally impressive as we do, so make sure you check out each one and find your way in the increasingly demanding stock market.
3. Always have a management plan for your money
As we mentioned before, creating a plan is what should be on top of your list, no doubt about it. Every stock trader will tell you that without the plan, you are set to fail. This particularly applies to the way you treat your money. You should always know how much money you are ready to lose – even though this sounds pessimistic, believe us – it is not. It is a form of technique that will help you get detached from your money and see it as a tool for doing business.
This is why it is never a good idea to invest everything you have, but rather invest it in stages, when one part of your money serves as a backup. Once you kick off stock trading via mobile phone, the easiness of it all can inspire you to start investing more and more, which can certainly lead to catastrophic consequences. Remember – stock trading is a job like any other. Getting too involved in it can get you to burn out fast. Taking one step at a time is certainly a much better option.
4. Don’t get emotionally invested
We are all human and deal with all kinds of emotions, especially when we are taking part in stock trading since it is a very adrenaline-driven activity. One can easily get caught up in all of that, and not knowing when it’s time to step back when you need to can lead to making lots of poor decisions, and it is one of the main reasons why stock traders buy at the market top and sell at the market bottom. Two main emotions that drive these poor decisions are fear and greed.
Fear is mostly based on thoughts that you can lose everything you invested, so you’re eager to get some of that investment back, and on the other hand, greed pushes us to invest more, so we can get rich quickly. Of course, both of these emotions drive us in the wrong direction. This is why it is necessary to stick to the plan and be wise about your investments. When you start stock trading via mobile phone, set some limits for yourself so you can make progress steadily.
5. Stay disciplined always
Discipline is not something that we would usually think about when we mention the stock market. However, once you dive deeper into the strategies and the way that the market works, you will understand better why it is necessary to stay fully on course no matter how the circumstances change, and go towards your goal.
Once you start stock trading, you should know that the work starts far before you actually do it because you will need to do thorough research about the market and the factors that may impact and cause changes, but also find out more about the technical charts and the stocks you wish to trade.
We already mentioned that you need to have a management plan. This is where the discipline comes into play. It is necessary to have the strength to stop once you notice that your brakes are starting to get loose because it is never a good idea to decide rashly about something like stock trading.
Conclusion
Stock trading via mobile phone can certainly bring a number of benefits to every stock trader out there. It makes everything easier and more accessible. Taking these top secrets of the experienced traders into account will surely help you to see your goals objectively. Each one of these secrets is tested multiple times and has brought benefits to the stock traders ready to learn. Once you make a plan and choose the perfect stock trading app for you, you will be good to go, and implementing other steps will be a lot easier!