One of the most inconvenient aspects of being a trader is not being able to be in front of a computer all the time. For example, how many times have you been in a position, and you need to step away from the PC for a few minutes, but you know that if you walk away, you may not get back in time to close the trade out for a good profit, or close it out at a small loss before it moves too far against you? Of course, you can set pending orders, but many traders prefer to see that price action in real-time.
Steve Jobs and the Apple iPhone have largely solved this problem! In today’s world, you never have to be disconnected from the market, and you never have to walk away from live price action. Until the iPhone hit the market, traders could get price quotes directly on their phones, and there were a handful of trading applications for cell phones, but the iPhone apps that exist today blow them away.
Let’s take a look at 5 of the top trading apps on the market.
If you are a forex trader, you have probably heard of Oanda. Oanda is one of the largest and most well-capitalized fx firms in the world, and its iPhone app is incredibly easy to use. A trader can manage all open fx trading positions, close out positions, open new positions, pull up charts, get price quotes, submit new pending orders, etc. And this iPhone app is known to have very few bugs in it. It works flawlessly.
E*Trade Mobile Pro
If you are a trader, you know E*Trade. This company helped forge a revolution in retail stock trading, as it brought extremely low transaction costs to your average Joe American. E*Trade has remained true to its revolutionary spirit by releasing a high quality iPhone app that allows traders to have complete access to their trading accounts via the iPhone. This means traders can do everything on their cell phone that they could do on a laptop. Manage positions, open charts, get price quotes, etc etc.
The Stock Twits website literally exploded in the last few years. Essentially, it is a place for traders to share ideas on equity market plays, and the Stock Twits iPhone app allows a person to get all of this information in streaming format directly to their phone instead of having to log in to a computer. Think Twitter for the stock market. A very useful tool for active and aspiring traders.
Stock Watch – Portfolio Tracking & Stock Market Quotes
This is a very popular app that allows a trader to pull information from all of his brokerage accounts and have a consolidated picture of his or her portfolio performance. And, of course, it also provides real-time stock market quotes.
Traders want to know what is happening in the world every day, and Bloomberg news is one of the most reputable financial news services on the planet. The Bloomberg iPhone app creates an opportunity for traders to get notified of real-time financial or forex news happenings directly on their cell phone. This is an incredibly powerful tool to keep a person engaged in the market flow throughout the day.