Three Things To Look For When Choosing A Day Trading App For Your Mobile Device
Day trading can be an addictive way to make money in the stock market world. In day trading, high volumes of short-term trades are made (rather than buying a stock you know will increase in value over time and then sitting on it for a while), which means that day trading has specific needs that differ from those of other investment opportunities. Mobile functionality is an important part of trading software for many day traders, so here are three things to look for when choosing a mobile web trading platform.
1. No or low minimums and commissions/fees
Because day trading involves making a lot more trades (by number) than other types of investment, it's crucial that you find software that doesn't eat up all your earnings each time you make a trade. Ideally, the app itself should be free as well, and if possible, you should use one that doesn't require you to spend tens of thousands of dollars on each transaction or put tens of thousands of dollars into your account before you can get started.
2. Resources and trading options offered
The more education offered, the better. Whether you're just starting out with day trading or whether you've been at it for years, learning more about the market and the different trading options available now can only help you make better business decisions. And having more trading options allows you a broader scope for your investments.
3. Fast response
Because of the specific requirements of day trading (which include making a lot of trades in a short period of time), an app that responds quickly is critical. If you're trying to make a trade and you lose precious seconds to lag time, you could end up making less money than you'd hoped or, in some cases, even losing money. In essence, an app that lags will always make you late by removing you from real-time interaction with the market. So check the reviews before you start using an app to see if it works efficiently and quickly (especially for other people with the same mobile device you have).
These three points are critical for people who wish to engage in day trading, but they're also good criteria if you wish to use your mobile phone for other types of investments. For less active types of investment, speed and low commissions aren't as crucial, but they're still great bonuses.