Stock trading is probably one of the most difficult things to monitor. However, there is a type of stock trading which allows traders to buy and sell securities in short periods of time. In other words, the overall market movement of up and down are not important to this type of trading but rather, what they look for in this type of trade is its volatility.
To day traders, time and freedom from sitting on a chair and being stuck on a computer for hours could be very limiting for them. Fortunately, with the development of smartphones and apps, day trading has become very convenient. With that said, we have decided to come up with tips and tricks on how to get started on day trading and the best apps which you could use for it.
What Do You Need to Start Day Trading?
1. Capital – in every business, you will need a capital and trading is not different. For most brokers, they would have a minimum of $250 to start buying and selling assets, however, if you wish to have significant profit, you would need to have a higher capital.
For new day traders, it is highly recommended to start with small amount of $1000 deposit. This way, they will be able to test their trading strategy and once they are good and comfortable, they could always invest later. Take note, however, that the SEC’s pattern day trading rule of accounts with less than $25,000 at the end of the day will only have limited three round trip trades in a five-day period.
2. A Source for Live Quotes – day traders would always need a reliable source of instantaneous stock market quotes to know when to buy and when to sell since day traders usually have a span of 15 minutes to buy or sell stocks.
3. Realistic Aspirations – getting profits in the trading business takes time. Sometimes, the lucky ones would take six months to begin to have regular profits, patience and lots of hours of practice. Having realistic expectations will help you with your trading business journey.
What to Look for in a Day Trading App
1. Low Fees and Commissions – find an app that has low fees and commission schedule which you are familiar with. The usually pay is between $4 and $8.
2. Intuitive Layout – Look for an app that is easy to navigate and easy to use. You could check these apps through demonstrations and tutorials found on YouTube.
3. Full-Web Functionality – some apps have limited functionality which is done for users to be encouraged to use the desktop versions instead. Before using a trading app, ensure that all the mobile app and desktop version has the same complete functionality and features.
Best Day Trading Apps
One of the best and well-known trading app, E-trade is one of the pioneers in online trading. Hence, you could be assured of its safety. It comes with a comprehensive mobile app with a desktop version as well. Its app uses voice recognition technology and it supports sale and purchasing of stocks, ETFs and options. It also has an easy to navigate and easy to use interface which is perfect for beginners. Furthermore, this app has customizable dashboards and alert settings. Its users could also stream and access live quotes.
This app allows its users to buy and sell stocks without any charges of commission. There is also no tradin-fee and no minimum deposit. Its mobile app is easy to use and it is very responsive. Seasoned stock traders might get a little be off with Robinhood’s lack of resources and tools but if you are a new trader, this app is perfect for you to practice on.
TD Ameritrade is one of the best trading apps which is available for iPhone and Android users. It comes with trading suite which is compatible with stocks, futures, option and forex trading accounts. It helps you focus on the tracking of trends, to learn and to analyze stocks. The only downside of this app is it has higher commission fees than its competitors.
Through Charles Schwab you will be able to manage your Schwab banking accounts. You will be able to deposit checks and invest them. You could also use Schwab’s investor checking atm cards anywhere around the world. Unfortunately, to be able to fully utilize this app, one has to have a Charles Schwab account.
This app is a really impressive app which comes with features that will help you access offering stock, options, bond, ETFs and forex trading. This app is perfect for those who are interested in
educational and research tools. It comes with condensed and scaled impressive desktop selection features on its mobile version app.
Day trading could provide you huge payouts of profits through the use of the right tool. We hope that through this article, we were able to provide you the possibility of acquiring rewards in the trading business through the best apps that we have featured above. We hope that you will find the best app that will suit you and your day trading business.