The number of things a smartphone can do continues to increase. One of the latest innovations in smartphone technology allows investors who wish to manage their personal portfolios online to do so via their phone. More and more, brokerage firms are developing applications (“apps”) that customers can download and install on their smartphones. These apps, often free to registered users, allow the customer to interface with their online portfolio to buy, sell and trade investments. The next time you see a person hunched over their phone during a meeting or in a transit lounge, they could be adjusting their investment portfolio. Learning the basic steps can help you do the same.
What You Need
The first thing you need to conduct share trading with your mobile device is the right equipment, which in this case is a “smart” device. What this means is that you need a phone with Internet access, Web-browsing capability and an adequately sized screen for basic operations. Most phones today offer these capabilities, although some are offered only as extra services you have to opt in for and then purchase from your carrier. You will also need to confirm the online brokerage firm you select offers its customers a smartphone app and that your device (iPhone, Android or Blackberry) supports it.
What You Can Do
With a smartphone investing app, you should be able to perform the following activities and more via phone. If you plan to regularly use your phone to manage your portfolio, be sure the online brokerage firm you choose offers you at least this level of functionality before you create your account.
- Buy, sell and trade items in your investment portfolio
- Perform background research on desirable investments
- Receive and view real-time news feeds as well as investment performance
- Get real-time quotes on investment items you are interested in
- Manage, track and adjust your personal investment portfolio
- Trade from anywhere you can access the Internet
How to Trade
Once you have the basic equipment and have selected an online brokerage firm that offers investment management options via smartphone,take these five steps to make your first smartphone trade:
- Download the app. The first step you need to take is to download the online brokerage firm’s smartphone app. You may need to visit the app store on your mobile device and search by name to find the right app. Then, you can download the app to your phone and install it.
- Open the app and log in. Once you have successfully downloaded and installed the app, next you need to log in for the first time. You will need your login and password you used to register with the online brokerage firm available to do this.
- Take the tour. Most apps have a quick tour feature that you can use to get an overview of how the app works. You may also be able to take a tour on your computer to learn more about how the app syncs with your online account. These tours will show you how to find information, do research, administer your account and perform basic functions like buying, selling and trading on your smartphone.
- Make your first trade.Once you have successfully downloaded and installed the app, logged in and taken the tour of features, you are now ready to perform your first investment trade. All you need to do is locate the stock, fund or other investment optionyou want to modify, buy or sell. Then, send a request via the app to make that change to your portfolio.
- Track your portfolio’s progress. Once you have completed your first smartphone trade, you can continuously track the progress of that trade and your overall portfolio from your phone.
With the help of your new smartphone investment app, you will never again have to wait to find a computer or a Wi-Fi hotspot to adjust your portfolio. Now, you can maximize your portfolio’s profitability at any time from your phone.