NEW YORK (TheStreet) -- As we all know, our smartphones help us stay connected and increase our productivity. Some of the wealthiest day traders keep their smartphones glued to the palms of their hands while watching the stocks. If you want to follow in their footprints of financial success, there are a few tips to keep in mind so you don't waste your time or money while utilizing your smartphone.
Find a Helpful App
A great trading app will offer enough information to lead you toward the right trade, without overloading you with information and pushing you to make impulsive decisions. Choose an app that provides market updates and trends along with the usual stock price tickers. Apps from Morningstar, Bloomberg and MarketWatch are free and include market trends and finance news. (Some of these apps are not used for actual trading but can be helpful.)
Here are a few other apps you should consider downloading to your smartphone:
- Keeper: When you're talking about money and online transactions, security is always a concern. Keeper helps ease your stress by storing your passwords in one location and generates random secure passwords when you need it. Don't underestimate the value of an app like Keeper that will keep hackers from raining on your day-trading parade.
- Yahoo! Finance: The Yahoo! Finance app provides day traders with everything they need to successful follow the stock market, including stock quotes, market analysis, charting capabilities and in-depth news coverage. Although you can't make trades on this app, it'll hold your hand through the entire process before turning you loose to do it on your own.
- Broker Apps: When choosing a broker, make sure it offers a free app so you can conveniently make transactions from any location on your smartphone. Each broker will feature an app that has varying capabilities, but don't let that be the deciding factor when choosing a broker you want to deal with. Here is a list of credible brokers to consider.