Don't have time to watch the stock market, but don't want to lose money?
There's an app for that.
Technology company TradeIt has teamed with the providers of mobile app Trigger on a service that sends notices to retail investors based on conditional if-then statements about the performance of specific equities, allowing in-app purchases and sales.
"Trigger is really doing a lot to bring professional-level technology and capabilities to retail investors," TradeIt founder and CEO Nathan Richardson said in a phone interview. "These types of tools that Trigger's providing for free, like creating if-then statements and market-data information, are really what professionals have been doing for years."
If you have a brokerage account with Fidelity, E-Trade (ETFC - Get Report) , Scottrade, or TD Ameritrade (AMTD - Get Report) , you can link your account to the Trigger app and set-up real-time notifications for specific events like stock price movements, U.S. economic events, U.S. corporate fundamentals and total return on your positions, according to the company's website.
Users might set up a "sell" trigger on a certain stock if the Federal Funds Rate climbs above 0.5%, for example, or a "buy" trigger if the price moves below a specified level. After receiving a push notification that a trigger has fired, users can place orders through the app.
The service takes advantage of consumers' increasing shift to mobile devices like smartphones and tablets for financial transactions, Richardson said.
"Mobile is where everybody's at, and everyone's going mobile first," Richardson said. "Our market fit has really been with apps. We see about 92% of our volume with apps. The average order size is around $13,000."
Richardson, who previously led Yahoo! Finance and was head of Dow Jones Online, said clients have found that using mobile apps for investing is faster than logging into a desktop, as well as secure and convenient.
Trigger says it's still working on technology to place triggered orders automatically and will eventually offer so-called limit orders on stocks and ETFs. While the Trigger app is free, the company plans to add premium services based on currency-exchange rates, weather and world economic events.
"Not only are you getting an "if-then" statement that's really unique and relevant in the market, but you can actually act on it," Richardson said.
TradeIt provides users a software-development kit that integrates with Trigger's app, and its software is available on 45 publisher partners' apps and websites, with over $2 billion in linked portfolios, according to the company. TheStreet has a licensing agreement with TradeIt for its desktop application.