In today’s fast-paced world, a few minutes can affect one’s profit and loss margin, especially where the stock market is concerned. Stock market prices and market fluctuations can literally change in minutes. The ability to trade stocks from a mobile/cell phone enables you to keep up with any changes in the stock market, make decisions as to whether to buy or sell based on those changes, and complete the transaction in a timely manner. Here's how to trade stocks on your mobile phone.
Things You'll Need
- Mobile/cell phone with Internet access, applicable software (if needed) and security features
- Information on stock market figures and quotations
Open and establish an account with an online electronic market system company, your financial institution or the company with whom your stockbroker is affiliated.
Determine if the company with whom you have mobile/cell phone service provides upgrades for stock trading using their equipment. (See Tips for more information)
Determine if your mobile/cell phone uses GPRS (Global Positioning Radio System), GSM (Global System for Mobile Communications) or WAP (Wireless Application Protocol) capabilities to access the information. See the Tips section for more information. A glance at the instruction manual that came with the unit or a call to the company’s customer service department will get you this information.
Using the appropriate system, protocol, company or institution, access the stock market information and enter the stock abbreviation for the company about which you are inquiring.
Make note of the trading traffic so far, as well as the current price of the stock you are interested in.
Using the information you acquired in Step 5, decide what type of trade (buying or selling) you want to initiate, or if you even want to initiate a trade.
Complete the transaction by following the instructions on your mobile/cell unit or by letting your stockbroker or market system company representative know what you want to do.
Tips & Warnings
- Make sure you are familiar with how your mobile/cell phone works and what functions you are required to access and perform before making your first trade.
- Consider getting a separate mobile/cell phone to be used exclusively for stock trading.
- Do not participate or engage in stock trading using your mobile/cell phone while you are driving.
- Do not use your mobile/cell phone to participate or engage in stock trading that is illegal or unethical.
- Do not ask for, give, or use “insider trading” information during your transactions. Just because you are not using a regular computer does not mean that transactions cannot be traced or monitored.
- Guard your financial information just as you would if you were using a regular computer.
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