Millions of people around the world have made day trading their primary source of income as more and more tools allow individuals to take control of their personal finances. In years past, it was much more difficult to be a day trader unless you were a broker or manager of a financial firm – everybody else usually had to contact their broker to execute any buy or sell orders. These days, though, a variety of smartphone applications have made day trading for the common man a reality. In the following article, we will discuss four of these mobile applications and what each can provide their users.
Economy for iPad
Anyone who is serious about day trading will first need to understand the dynamics at play in the economy. The Economy for iPad application is a great tool that provides indicators for thousands of different metrics – from unemployment and commodity prices to public and private debt data, this application stores just about any set of data imaginable. Users will be able to peruse and compare current conditions to past environments to see how each indicator may play a role in the market. Currently available for $3.99, the Economy for iPad app can be downloaded via the iTunes App Store.
Today in Commodities
While stocks may be the most popular option in the world of day trading, the commodities trade is another huge area in which countless people earn profits every day. The Today in Commodities application for iOS devices empowers users through the collection and display of various new sources that help them determine the current conditions in key market. If you are invested in oil futures, for instance, you can quickly access data and news reports to determine if you should hold or sell. For just $3.99, the Today in Commodities application is a valuable assistant for iOS users and will help users make the right decision in any economic climate.
Those who wish to test their skills at day trading without any risk will love iTrade, a trading simulation application designed to show users how their decisions can affect any portfolio. You will start off with a fictitious $100,000 virtual stock portfolio which can be altered or played with in any way imaginable. You will be able to research stocks, see current prices, and even compete with fellow simulation day traders to see how well you can perform given the current market conditions. Available for free, iTrade is a wonderful application for beginners and can be downloaded via the iTunes App Store.
Anybody who worries about novice mistakes when they begin their day trading careers will be happy to know that Fantasy Stock is a comprehensive simulation app that can help them become accustomed to the act of trading before they lose any real money. Users will begin with a $50,000 portfolio and have full access to any and all real-life stocks via the application. You will be able to learn how the stock market works and improve your trading skills before you invest any actual money. Currently, Fantasy Stock can be downloaded via the iTunes App Store for $0.99.
This guest post is authored by Phil Taylor. He works as a financial advisor at a leading insurance company that specializes in providing Scotiabank insurance. He works with a lot of dedication and likes giving advice to common people.