For those of you who are in the investing market of trading penny stocks, you’ll want access to a wide range of resources without being stuck to sitting behind a computer. Many penny stock traders have this problem and need to be able to track their lists and portfolios at a constant rate.
Penny stocks are inherently volatile and timing is crucial to making a successful trade in terms of short selling. All penny stock traders need to have their information in real-time. There aren’t only apps for that either, but also for trading penny stocks or getting involved in micro-trading.
Honing trading skills
Before you even get investing in penny stocks, or if you’re already in the market, you’ll need some education. The more you’re able to learn, the better you can invest. Here are some prime examples of applications that can take your investing knowledge to the next level.
- iTrade: An app like this provides investors with an environment that is based off a real time trading market that can be simulated and worked with virtual money to see how you would do in a real market. The app provides real data quotes and breaking news so you can make your decision as if you were out on the open market.
- Bloomberg News: One of the most important things any investor or penny trader for that matter will tell you is how important staying informed is. There are countless amounts of stock websites that seek to inform you on some basis. Bloomberg is a leader in the industry and a standard for what type of news you should be receiving.
Being able to simulate a portfolio on the open market is a key to understanding the ups and downs and how fast things can change if you don’t have a plan in the market. It’s recommended for all new penny investors to use one of these apps. There are resources to help assist in learning how to invest in penny stocks too.
Micro trading strategy apps
There have been some applications out there that assist with investing small amounts of money over long periods of time. While this might not be traditional penny trading, it has helped countless of people learn to invest and save small amounts of money for greater returns later.
- Robinhood: This app allows for free trading in regards to $0 commissions and is a self-directed individual brokerage account. The company and firm makes their money from other ways on the market that will never make you pay a fee. If you’re just starting and need a quick way to invest in penny stocks then this can be a great first brokerage account for you to utilize.
- Acorn: If you thought investing was only for the rich, well Acorn changed that completely. The way it works is it takes your spare change from every purchase you have and invests it into a diversified portfolio automatically. If you were to buy something that wasn’t a whole number, which is most of the time, then the application will take that amount and round up by putting the remaining money into a portfolio.
These types of micro-trading strategies allow you to view market data in real time and make decisions about what you want to invest in without major fees. Also Acorn has the added capability of being a way to trick you to save money. Instead of just putting that money into a bank account it instead will go into a portfolio that can gain interest and make you more money.
More apps on the go
- iSwim: This is a great app that provides penny stock traders with everything they’ll need to stay mobile and invest. There is a way to track and modify pending orders and trade stocks easily through an advanced ordering method.
- StockTwits: In the age of social media, it would only be fitting for an application to bring together a group of investors and have them share what their thoughts on. What was then created through StockTwits is a Twitter type platform that informs you on the market and what individuals are feeling about certain aspects of it, something especially important for penny traders.
If you have the possibility to use all of these app or at least a few of them, you will start developing a healthy way to follow the industry and invest wisely in penny stocks.
Sarah Conway became a micro-trader when she was stuck at home looking after her newborn daughter. She has never regretted that whim which has changed her life and now teaches others how to trade in penny stocks.