Trading on a mobile investment platform means having quick and easy access to your investment portfolio, allowing you to make decisions and trades on the go. But with this convenience comes some risks you must be aware of before trading stocks on your mobile device.
Research the company
Before you buy or sell any stocks, you need to research the company, which means looking at the company’s financial statements, reviewing analyst reports, and getting a general understanding of the business. You can find all this information online, either on the company’s website or financial news websites.
When researching a company, you want to look for red flags that could indicate trouble down the road. For example, if a company consistently loses money, it may not be a good investment. Or if a company is being sued, that could also affect its stock price.
Look at the stock chart.
Once you’ve researched the company, you’ll want to look at the stock chart to see how the stock has been performing. A stock chart shows you how a stock has traded over time, indicating where it might trade in the future.
When looking at a stock chart, you’ll want to pay attention to the following:
- The trend: Is the stock going up, down, or sideways?
- Support and resistance: These are levels where the stock has had trouble breaking through in the past. If the stock is approaching a support or resistance level, that could indicate it is about to move in that direction.
- Volume: the shares traded in a day. If there is heavy volume, there is more interest in the stock.
Set up your mobile investment platform
Once you’ve done your research and looked at the stock chart, you’re ready to set up your mobile investment platform. There are various platforms to choose from, so you’ll want to find one that fits your needs.
Something you must remember is that not all mobile platforms are created equal. Some may have higher fees than others or may not offer the same features. So be sure to do your research before choosing a platform.
Place your trade
Once you’ve chosen a platform and set up an account, you’re ready to place your trade. When you place a trade, you’ll need to enter the following information:
- The stock symbol: This is the abbreviation for the company’s stock.
- The number of shares: how many shares you want to buy or sell.
- The price is the price you want to buy or sell the stock.
- The order type: There are two orders – market orders and limit orders. You will place a market order to buy or sell a stock at the current market price. A limit order is an order to buy or sell a stock at a specific price.
Once you’ve entered all this information, you’ll need to submit your trade and wait for it to be executed.
What to consider when picking stocks on a mobile platform
Fees
First, consider the fees associated with trading on a mobile platform. Some platforms may charge higher commissions or fees for trades made on a mobile device. Make sure you compare the prices charged by different platforms before making any trades.
Ease of use
Another thing to assess is how easy the platform is to use. Some mobile investment platforms may be more user-friendly than others. If you are not comfortable using a particular platform, it may be best to find one easier to navigate.
Risks of trading on a mobile investment platform
Security
Security is one of the most significant risks of trading on a mobile investment platform. Mobile devices are notoriously easy to lose or steal, which means that your investment portfolio could be at risk if your device is not adequately secured. Set up a password or PIN code on your device and only trade on secure, reputable platforms.
Scams
Another risk to be aware of is scams. Several fraudulent mobile investment platforms claim to offer unbeatable deals or returns. Be sure to research before investing any money on a mobile platform, and only use reputable platforms with positive reviews.
Saxo investor is a great mobile investment platform that you can use.
