Few of us have time to really play the stock market. We are always on the go. Here are a few reason you should upgrade to a smart phone to become a better investor.
1. Text Message
You can set up text alerts with most online brokerage companies. Yahoo has a free alert service. Set your buy/sell price and have the service text you when it reaches its limit.
2. Stock Market Apps
Most smart phones have apps that allow you to analyze stocks. This is useful when you load your wish list on to the phone and can check each stock as you have time. Waiting at the doctor’s office, in line at the grocery store and waiting for the kids are all now investing research time.
3. Notes
Most smart phones have a note application. List your wish list with the buy/sell prices. You’ll never have to worry about not having your list with you.
4. Buy/Sell
All the major brokerage companies have a mobile website. You can buy and sell from your phone. I’ve bought stocks at 3:30 while waiting to pick my kid up from school. This handy option will give you many more opportunities.
5. Education
Most smart phones can play video, podcasts and audio books. Use this option to educate yourself on how to be a better investor.
The stock watch list is you’re shopping list of stocks. This is an important list. When the market has a correction or when the stocks you want move into the range you want to buy them in, this list is your short cut. Think of this as your stock cheat sheet.
In an accessible place (handy dandy paper notebook, digital file or a whiteboard*) list the name of the stock, stock symbol, buy price range and the reason why. Why list the reason why? You’ll want to recheck your reasoning in case it changed. If you are buying on a trend, list that. You’ll want to check on the trend before buying. News is another good reason, make sure the news you were looking for happened.
The best way to create a list
Buy it. Seriously, buy it. I used to waste so much of my free time combing through the news and web sites trying to find the next big stock to buy. Why waste your time? Buy a list, there are plenty of services that can offer good selections. You can even buy a list on what type of investing you want like small cap, large cap, value investing and swing trading.
Here are a few services that sell lists:
Investor Business Daily:
Top rated stocks under $10
IBD 100
IBD 20
The 100 and 20 lists are published in the ever awesome Investor Business Daily. I’ll admit I’m a fan boy for this newspaper. I subscribe to it and the “Top rated stocks under $10”. I’ve made money from both.
Fools:
Hidden Gems – Small Caps
Global Gains – International Stocks
Inside Value – Value Stocks
Rule Breakers – High Growth Stocks
Income Investor – High Yield & Growth Stocks
I have not personally used these lists, but I’m a huge fan of their books and web site.
The Street:
Cramer’s Action Alert Plus – Jim Cramer sends out his buy and sell decisions.
Breakout Stocks
Market Movers
And many more….
The Street offers a wide variety of lists including Jim Cramer’s personal portfolio. Love him or hate him, he’s entertaining. I don’t personally use The Street’s services or web site. I was a fan of Jim Cramer’s show before I decided to cancel my evil satellite service.
Good luck and happy trading!
* I remember blackboards, but my kids have informed me that they are whiteboards now. It’s unfortunate that they will miss the fun of cleaning the chalk from the erasers (yuck).
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