Looking for a stock trading application for your iPhone?

There’s more than a handful out there for sure, but here is a list of 5 very nice (and free) apps that are certainly worth checking out. (Know of another good one? Comment below!)

1. iSwim
iswim for iphoneBuilt by thinkorswim, iSwim is a full featured stock trading platform, straight on your iPhone or iPod Touch. It allows to trade stocks, options, futures, and even features some metrics to help analyze risk and performance.

2. Bloomberg
bloomberg for iphoneThe Bloomberg app is packed with news from around the world, headlines, quotes, charts and tools to analyze the markets and customize the information according to your needs.

3. iTrade
itrade for iphoneiTrade is a stock trading simulator. A perfect way to gain experience without having to sacrifice money! With up to date quotes, news, and a community of users, iTrade is a very realistic simulation, perfect for beginners and anyone wishing to test stock trading strategies.

4. Yahoo! stocks
yahoo stocks for iphoneYahoo!’s stock application ships by default with the iPhone. It’s an intuitive, simple and easy to use app to check up quotes and updates on stocks.

5. DailyFinance
dailyfinance for iphoneDailyFinance (from AOL) provides real time stock quotes, stock market news as well as a handy way to manage multiple stock portfolios. Very nice app for general purposes.

That’s it! Most stock brokers are also coming up with great apps, such as the ones from eTrade (Etrade Mobile Pro), Bank of America (Bank of America Mobile), TD Ameritrade (iStockManager) and Chase (Chase Mobile). If you’re a client of those, check their apps as well, they are worth it.

We all have different lives, personal traits, beliefs, objectives and levels of knowledge. Hence, as different as we all are, we also have different investor profiles. To optimize your odds of success, finding the stock trading strategy that works best with your profile is a very sound way to proceed.

A few good questions worth asking yourself, in order to determine your profile:

  • What are your objectives in trading stocks? (be as specific as you can be)
  • How much risk are you willing to tolerate?
  • How well do you know the different types of securities (stocks, options, derivatives…)?
  • Do you wish to be able to liquidate your assets quickly, if the need arises?
  • How much time are you willing to spend in studying and monitoring your portfolio and the market?
  • Are you interested in trading on an international level, or solely domestic?
  • Do you have a preference for socially-responsible corporations, or does it matter not?
  • For how long do you expect to be trading stocks?

By answering these questions, a few other good interrogations will likely go through your mind, helping you determine your preferences and requirements a little bit better. You will then be one step closer to finding the trading strategy that’s right for you!

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1) Know the basics!
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