How to go after money-doublers with every trade you make
(AAPL) term for its iPhone applications. There are all kinds of apps that let you do everything from
checking the weather to downloading music to updating your Facebook page — you name it, and there’s probably an app for that. For investors, there
are apps designed to let you trade stocks and options while you’re on the go. And there are also apps that provide you with information to help you
make informed trading decisions.
If you are a trader who has an iPhone, then you should check out the following apps designed to help you make money from wherever you happen to
be. And if you don’t yet own an iPhone, then perhaps it’s time you check out the productive power of the hottest smartphone on the market today.
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App #1: Options Watcher
This app uses the Black-Scholes model to calculate the price of a put or call option related to any underlying security traded in the U.S. markets.
The inputs used in the calculation are the strike price, the price of the underlying security, the risk-free rate, time to maturity, the dividend
rate, and the volatility of the underlying security. Options Watcher provides close approximations to the price of the underlying security, the risk-free
rate and the volatility.I like this app because it provides “the Greeks” — delta, gamma, vega, theta and rho —
which represents the sensitivity of the option to changes in any of the input variables. The second part of the application calculates the implied
volatility of the option, i.e., the volatility implied by the market price of the option based on the Black-Scholes model. Options
Watcher is a must for any hardcore options trader.
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App #2: optionsXpress Mobile
optionsXpress Mobile is an easy, convenient way to monitor investments and place stock, option and futures orders via your iPhone. The company’s
easy-to-use navigation system provides quick access to a range of timely market data and vital account information, as well as a variety of trading
tools, market news and charts.If you’re an optionsXpress account holder, you get features such as the dashboard, which is a comprehensive home page featuring major indices, positions
summary and market updates. You also get streaming live quotes for your favorite indices or ticker symbols. The app’s Dragon feature allows users
to scan the market for stocks and options that match their chosen criteria. The optionsXpress
Mobile iPhone app is one great reason why options traders should consider optionsXpress as their options broker.Compare options brokers at OptionsZone’s Broker Center.
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App #3: iStockManager
iStockManager is brought to you by brokerage firm TD Ameritrade. This app provides the secure and easy access to your TD Ameritrade account, and
it lets you place trades and check your account from your iPhone. The iStockManager also provides streaming data, real-time account balances and market
news. Whether you want to make trades on the go or just keep an eye on the market, iStockManager gives you the freedom, access and security you need
to stay on top of your TD Ameritrade account.The thing that I like about iStockManager is that you don’t have to have a TD Ameritrade account to get quotes off this app. Sure, there are lots
of apps that can give you quotes, but I like the way iStockManager looks and works.
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App #4: E*Trade Mobile Pro
If you use E*Trade as your broker, then you have to use E*Trade
Mobile Pro. This app provides you with all of the same functionality as your desktop or laptop computer, and is fully synchronized with your
accounts in real time.Like other brokerage firm iPhone apps, you get free, streaming real-time quotes with integrated charts, breaking market news and commentary, and
easy trade execution. In fact, the app is just as easy to use as the Web-based account interface. You can also make cash transfers via E*Trade Mobil
Pro, which is a feature I think would be very convenient to E*Trade account holders.
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App #5: Yahoo! Finance
Whether you’re an options trader or a stock investor (or even if you’re just trying to get a handle on financial news), there is no better information
Web site than Yahoo! Finance. I recently downloaded this app on my iPhone, and it soon became my go-to source for data while away from the office.The good thing about the Yahoo! Finance app is that you can do the same things you
can do with at the Yahoo! Finance home page. You can use the “My Quotes” function to put in the ticker symbols of the stock and indices you follow.
Then you can get all of your market news, plus you can customize that news for the sectors you are most interested in. If you already use the Yahoo!
Finance portfolio tracking service — and I do — then you can import your settings into your iPhone app instantly.Finally, I like the navigation function in this app very much, especially the “Shake Navigation” function, which allows you to simply shake your
phone and get back to the home page in an instant.
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App #6: StockCharts
StockCharts is the app for the technical analysis junkies out there. It can display both line and candlestick charts with key technical indicators,
including simple moving average, exponential moving average, Bollinger
bands, envelopes, volume, Moving Average Convergence/Divergence
(MACD), Relative Strength Index (RSI),
fast stochastics, momentum and rate of change (ROC). You can also easily switch the chart view from daily to weekly to monthly.Perhaps the most customizable of the iPhone investing apps out there, with StockCharts you can configure the parameters and colors of all the indicators
you want to monitor. You also can configure how many years of historic data are downloaded by using the iPhone’s Settings application. If you rely
on technical analysis to make your trading decisions, you need the StockCharts app.
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App #7: Bloomberg
If you want access to some of the best financial reporting out there, then download the Bloomberg
iPhone app. This financial news app is a must for any serious investor. I find myself using the Bloomberg app to look up foreign markets and
the performance of currencies. It’s here where I think Bloomberg reporters really bring added value. Like the other trading apps we’ve discussed,
Bloomberg’s app allows you to customize the data you receive.What I really like about the Bloomberg app, though, is its news feed. This feed arguably offers the richest array of content out there, and there
have been many times when I saw an article on my Bloomberg app feed that I didn’t see anywhere else. I think the one is a definite must for any informed
investor.
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App #8: The Wall Street Journal
The Wall Street Journal mobile version is another great financial news
iPhone app. As you may suspect, the articles on the WSJ app are extremely well written and very informative. I also like this site for a quick look
at some of the breaking headlines of the day. Although the content here is not quite as extensive as Bloomberg, I find the interface easier to read
than Bloomberg’s.The WSJ app comes in two versions, one for subscribers to the newspaper and/or electronic editions, and one for non-subscribers. If you are a WSJ
newspaper subscriber, this app is excellent. However, if you are not a WSJ subscriber, you won’t get as much good stuff as you would by using Yahoo!
Finance or Bloomberg.
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App #9: Wall Street Words
Wall Street Words bills itself as an A-to-Z guide to investment terms. I really like this app, and I think it’s great for someone who is just starting
to get into options trading, or for someone who occasionally needs a refresher course in terminology. This financial dictionary contains more than
4,500 entries, with nearly 600 of those entries newly added to reflect recent developments in national and world markets.This app covers everything from investment fundamentals to the sophisticated terminology of contemporary finance. Many entries contain charts and
graphs to help illustrate term definitions. The app also contains more than 100 case studies illustrating real-world investment examples, and it even
contains tips from industry professionals. If you want to keep learning the investment game, then you need to make sure you know the terminology —
and one great way to do so is via the Wall Street Words iPhone app.
How to go after money-doublers with every trade you make
More to Come
As more and more people choose the iPhone as their smartphone device, I expect we’ll see more and more iPhone apps designed for investors. And considering
that options continue to grow in popularity with investing public, I think it’s a safe bet that we’ll continue to see more great quality iPhone apps
designed for us options junkies.
If you have an iPhone and you’re not using the apps we’ve talked about here, then what are you waiting for? Go to the apps store and start downloading!
And, if you don’t currently use an iPhone, then I highly recommend you become a member of the Apple cult. Believe me, this is one club you won’t regret
having joined.
