As a new investor, a challenge you’ll face on your road to success is to find a means to efficiently keep track of your stock market investments—a task that’s so important in the business, which applies to monitoring your portfolio and making effective investments. As you may know, useful information can include changes in the stock market itself, as well as social media data, company announcements, relevant news, etc. When you’re about to engage in the exchanges, remember that you’re likely to gamble, where essential stock market data would not lead you to the most profitable investments, nor would it put you in a place where you know when to buy and sell. For a true investment, it’s based upon certain data that would lead you to calculating the chance of profit in a given stock, considering its risk. To maximize your returns, you should keep track of your investments.
What You Should Do
As an investor, you should be aware of your investments and implement extremely sophisticated technology to track the whole stock market and your portfolio. There are many means where you, as a young stock market investor, can make your way onto the scene, with the use of tools that can help you to track your stock market investments for free. Considering that your investment portfolio is your group of assets, there are many ways that allow you to track your stock market investments and can vary in their detail level and data depth, but they can provide you with dynamic and useful vision of your stock performance both in the short and long term.
- You manually collect data.
Like other un-missable tools used in the industry, you can manually gather data about your investment portfolio by closely following a web update on the stock market or by gathering stock market data from your prospect company itself. In doing this, you will need to gather additional data by following the company’s social media accounts, news feeds and other information that is collated from any channel you found that is relevant to your investments in the stock market. As you will be able to imagine, this can be extremely time consuming, where it is not likely that it will leave you with data that is very manageable.
- You use free apps.
In these modern days, there are solutions here and there that you can use in monitoring your stocks. However, the truth is, almost (or all of them) are not free, where you might pay a small or large amount to be able to use the more sophisticated ones. One suggestion is the “Stockwatch”, a solution that offers stock market data, together with a lot of helpful metrics.
- You take advantage of Google Finance.
A highly accessible search engine, Google can offer you access to an array of financial tools, which include free stock market monitoring and portfolio tools that can offer you pretty handy data.
- You use the Morningstar portfolio tracker.
For those who are into the stock for a while now, they are using the ever popular site for stock market tracking, the Morningstar. They are an independent company that offers high-quality stock data to their members for free. As for its tools, they include a transaction and watch-list portfolio.
- You take advantage of start-ups.
These days, there are new start-ups, such as INDX.guru, that provide free solutions that break down hindrances to information and tracking for new investors. You need not worry about these sites as they use sophisticated software programs.
Now, with these tips, you can keep track of your stock market investments—for free!