5 Free Ways To Keep Track Of Your Stock Market InvestmentsOne of the challenges that every new investor faces on the road to success, is to find a way to keep track of their stock market investments effectively, and to do so without having to spend a fortune in the process.
Keeping track of data is of primary importance in the stock market game. This applies both to making an effective investment, and to monitoring your portfolio, which may include stocks that you already own, as well as potential opportunities that you want to keep an eye on.
Useful data includes the bumps trends of the stock market itself, but also relevant news, company announcements, social media data, and more.
You could (that is, there is nothing really stopping you) just take a punt on a certain stock, and leave your investment alone without ever having another glance, until you one day get the 'feeling' that you want to cash out.
Neglecting crucial stock market data is probably not going to lead you to the most profitable investments, nor will it leave you in a good position to know when to buy and sell, nor will it leave you with any real knowledge of the actual returns on your investment portfolio.
A true investment is based on certain information that leads you to calculate that the chance of profit in a given stock is worth the potential risk. The richer the data that how explore before investment, and the more you are able to keep track of your investment portfolio, the more likely it is that you will be able to maximize your returns. It's all a numbers game.
Major investors and bankers are well aware of this, and implement extremely sophisticated technology to track the entire stock market, as well as their individual portfolios, which they have available to them on a live feed. The most well known is the Bloomberg Terminal, a computer system used for monitoring the stock market which costs $24,000 a year for a single unit.
This is the problem. There is an incredible amount of money involved in the stock market, but the game is generally played between already rich investors who would rather keep it that way. Technology such as the Bloomberg Terminal provide them with a competitive edge that gives them a seemingly massive advantage over the everyday investor, and anyone who is new to the stock market.
There are ways in which the keen young stock market investor can make their way onto the scene, using tools that can help you to track your stock market investments for free.
Free Stock Market Portfolio Tracking ToolsAn investment portfolio simply refers to your group of assets, in this case your stocks. There are a number of tools that allow you free stock market tracking. These tools can vary in their level of detail and the depth of their data, but all of them allow you to gain a dynamic and useful picture of how your stocks are performing, both in the short term and the long term.
Manually Collecting Data: I have included this here to demonstrate why the other tools are so unmissable. You could manually collect data about your portfolio by closely following an internet update of the stock market, or by collecting stock market data from the company itself. You would then need to collect additional data, which you could do by following company news feeds, twitter, and from collating info from any channel you can find that is relevant to your stock market investments. This, as you might be able to imagine, is extremely time consuming, and is not likely to leave you with very manageable data.
Free Apps: We live in the world of the app, and as you might have guessed there are apps for monitoring your stocks. In fact, there are hundreds, some better than others. Not all of them are free, and you might pay a small fee of a couple of dollars for the more sophisticated ones. A popular choice is 'Stockwatch' which provides rich stock market data, along with several helpful metrics.
Google Finance: Google offer a wide array of financial tools, including a free portfolio management and stock market monitoring tool which provides some pretty handy data.
Morningstar Portfolio Tracker: Ever popular for stock market tracking, Morningstar are an independent company that offer high quality stock data to members for free. Their tool includes a watchlist portfolio, and transaction portfolio.
Startups: New startups like INDX.guru offer a free solution that break down barriers to information and tracking for new investors, by offering a sophisticated software program (providing a number of features akin to Bloomberg’s $24,000 service).
By Tomer Garzberg