4 Types of Digital Tools to Manage Your Stocks
The financial world has seen a massive amount of change and growth over the past decade between the world economy and digital currency. As we all try to keep up with the effects of these new technologies, there are many reasons why central banks are increasingly interested in digital currency.
Some people are anticipating the disappearance of cash, banks and companies are creating more efficient ways of payment and attempting to strengthen regulatory controls to keep some order. One of the benefits of these changes is that more people who aren’t in the industry are gaining more knowledge to be a part of the community and have a chance to get a piece of the pie.
There are so many tools out there to help new or seasoned investors stay on top of the vastly changing markets and digital currency world. Here are four of the most used tools that help investors make better and more informed decisions about their stocks.
Trading newsletters are generally email or print publications that inform traders about new developments or unusual movements in the markets. They usually feature expert opinions from some of the top companies and people in the industry. They provide insight and innovations on how stocks will move, and there’s no set duration on how often newsletters go out because things are constantly changing. They can be sent out as frequently as every morning or at the end of every business quarter. These are a great place to start to see what’s fresh, recent, and trending.
Also known as dummy accounts or paper trading accounts, these accounts allow you to test out your trading strategies or discover your fundamental analysis without actually wasting any real money. It’s a great way to test your investing skills through a stock simulator before you truly enter the market for the first time.
A tool like WallStreetZen’s stock screener is an amazing tool that scans the entire market and reports back with all kinds of different information. Stock screeners can share information of all the different stocks based on their price, average trading volume, chart patterns and so much more.
The tools let you decide the criteria and how you want to filter it to review. A great example of a stock screener making things simple is it can show you all stocks under $10 that have at least two million shares.
Many people like to use charting software because it helps them visualize their decision-making. Day traders and investors use charts that have lines or candlesticks that will show measurements of growth or decline for funds over a certain amount of time. It’s basically a visual way to display the performance of a stock without having to finely read through the numbers and data.
These are only a few of the tools and we can be sure that there are more inventive ones being created right now. If investing in stocks is something you’ve always been interested in and you want to take a more active role there is no better time than now. Start with some of these tools and doing some research to see what method of investing is best for you and your business.