If you want to construct anything, you require tools, and investing is no exception.
Efficient tools aid you in making informed decisions with precise information. It's worth investing in high-quality tools when it comes to investing since working with substandard tools will lead to unfavourable outcomes in your decisions. After years of investing and experimenting with various tools, I have found these to be the most effective and use them frequently.
Research Investment tools
Technology has made researching stocks so much easier these days, and the two tools below are the best I've found for the average investor. It allows you to search across all the different companies in the stock market.
Pros:
- A single plan for access to all stocks globally
- Well-priced for the vast information available
- connects to many different external brokerages for automatic transaction data feeds
- If you're a new investor and unsure of how to value investments, I highly recommend signing up for a year. The descriptions provided are excellent in terms of clarity and you'll learn a significant amount just by reading them all.
Cons:
- Doesn't work well for Funds or ETFs
Pros
- Excellent market analysis tools
- Because stocks are evaluated against other stocks in their sector, it provides a good gauge of a stock irrespective of the overall market 'priciness
Cons
- it is pretty expensive
- you have to purchase each region independently
- Does not have an external data feed connection
- Can't do funds or ETFs
Comparison
When comparing the two research platforms, Stockopedia mainly assesses stocks in relation to other stocks within the same market or industry, while Simply Wall St evaluates stocks based on their fundamentals. It is crucial to understand how investments are valued compared to their peers, but it is equally essential to evaluate their fundamental ranking to determine whether their price is overvalued or not.
Therefore I use both to provide an accurate image when I invest in stocks.
Brokerage
One of the most important considerations for me in choosing a broker is their reliability when markets get volatile. Because that is when big money is to be made (and lost). I've tried many different brokers over the years. However, Interactive has consistently provided me with;
The best access to international markets
Lowest fees and highest interest rates for cash
Widest options for investing tools
Other benefits include they are listed on the US stock market and regulated in many jurisdictions around the world. Especially if you are located outside the US, I would recommend considering them for your investing.
For my currency trading needs, I prefer to use CMC over Interactive Brokers. CMC proves to be more user-friendly when it comes to futures and currency trading. Additionally, CMC is listed on the London Stock Exchange and is highly liquid. T
I suggest reviewing the platforms to ensure they meet your requirements in terms of functionality and jurisdiction before signing up. But I have been using them for many years and found them more than adequate for long-term investors.
Charting
Trading View is the most powerful charting platform that I have come across and for most of your requirements (at the time of writing) it is completely free! I use it on a daily bases and it has a huge online community sharing ideas and information.
Final thoughts
The tools above will give you everything you need to invest in 99% of the world markets. There are many other tools out there, but I would recommend rather spend your valuable time learning to invest than spending it going from one tool to the next.
I wish you success in your investing and hope this has proven insightful. Feel free to leave a comment below if you have any future questions.
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