Slowly but surely, the rate at which people in the US are again investing is nearing the 2008 pre-market crash/recession level. Many believe that this is something spurred on by the COVID-19 pandemic, as a CNBC/Momentive Invest in You survey displayed results that around a quarter of the general American public began putting their money into stocks in 2020, and 60% of young traders, meaning individuals between the ages of eighteen and thirty-four, got into this practice for the first time in 2020.
However, some argue that the rising number of stock investors can get substantially credited due to the emergence of technology that has made the trading process super convenient and accessible for all willing to partake in it. Of top significance to this field was the birth of commercially available stock market track apps that gave tools to common folk for researching trading securities. That happened almost two decades ago, and they provide previously unimaginable amounts of data to investors. Hence, these pieces of software help traders manage their portfolios efficiently en route to maximizing their profits. Below, an explanation follows regarding why they are so essential nowadays and how they have changed investment as a whole.
Benefits of Share Market Tracker Software
Without question, they are multiple.
Some more commonly discussed ones are real-time price tracking, news alerts for securities movements, and notifications concerning industry-breaking events. Then come users having the ability to create watchlists for different types of entities. For example, they can group tech companies or add energy stocks in a pile. They can also create a list of picks their favorite investors hold and monitor their progress at every turn. Seeing if they can learn something from the choices premium traders make. They can even segment portfolios into fractions and categories using elementary drag-and-drop moves that can calculate holdings and totals of more defined groups.
Most software from this category is pretty intuitive to use and allows file importation from brokerages in multiple formats. That makes it easy for users to instantly get going with their account, setting up their portfolio in a tracking app in minutes.
Aside from the up-to-date reports, many also adore the charting options they feature. Using any of the top-name brands mentioned in this article, investors can visually display aggregated info in several ways, aiding them in quickly identifying trends.
Top Share Market Tracker Software Options
Dozens, if not a couple of hundred, apps for trading/monitoring securities now exist. Though naturally, not all of them are high-quality. StockMarketEye is one of the older players in this landscape, created by an independent developer named Nick in the mid-2000s. It is software whose growth has chiefly relied on user feedback. That is a stance that StockMarketEye’s team has maintained till today. Its portfolio organization is likely its standout feature, and all its built-in reports are tremendously helpful. While some may call its visual presentation a bit outdated, those who can look past its looks can see that the $74.99 yearly price tag is 100% worth it for this easy-to-use portfolio management helper.
Sharesight is another award-winning tracker that automatically syncs with brokers, letting investors see the total returns of their investments over any period. It allows everyone to track up to ten holdings for free. Yet, to use this app’s advanced features, users can choose between various plans, starting from ones that incur a monthly cost of $12. The top reasons for Sharesight’s popularity probably stem from its beginner-friendliness, tax reporting options, and top-shelf customer support.
Another solution on par with the two rattled above in this subheading is the Unity platform that can track any asset class, including cryptos, Forex, and CFDs on various markets in one interface. Its allure lies in its in-depth customization options that seek to meet client needs. Moreover, it boasts a full-featured trading terminal and middle/back-office infrastructure. Nonetheless, it must get said that this is a dominant company software. That is so because it asks for a monthly fee of $3,500 for its paid version. Thankfully, casual investors can access a free one, and those interested in getting serious with their trading can check out a trial iteration of the Unity platform.
How to Use Share Market Tracker Software
There is no science regarding using a stock tracker. Traders buy one, activate a trial version, or use a free one. When they opt for either option, they create an account. And either import their investment information from various brokerages into the software or enter this data manually.
After the app has gotten fed data, investors choose to set up a watchlist of securities they will be monitoring while setting up alerts, meaning notifications get queued to trigger in light of specific events occurring, such as a price dropping below a distinct number. Then comes the implementation of various tools that help users assess the well-being of their holdings. These are outside of the scope of this article. Yet, we shall mention that they include adding benchmarks, utilizing multiple tried-and-tested ratios, and charting info for better views.
All these instruments, at a click of a button, can enormously assist in portfolio management and higher returns on investment in both the short and long term.
Tips for Maximizing Share Market Tracker Software
Practical tips for maximizing share market tracker software are setting up news alerts, customizing notifications, and finding novel ways to monitor market trends.
Everyone should know that, despite what some say, uncertainty riddles the stock market. That said, a few principles that can always act as beacons in improving one chance for success in trading are available for those willing to learn them. The key when assessing charts is to focus on the long-haul perspective, not to overemphasize the P/E ratio, and always factor in taxes. Share market trackers feature trading journal functions, and these are excellent for jotting down expenses relating to the investing process, costs that can easily get overlooked otherwise.
Watchlists and alerts are the hearts and souls of these apps. Although, their underrated functions, which are also game-changers, are access to summary statements and transaction reports, back-in-time ones, creating adjustable charts, and adding configurable technical indicators to each monitored stock.
Parting Thought
For those who want to stay ahead in the world of stock trading, share market trackers are not something that these individuals should consider. They are mandatory. Their oversight capabilities, with their analysis and management tools, make them a no-brainer for anyone craving to play the investment long-game and put their money to work for years to come.
