Navigating the investment landscape is exciting but intimidating, especially as a beginner. You need to create a reliable strategy to drive profit, but this might not be possible without proper analysis. There are diverse investment tools that can be used for your investment strategy, from stock screeners and robo-advisors to financial news aggregators and technical analysis. Let’s take a closer look.
1. TrendSpider
TrendSpider is an advanced charting, automation, analytics, and market research company. It is an all-in-one tool for investors, allowing them to analyze technical and fundamental data.
The comprehensive platform also includes an intuitive backtesting engine, which allows you to test strategies with virtual money based on historical data. Automated trendline detection, multi-timeframe analysis, and dynamic alerts are available. The app is easy to use, with helpful tutorials and a library of educational content.
2. FRED Economic Data
You can also improve your trading strategies with the Federal Reserve Economic Database (FRED) App. This mobile app provides access to economic data obtained from the FRED platform, so you can view, analyze, and chart different economic indicators. It is suitable for financial professionals interested in economic data analysis.
When using the FRED app, investors can browse data based on category, source, release, and keywords. You can also create custom graphs, share them with others, and save your favorite data series. It offers access to over 820,000 economic data series from regional, national, and international sources.
3. TradingView
One of the top tools to assist you in forming a successful investment strategy is TradingView, a reliable platform that offers diverse tools and data. TradingView focuses on helping you make financial decisions, and it’s also a social network connecting over 90 million investors around the world.
TradingView has charts and screeners, over 100 indicators, and more than 50 drawing tools. The versatile platform provides access to real-time market data for making investment decisions. It also comes with Pine Script, a custom programming language for creating technical indicators and custom trading strategies. You can download the TradingView app here.
4. Bloomberg: Finance Market News
The Bloomberg app is a prime option for staying updated with the latest business news. Financial professionals and investors can use the app to learn about the latest global news and monitor their stock portfolios. Bloomberg also offers data-driven insights and analysis on diverse investment markets.
This global provider of financial news also offers real-time price data. You can check historical price data on different financial instruments. You can also set alerts on Bloomberg and receive notifications about news alerts. Creating a watchlist of US securities and receiving alerts on related events is also possible and it’s a great way to automate some parts of your analysis.
5. FX Journal
When creating your trading strategy, you need historical records of your previous trades, mistakes, and achievements so you can learn from them. One tool to consider is FX Journal, a trading journal app that allows investors to record their trades and observations.
FX Journal tracks account performance and keeps a detailed log of all your trades. You can also use it to validate trade setups and calculate trades’ risk/reward ratios before execution. Moreover, you can record every aspect of your trade and attack screenshots of your trades.
6. Betterment
Robo-advisor uses algorithms to manage investments automatically. One of the best apps in this sphere is Betterment, which allows you to track your investment goals, manage portfolios, and customize your risk levels.
Betterment provides automated guidance for investors, so you can even set up automated deposits and forget about your investments. You can use Betterment to get personalized financial advice based on your portfolio, and it also allows you to manage retirement accounts.
Empower
Empower is one of the best apps for tracking and managing your investment portfolio. The app offers free tools to sync with financial assets like bank accounts, retirement accounts, and credit cards. You can add commodities like precious metals, art, jewelry, and cars. This app allows you to monitor your net worth in one place.
Empower also allows you to track investments like stocks, bonds, ETFs, and even cryptocurrency. It offers weekly updates concerning your investments and suggests targets for you to hit your goals.
7. Seeking Alpha
Seeking Alpha offers reliable investment analysis and a community for traders to share ideas and discuss financial news. The app’s features cover different securities, including stocks, bonds, ETFs, mutual funds, commodities, and cryptocurrencies. It also analyzes smaller stocks and coins often overlooked by other platforms.
The app has tools to help you make better decisions, like factor grades and quant ratings. In the community, investors can connect and share ideas. Users can also connect their portfolio to Seeking Alpha and get alerts on the latest information relevant to their portfolio.
Create a Reliable Investment Strategy with the Right Tools
If you want to make profitable investments, you need the right tools. These tools can help you track your portfolio, perform technical and fundamental analysis, research and track economic data, and provide some investment advice.
