Looking for the best investment tools to consistently outperform the market? There are many different tools that can help you achieve this goal.
Read on to discover 12 invaluable investment tools that will take your research methods to the next level. This ranges from stock screeners and pricing alerts to alternative data, signal services, and even artificial intelligence.
12 Best Online Investment Tools: Our Top Picks
We’ve hand-picked the 12 best investment tools for stock traders in 2024:
- AltIndex: Offers a full suite of investment tools that are based on real-time alternative data findings. Discover which stocks could outperform the market in the coming months through AI-driven insights, consumer sentiment scores, and price predictions. AltIndex also offers stock recommendations, removing the need to perform manual research. You’ll also find stock alerts, personalized for your investment portfolio and watchlist.
- Stocklytics: Get sell-side analyst ratings on thousands of stocks; discover which companies are strong buys and sells. Stocklytics also offers analyst price forecasts, technical insights, and fundamental data. You’ll also find a free stock screener – filters include dividends, price-to-earnings, AI ratings, and market capitalization.
- FINVIZ: Offers one of the best stock screeners in the market – no pricing plans are required. Filter thousands of stocks from the US markets based on your strategy and preferences. FINVIZ covers hundreds of data points and filters, including fundamental and technical research. Free plans come with ads, which can be cumbersome.
- TradingView: Leading platform for performing technical analysis on thousands of stocks, plus commodities, cryptocurrencies, ETFs, and more. TradingView offers most features fee-free, including technical indicators, chart drawing tools, and multiple time frames. Also offers price predictions and sell-side ratings.
- Stock Alarm: Stay informed with key market movements around the clock with Stock Alarm. This investment tool allows you to create custom alerts on over 65,000 assets – including stocks, futures, and commodities. Alert triggers include pricing, volume, interest rate hikes, technical data, and much more.
- Sharesight: Offers portfolio tracking software, allowing investors to keep tabs on their investments with limited input. Sharesight connects with hundreds of online brokers via an API, meaning portfolio data is automatically imported. Supports over 250,000 stocks, ETFs, and mutual funds. Prices range from $0 to $31 per month.
- Bloomberg Economic Calendar: Never miss an important macroeconomic event with the Bloomberg Economic Calendar. Tracks upcoming meetings with central banks, not to mention CPI data, foreign reserves, employment figures, and much more. Events are rated based on their importance and displayed in your local time zone.
- Zacks Research: This established research platform specializes in fundamental analysis methods. Zacks Research provides many useful insights, including a daily list of ‘Strong Buy’ stocks that are considered undervalued. Its ‘Strong Buy’ recommendations have averaged annualized gains of 24% since 1988 – far outperforming the S&P 500.
- Borsa: Listen to quarterly earnings reports live – ensuring you’re one of the first to know about recent performance. Borsa offers a freemium service without limitations – you’ll be listening in real-time. Available as an Android and iOS app, Borsa supports thousands of stocks from the US and overseas.
- GuruFocus: Seamlessly stay informed about stock insider transactions through GuruFocus alerts. This removes the need to annually check SEC Form 4 Filings – you’ll be alerted when one of your stocks is impacted. GuruFocus also offers a screener, allowing you to see which company insiders are buying or selling their own stock.
- SECFilings.com: Another must-have investing tool that gives you real-time alerts on company filings made with the SEC. Filings cover a range of important information, including quarterly and annual financial statements, patent applications, and director changes. SECFilings.com streamlines the process, meaning no more manual checks.
- MQL5: This popular marketplace offers thousands of automated strategies, which can be installed into MetaTrader 4 and 5. MQL5 not only supports copy trading and signals but also fully autonomous robots. Each strategy is developed by third parties, so performance, reviews, and pricing vary.
A Closer Look at the Top Investment Analysis Tools
We’ll now take a deeper dive into the best investing tools listed above. We explain how each tool works, who it’s aimed at, what fees to expect, and anything else we think you should know.
1. AltIndex – Multifaceted Alternative Data Platform With AI Rankings, Consumer Sentiment Trends, and Stock Recommendations
AltIndex is a feature-rich analytics platform that focuses on alternative data. Unlike other research dashboards, AltIndex doesn’t care about fundamental or technical metrics. On the contrary, it discovers alternative insights outside of traditional media sources. Its algorithm extracts data from social media networks, app stores, job websites, and other platforms.
The aim is to understand the overall sentiment on stocks. For example, suppose a medium-cap stock is getting a lot of positive coverage on Twitter and Reddit. AltIndex will know about this through increased likes and shares, not to mention comments, followers, and engagement levels. Similarly, consider a small-cap stock with increasing job postings.
This highlights the firm is in a good financial position, as it’s looking to expand its workforce. There are many other data points covered by AltIndex, including website analytics, SEC filings, and patent registrations. AltIndex leverages machine learning and AI to rate each stock from 1 to 100. Thousands of stocks are covered, mainly from the US markets.
It also covers the best cryptocurrencies to buy, including Bitcoin and Ethereum. Some investors buy stocks based on AltIndex ratings. While others sign up for the stock recommendation service, which offers a more passive approach. AltIndex also offers stock alerts, allowing you to track your portfolio and watchlist. AltIndex offers freemium and paid plans.
| Key Features | Target Market | Pricing |
| Many investment tools are available, all centered on alternative data insights. This includes AI-driven scores from 1-100, illustrating broader consumer sentiment and the likelihood of a strong near-term rally. Also offers AI stock recommendations, alerts, and portfolio tracking | Any stock investor wanting to make informed decisions based on alternative data | Plans range from $0, $29, and $99 per month, depending on your requirements |
Pros
- Alternative data specialists focused on broader social sentiment
- Discover investment insights before the wider market
- Thousands of stocks are rated from 1 to 100 via AI
- Receive stock recommendations – ideal for passive investing
- Also offers one of the best stock portfolio trackers with custom alerts
Cons
- The free plan is very limited
- Full functionality costs $99 per month
2. Stocklytics – Sell-Side Analyst Ratings and Price Forecasts on Thousands of Stocks
Stocklytics offers one of the best investment tools for sell-side analyst ratings. Unlike other platforms in this space, Stocklytics is completely free to use. It doesn’t hide specific ratings or forecasts – everything is available at no charge. In fact, Stocklytics doesn’t have any pricing plans at all.
Stocklytics covers thousands of stocks from various markets. This includes stocks in the US, the UK, and Europe. You’ll see whether sell-side analysts are bullish or bearish on each stock, plus their respective price forecasts. This includes the low, average, and high estimates. Stocklytics offers plenty of other investment tools.
This includes the top gainers and losers over the past 24 hours. You’ll also find a free stock screener – which is particularly useful for finding high-yield dividend stocks. Stocklytics also offers free stock alerts that can be customized. You’ll be notified by email or SMS when an important alert is triggered.
| Key Features | Target Market | Pricing |
| All-in-one suite for fundamental data insights, including sell-side analyst ratings and price forecasts. Stock screener helps investors find suitable investments. Also offers stock alerts and technical ratings | investors seeking sell-side analyst ratings and stock alerts on a fee-free basis | Completely free |
Pros
- Completely free without any paid plans
- Get sell-side analyst ratings on thousands of stocks
- Covers 11 US and international markets
- Set up custom stock alerts – sent via email or SMS
- Very user-friendly
Cons
- Stock search function is currently not working
- More advanced stock screeners are available elsewhere
3. FINVIZ – Free Stock Screener Covering an Unparalleled Amount of Data Points
We rate FINVIZ as one of the best free stock screeners in the market. Although FINVIZ only supports US stock exchanges, it covers an unparalleled range of data points and filters. This enables investors to find the best stocks to buy based on their strategy.
For example, basic filters include market capitalization, target price, sector, industry, shares outstanding, relative volume, and dividend yield. Fundamental investors can find stocks by price-to-earnings, return on equity, price-to-sales, price-to-book, and other financial ratios. Technical traders are also catered for.
Data points include the RSI, 50-day simple moving average, 20-day high/low, and many other technical indicators. Although FINVIZ also offers premium plans, its free stock screener is more than sufficient. The only restrictions are the number of results shown per page and you won’t be able to export data.
| Key Features | Target Market | Pricing |
| Free-to-use stock screener covering US exchanges. Hundreds of data points and filters, covering fundamental and technical research. Also offers portfolio tracking and backtesting | Investors looking for a free stock screener with advanced features and data points | The free plan doesn’t allow users to export data and limits the number of results per page. No other limitations |
Pros
- Best free stock screener in the market
- Find the best stocks to buy based on your preferences
- Covers hundreds of fundamental and technical data points
- Also offers backtesting facilities
Cons
- Does not cover stock markets outside of the US
- Ads at the top and bottom of the screener can be cumbersome
4. TradingView – Top-Rated Platform for Technical and Chart Analysis
TradingView is one of the best investment tools for performing technical analysis. It offers a fully-fledged charting dashboard that covers thousands of technical and economic indicators. This includes indicators developed by the TradingView community, so you might discover a new analysis method you were previously unaware of.
TradingView charts can be customized to your liking. This includes the chart type, colors, time frame, and sidebar. TradingView also supports drawing tools and trading volume bars. TradingView isn’t a broker, but it imports pricing data from leading trading platforms. It supports thousands of stocks from multiple exchanges and markets.
TradingView also supports other asset classes. This includes commodities, cryptocurrencies, ETFs, and currencies. The majority of TradingView features are free to use, with limited restrictions. Professional traders might consider one of the paid plans, which ranges from $14.95 to $59.95 per month. These come with additional features and an ad-free experience.
| Key Features | Target Market | Pricing |
| The most popular trading dashboard globally for technical analysis. Supports thousands of technical indicators and drawing tools. Asset prices are extracted from the leading trading platform and include stocks, ETFs, commodities, cryptocurrencies, and currencies | Technical traders looking for a reliable charting dashboard that comes packed with analysis tools | The free plan comes with most features. Professional traders might consider a paid plan for additional functionality. Prices range from $14.95 to $59.95 per month |
Pros
- Leading charting platform globally with over 50 million users
- User-friendly dashboard that’s largely free to use
- Thousands of pre-built and custom technical indicators
- Supports stocks, ETFs, commodities, cryptocurrencies, and other asset classes
- Accessible online, via the mobile app, or desktop software
Cons
- Is not a broker – so you’ll need to connect with a compatible platform
- Beginners might find the sheer number of tools intimidating
5. Stock Alarm – Receive Real-Time Custom Alerts on Over 65,000 Assets
Stock Alarm is a must-have in the investment space. Put simply, this investment tool allows you to create alerts, meaning you’ll always be one step ahead of the market. First, you’ll need to add investments to your portfolio or watchlist.
You can then set up alerts on just about anything. This includes price targets and percentage changes, not to mention technical indicators like the RSI, MACD, EMA, and SMA. You can also receive general market alerts concerning macroeconomic developments. For instance, unemployment and mortgage rates, interest hikes, and CPI data.
When an alert is triggered, you’ll receive a notification via email, SMS, or push notifications. More than 65,000 financial instruments are supported, including stocks, cryptocurrencies, and ETFs. Stock Alarm is accessible on standard web browsers and also a mobile app for iOS and Android.
There is a freemium plan that comes with limitations, such as 100 monthly push alerts and just 3 tracked stocks. The silver and gold plans offer additional functionality, costing $9.99 and $19.99 per month respectively.
| Key Features | Target Market | Pricing |
| Set up custom alerts on fundamental, technical, and macroeconomic data. Popular data points include pricing, volume, MACD, RSI, and interest rate hikes. More than 65,000 markets are supported, including stocks, commodities, and cryptocurrencies. Alerts can be received by email, SMS, or push notifications | Investors looking to stay abreast of key market developments, whether that’s rapid price changes or CPI data announcements | The free plan offers most features but limits the number of stocks and alerts that can be tracked. Premium plans range from $9.99 to $19.99 per month |
Pros
- One of the best investing tools for custom alerts
- Alert triggers cover fundamental, technical, and macroeconomic data
- More than 65,000 financial markets are supported
- Alerts can be received via email, SMS, or push notifications
Cons
- NASDAQ prices aren’t real-time – additional fees apply
6. Sharesight – Investment Portfolio Management Software Connecting to Hundreds of Brokers
Sharesight is another must-have investment tool that will help you stay informed at all times. In a nutshell, Sharesight offers investment management software that tracks over 250,000 stocks, ETFs, and mutual funds. There is no requirement to manually add investments to your portfolio; Sharesight connects with hundreds of online brokers.
Through an API connection, Sharesight will import your portfolio directly – including the date and cost price of each purchase. This means your Sharesight portfolio will be accurate and reflect any changes in real-time. The Sharesight dashboard is very user-friendly, providing valuable insights whenever you log in.
This includes an individual breakdown of each investment, such as capital gains/losses and dividends. We also like that Sharesight offers a free plan, which limits investors to 1 portfolio and 10 holdings. This increases to $24 per month for unlimited holdings and up to 4 portfolios. You’ll get up to 10 portfolios by paying $31 per month, which also includes priority support.
| Key Features | Target Market | Pricing |
| Portfolio management software supporting over 250,000 stocks, mutual funds, and ETFs. Connects with hundreds of online brokers, ensuring that portfolio tracking data is accurate and up-to-date | Active investors with diversified portfolios who want real-time performance data with limited manual input | The free plan supports 1 portfolio and up to 10 holdings. Additional portfolios and unlimited holdings cost $24 or $31 per month, depending on your requirements |
Pros
- Keep tabs on your investments around the clock
- Connects with hundreds of brokers via an API
- Supports over 250,000 financial instruments – including US and international stocks
- The free plan supports up to 1 portfolio and 10 holdings
Cons
- No longer offers a mobile app
- Unlimited portfolio holdings cost $18 per month
7. Bloomberg Economic Calendar – Track Important Upcoming Macroeconomic Announcements From Dozens of International Markets
Bloomberg offers one of the best economic calendars in the market; a crucial tool when preparing for key global events. It supports dozens of economies, ranging from the US, the European Union, and Hong Kong to Australia, India, and China. Bloomberg offers a handy filter that enables you to add or remove countries.
In addition, you can also choose which data categories you’re interested in. For example, central bank meetings, employment figures, bond ratings, or confidence indexes. Once you’ve set your filters, Bloomberg lists each economic event by the date and time, as per your local time zone.
Bloomberg also rates each meeting from 1-3 in terms of its importance. For example, Australia’s upcoming RBA interest rate decision is considered of high importance. While South Africa’s foreign reserves update is considered of low importance. There are no fees to use Bloomberg’s economic calendar. However, it doesn’t support alerts, so you’ll need to keep checking manually.
| Key Features | Target Market | Pricing |
| Provides dates and times on key economic events from around the world, including central bank meetings, CPI data, foreign reserves, and employment figures. Rates the importance of each event from 1-3 | Investors who build macroeconomic events into their investment thesis | Completely free |
Pros
- Stay informed about upcoming macroeconomic events from around the world
- Supports dozens of international economies
- Each event is rated based on its importance
- Completely free to use
Cons
- Doesn’t offer alerts – so users need to check upcoming events manually
8. Zacks Research – Strong Buy Recommendations Have Generated Average Annualized Gains of 24% Since 1988
Zacks Research helps you take the guesswork out of stock investing. This established research platform specializes in fundamental data analysis. Its team of experienced investors looks for stocks that trade below their perceived value. As a premium member, you’ll have access to the team’s ‘Strong Buy’ recommendations.
This service has outperformed the S&P 500 considerably since its inception in 1988. Zacks Research has produced average annualized gains of 24%.In order to replicate these figures, you’ll need to follow each of its recommendations. According to Zacks Research, its ‘Buy’ recommendations have also performed well.
Since 1988, they’ve produced average annualized gains of 17.6%. Another key feature is the Zacks Earnings ESP Filter. This predicts which stocks could outperform earnings expectations and it has an accuracy rate of 70% over 10 years. Zacks Research charges $249 per year, but new customers can sign up for a 30-day free trial.
| Key Features | Target Market | Pricing |
| Receive ‘Strong Buy’ recommendations from an experienced team of analysts. Since its inception in 1988, Zacks Research has produced average annualized gains of 24%. Additional tools include fundamental research, market insights, and an earnings report predictor | Investors who want to take a hands-off approach to investing through stock recommendations | $249 per year |
Pros
- One of the best-performing stock recommendation services
- ‘Strong Buy’ picks have averaged 24% gains per year since 1988
- EPS predictor has a 70% accuracy rate over 10 years
- 30-day free trial for new customers
Cons
- Charges $249 per year
- Past performance does not guarantee future success
9. Borsa – Listen to Stock Earnings Calls Live via an iOS or Android App
Borsa enables users to stream stock earnings calls in real-time. This is an important investment tool, as you’ll understand how a stock has performed over the prior three months. You’ll also get insights into what the future holds, in terms of earnings guidance and any new products and services being lined up.
Crucially, you won’t need to wait for mainstream media outlets to report the earnings call – as you’ll be listening live. Borsa supports thousands of stocks listed in the US, as well as international markets. This includes the UK, Canada, and Hong Kong. It comes as a user-friendly mobile app for iOS and Android.
There are no fees to listen to earnings calls, but premium plans come with additional features. This includes the ability to create a watchlist of stocks and receive timely notifications when an earnings call is scheduled. Premium members can also download earnings calls to their phones and listen offline. This costs $9.99 per month or $99.99 for an annual purchase.
| Key Features | Target Market | Pricing |
| Listen to quarterly earnings calls live via an iOS or Android app. Supports thousands of US and international stocks at no additional charge. Premium members get additional functionality, including offline listening and custom notifications | Investors who want to listen to earnings calls live rather than wait for mainstream media outlets to report them | The free allows users to listen live without any delays. Premium members pay $9.99 monthly or $99.99 annually, and get additional features like downloads |
Pros
- Stay ahead of the broader market by listing to earnings calls live
- No delays for free members
- Supports thousands of US and international stocks
- User-friendly app for iOS and Android
Cons
- Premium plan isn’t worth the money
10. GuruFocus – Alerts and Screeners Focused on Stock Insider Transactions
GuruFocus offers one of the best investment tools for tracking stock insider transactions. This is a crucial tool, as insider transactions reveal how confident company insiders are about their own stock’s potential. For example, if the CEO of a small-cap stock invests $1 million of their own capital; this is a very positive sign.
But if the same CEO sells their own stock holdings, this is a major red flag. Ordinarily, you’d need to manually check SEC Form 4 Filings – which can be cumbersome. With GuruFocus, you’ll be alerted in real-time when a new filing has been made, should the stock sit in your watchlist. You can then assess the impact of the insider transaction.
What’s more, GuruFocus also offers a filter dashboard. This enables you to find stocks with recent insider transactions, based on your preferences. For example, you can display stocks based on the market capitalization, industry, or transaction type. The main drawback is that free users are limited in how often they can use the platform. Premium plans cost $499 per year.
| Key Features | Target Market | Pricing |
| Receive insider transaction alerts on stocks you’re invested in. High-level search dashboard allowing you to find stocks with recent insider transactions. Filters include market capitalization and the transaction value | Investors who want information on stock insider transactions without manually searching through SEC Form 4 Filings | The free plan comes with limitations. Premium plans cost $499 annually for the US exchanges. Other exchanges need to be purchased individually |
Pros
- Investment tracking software for stock insider transactions
- No need to manually check SEC Form 4 Filings – receive alerts on insider transactions
- Covers thousands of stocks and multiple exchanges
- Also offers market data, insights, and analyst ratings
Cons
- Expensive – premium plans cost $499 per year
- Non-US exchanges need to be purchased individually
11. SECFilings.com – Be the First to Know When Companies Make Filings With the SEC
SECFilings.com does exactly what it says – it alerts users when a company makes a filing with the SEC. Ordinarily, you’d need to manually check the SEC website to see if any new filings have been made. But with SECFilings.com, you’ll receive alerts in real-time.
You can add your preferred stocks to a watchlist, ensuring you only receive relevant data. SEC filings can yield very important data that hasn’t been reported by mainstream news outlets. For example, suppose Apple files a patent registration with the SEC regarding a new product launch. SECFilings.com ensures you’re in the know at the earliest possible time.
Other notable fillings include company director changes and financial reports. You can also search for stocks manually, should you wish to see what recent filings have been made. SECFilings.com is completely free to use. You simply need to register an account to get started.
| Key Features | Target Market | Pricing |
| Streamlines company filings with the SEC through real-time alerts. Users can add stocks to a watchlist and receive notifications when a new filing has been made | Investors who real-time information on new SEC filings that are relevant to their portfolio | Completely free |
Pros
- Keep tabs on important SEC filings
- Completely automated – receive alerts that are relevant to your watchlist
- Database currently holds over 18 million filings
- Free to use
Cons
- Beginners might not know how to interpret SEC filings
- Data intensive – over 3,000 SEC filings are made each day
12. MQL5 – Popular Marketplace for Automated Trading Strategies, Signals, and Copy Bots
MQL5 is one of the best investing marketplaces for automated trading strategies. It lists thousands of products, developed by third parties who sell or rent their methods at various prices. This includes fully automated trading robots that buy and sell assets on your behalf – 24 hours per day.
MQL5 also lists trading signals, which can be copied in real-time. There’s also copy trading bots, allowing you to replicate other successful traders. Irrespective of the strategy purchased, you’ll need to install it into MetaTrader 4 or 5. These third-party trading suites connect with hundreds of online brokers and support multiple asset classes.
In terms of pricing, this is determined by the strategy creator. At the upper end, the Quantum Emperor robot – which has raving reviews from existing users, costs $1,299.99. This robot trades GBP/USD autonomously. There are more cost-effective options, but pricing usually reflects the strategy’s performance.
| Key Features | Target Market | Pricing |
| Leading online marketplace for automated trading strategies, including robots and signals. Most strategies need to be purchased, although some can be rented. Strategies are uploaded into MetaTrader 4 or 5 | Investors who want to trade stocks and other assets passivey | Prices are set by strategy creators |
Pros
- Best online marketplace for buying or renting automated trading strategies
- Products include signals, copy trading bots, and autonomous robots
- All strategies can be uploaded into MetaTrader 4 or 5
- Choose strategies based on existing customer reviews
Cons
- The best-performing strategies sell for over $1,000
- Relying on an automated bot can be risky
Different Types of Investing Tools and Software
The most successful investors use a variety of different tools, rather than relying on just one. This ensures you’re equipped with the most valuable insights at all times. Using multiple tools also enables you to validate information you’ve already received.
The most important investment analysis tool categories are further discussed below.
Portfolio Management Software
Irrespective of whether you’re a passive or active investor, portfolio management software is a must-have.
- Put simply, the software will give you real-time insights into how your portfolio is performing.
- This includes the overall performance, plus data on each individual holding.
- For example, you might identify certain industries that are underperforming the broader market.
- Or you might be overexposed to specific sectors.
One of the best portfolio management software is Sharesight. Not only does it track over 250,000 stocks and ETFs but it connects with hundreds of online brokers. This means your brokerage portfolios will be imported automatically.
However, Sharesight’s main drawback is that it decommissioned its mobile app. Although it still supports mobile web browsers, the user experience isn’t as seamless. Nonetheless, there are many other portfolio management providers in the market.
Alternative Investment Tools
According to a CNBC article, many hedge funds rely on alternative data to get an edge over the markets. Alternative data is public information that isn’t reported by mainstream media outlets. Or if it is, there’s often a huge delay on when the data is reported.
Alternative data covers many different data points. This includes everything from credit card transactions and satellite imagery to geo-tracking and website analytics. That said, one of the best forms of alternative data is social media sentiment analysis.
This is what AltIndex is known for; it extracts billions of individual data points from social networks like Facebook, Reddit, TikTok, Twitter, and Instagram. It leverages natural language processing to analyze comments, likes, and shares.
Through artificial intelligence, AltIndex can then gauge overall public sentiment on thousands of stocks. For example, suppose a mid-cap gaming stock releases a new app. AltIndex will analyze the number of app downloads, alongside customer ratings and reviews.
It can then explore social media comments and other relevant platforms for additional data. AltIndex not only analyzes alternative data but it presents its findings into invaluable insights. Each stock is given a rating of between 1 and 100; the higher the better.
This enables users to search for stocks with the highest AltIndex rating. Users can narrow their search by the specific industry – such as banking, technology, or retail.
Custom Alerts on Selected Stocks
Alerts are also one of the most valuable investing tools around. They ensure you never miss important market data – as you’re notified in real-time. The idea is simple; you’ll receive an alert when a predetermined event has been triggered.
- Many stock alert services allow you to set custom fields across hundreds of data points.
- For example, if you’re merely looking to track prices, you can see the alert based on percentage gains or losses.
- Or, you can set a price target for each stock in your portfolio.
For even deeper insights, check out Stock Alarm. This alert service covers fundamental and technical data. The latter includes indicator readings from the MACD, RSI, and SMA. Fundamental data includes interest rate movements, CPI figures, and financial ratios.
Ultimately, although you might prefer investing passively – it’s still important to be notified about events that can have a major impact on your portfolio. This is especially the case if the event is overly negative; alerts give you enough time to soften the blow.
Stock Recommendations and Picking Services
For a truly passive experience that requires no manual research – check out stock recommendation services. These are aimed at investors who don’t have the time or knowledge to pick individual stocks.
For example, Zacks Research sends premium members its list of ‘Strong Buy’ stocks. The service was launched in 1988 and has a solid track record. In fact, Zacks Research picks have produced 24% average annualized gains since inception.
Another option for stock recommendations is AltIndex. Unlike Zacks Research, AltIndex doesn’t opt for fundamental analysis or value investing. Instead, AltIndex leverages AI and alternative data.
It recommended stocks with a strong consumer sentiment that could blow up in the coming months. AltIndex has generated average 6-month returns of 22% since inception.
Charting Software With Technical Indicators
Some investment strategies rely on price action and trends. If you’re a technical trader, you’ll need suitable charting software that supports plenty of indicators and other tools.
TradingView, for example, comes pre-built with hundreds of technical indicators. It also offers thousands of custom indicators, developed by the TradingView community. What’s more, TradingView offers drawing tools, such as trend lines and the Fibonacci sequence.
TradingView doesn’t directly support trading though, so you’d need to link it with a compatible broker. Nonetheless, most features on TradingView are free.
Accurate and Timely Fundamental Data
Fundamental data covers a huge range of investment insights. This includes company earnings reports, which outline revenue, income, margins, and other performance metrics over the prior three months.
Rather than waiting for media outlets to report earnings calls – you can listen to them live on the Borsa app. Not only companies in the US but also overseas.
It’s also important to stay abreast of macroeconomic events, which can have a major impact on your stock portfolio. For example, interest rate movements or central bank reserves. Bloomberg offers a free economic calendar that can keep you informed.
You’ll also need access to financial news that’s relevant to your stock investments. The news should be delivered in real-time, giving you ample time to act.
What to Consider When Picking the Best Investment Analysis Tools
There are dozens of investment tool categories and thousands of products within each one. Therefore, you’ll need to think about your financial goals and strategy when picking the right tools for you.
Here’s what you need to know.
Evaluate Investment Strategy and Goals
Some investment tools are only relevant for specific strategies. Therefore, the first step is to evaluate your own financial goals and methods.
For example, suppose you’re a short-term trader that likes to swing day stocks. Considering positions remain open for under a day, you’ll need to focus on technical investment tools. This includes charting software with real-time pricing, drawing tools, and technical indicators.
Conversely, long-term value investors will need to focus on fundamental investment tools. This should include financial news, SEC filings, earnings calls, and financial ratios.
And in some instances, investment tools can be suitable for all strategies. For example, AltIndex specializes in alternative data, which provides broader insights on consumer sentiment.
Prior Investing and Analysis Experience
Your investment experience should also be taken into account. This is because some investing tools are aimed at seasoned traders, while others are suitable for complete newbies.
- For instance, suppose you’re a first-time stock investor with no prior experience.
- You’ll need to choose investment tools you’ll be able to interpret.
- A good example is stock recommendations, which you can find at AltIndex, Zacks Research, and other providers.
- This tells you exactly what stocks to buy or sell, based on the provider’s internal research methods.
If you’re a trading veteran, then you likely don’t want to rely on other people’s recommendations. Instead, you’ll want access to real-time market data streams, financial news, and advanced stock screeners.
You’ll also want instant notifications when one of your stocks makes a filing with the SEC. Or if you’re invested in pharmaceutical stocks, FDA filings.
Pricing
Pricing is also important to consider when searching for the best investment tools. There is often a correlation between quality and prices. In other words, you should expect to pay more for investment tools that offer unparalleled insights with extreme accuracy.
For example, although full functionality at AltIndex costs $99 per month, its alternative data insights are unrivaled. Consider AltIndex also offers stock recommendations, alerts, and portfolio tracking – its fees offer value for money.
However, if you’re only investing a few dollars into the stock market, paying $99 per month likely won’t make sense. After all, you need to cover the cost of the subscription and make gains on your investment.
Many investing tools – including AltIndex, offer a freemium service. This usually offers limited functionality with certain limitations. For example, while Stock Alarm is free to download, you’ll be capped to 1 premium alert and 3 tracked stocks. What’s more, Stock Alarm charges an additional $9.99 for real-time NASDAQ quotes.
Trial Periods and Money-Back Guarantee
In addition to pricing, you should check whether the investment tool offers a trial period. If it doesn’t, then you’re taking a risk. You won’t know whether the tool is suitable for your experience level, let alone if it yields valuable insights.
For example, some investment tools only offer an annual plan. This isn’t necessarily a drawback if there’s a long enough trial period. Anything above 30 days should be sufficient. If there isn’t a free trial, the next best solution is a money-back guarantee.
This requires you to purchase the subscription upfront. However, if you’re not satisfied with the investment tool, you’ll be able to request a full refund.
Device Types
Some investment tools are built for specific device types, while others are available on standard web browsers.
Consider which device and operating system you prefer to use when making investment decisions.
- For example, some investors like to analyze and trade stocks on a desktop device. In this instance, look for tools that offer software for your operating system – such as Windows or Mac.
- Alternatively, some investors prefer using their smartphones. Therefore, consider whether the investment tool is available as an app for iOS or Android.
TradingView is a good example of an analysis platform that covers all bases. It offers desktop software for Windows, Mac, and Linux, a mobile app for iOS and Android, and browser-based usage.
Customer Reviews
Before buying or subscribing to an investing tool, check reviews in the public domain. You can search for the provider on Google to see what results appear. TrustPilot is a good starting point, as it allows existing and prior customers to leave their personal experience and feedback.
You might also try Reddit, which has a huge investment community. Just do as much research as you can before parting with any money.
Conclusion
Investing tools are a must-have if you want to consistently make the right investing decisions. We like the tools offered by AltIndex, which specializes in alternative data insights.
AltIndex offers AI-backed stock ratings, recommended buys and sells, portfolio tracking, and real-time alerts. Therefore, AltIndex users are always one step ahead of the broader investing community.
References
- https://www.rba.gov.au/monetary-policy/int-rate-decisions/2023/
- https://www.bloomberg.com/news/articles/2023-11-01/south-africa-weighs-tapping-foreign-reserve-gains-to-close-funding-gap
- https://www.sec.gov/files/forms-3-4-5.pdf
- https://www.sec.gov/edgar/about
- https://www.cnbc.com/2019/04/23/how-hedge-funds-use-alternative-data-to-make-investments.html
- https://www.imf.org/en/Blogs/Articles/2023/04/10/interest-rates-likely-to-return-towards-pre-pandemic-levels-when-inflation-is-tamed
- https://www.dowjones.com/professional/blog/streaming-data-for-real-time-market-decisions/
- https://www.nasdaq.com/market-activity/quotes/real-time
FAQs
Which tool is best for stock trading?
The best investment tools will depend on your strategy and goals. Technical traders should check out TradingView while those seeking alternative data insights will like AltIndex.
How do I track my stock investments?
AltIndex not only allows you to track your stock investments but you’ll receive real-time alerts on any major market movements. Pricing depends on how many stocks are in your portfolio.
What do professional day traders use to trade?
Professional day traders need access to real-time market data, technical indicators, charting software, and backtesting facilities. A suitable brokerage platform is also required.
What tools can help me find stock investments?
Start with a stock screener, which enables you to filter stocks based on your strategy and goals. AltIndex is also a good option, which offers AI-backed stock recommendations via email.
