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Investment Software

Before you actually start looking for investment software, just take about a few minutes to write down what you want the software to do for you. 

There are so many investment software options out there in the market that the selection process isn’t an easy one. A simple internet search on “investment software” will result in a vast list of selections, making it difficult for you to know where to start. A good place to begin is by determining exactly what you want to do with the investment software. What are your needs? Once you write down a few things that you want the investment software to do for you, it will give you a place to start. 

In general, investment software can be grouped into three categories overall. There is investment software available for tracking, trading and for helping you screen investment choices. Then the field blends a bit and there are programs that allow you to do two of these or the investment software will have features that draw from all three categories.

  • Investment Selection Software: Selection investment software allows you to sort data based on abundant criterion. This type of investment software gives you options for your options, with the ability to dissect possible investments on several levels. This investment software can be bought or if you want to test it first, before paying, then some companies have trial offers. Screening investment software data is intense. Most packages offer downloads to Excel or spreadsheet programs that allow you to fully analyze the data collected.

  • Investment Tracking Software: If all you want to do is monitor investments you already have, then what you need is tracking investment software. Options will vary, but usually tracking investment software will allow you to follow the progress of a stock or other investments over time. Chart trends, monitor ups and downs and dissect every blip and surge. This type of investment software is typically passive. You gather the data and watch things happen. Some investment software programs allow you to set an alert threshold, which means an updated program lets you know you reached a specific goal, but you can’t use the software to make changes; nor can you set guidelines for automatic action. If the investment software package is truly a tracking package, it will tell you to act, but you have to telephone or send an email to your broker or log into an account to make any changes.

    Some of the features of tracking investment software include customizable options like creating a personal stock ticker. You can usually set the investment tracking software to auto update when you log into the internet, setting user-specified intervals, it means that your investments can be updated every minute, every day or every week. All the reported data is computed, based on your personal stock purchase price dates and number of shares. 

    Something to consider with tracking only software – you may already have something on your computer that can be used for the same. Quicken, Microsoft Money and other financial programs generally have at least a simple version of stock tracking software that will update stock prices and follow a stock or mutual funds progress. So check what your program can do before you shop for task-specific investment software.

  • Investment Trading Software: Trading investment software for personal traders is often attached to online trading companies or your personnel broker. A downside to this type of investment software is that you have to purchase or sell stocks only through the company that provides the investment software, but there are investment trading applications you purchase on your own that will allow you the freedom to trade with several different brokers. 

    The online trading investment software options are varied. There are often automated trading options. This means, your sell or buy order will be sent to the company or broker automatically. You won’t have to be online for your specific orders to be carried out, the order is sent based on target price points you put in place. For instance, if you want to sell a specific stock when it gets to a hundred pounds a share, the online program will issue the sell order as soon as the stock hits that price. 

    Online trading investment software is generally free if you open an online trading account with a minimum deposit. The minimum deposits vary by company and so does the price for each individual sell or buy order.

While you are evaluating all the choices, make a checklist. Put the things on the checklist that you feel are important; add a few of the things everyone seems to be worried about, then search for investment software reviews on the internet and read what the reviewers say. Read the reviews, make notations about what works and what doesn’t. Then go to a different website and read their reviews. You don’t want to read the reviews written by someone who actually owns the investment software, so look around. 

Once you’ve read the reviews and have a few good options, make a features checklist. What do you want to do? How do you want to do it? Make your lists and check off the items or make comments so you can create a picture of the perfect investment software for you. This way you will be able to make an informed choice. 

Doing your research on investment software is very important and having a review checklist beside you while you do that research can help you organize your research. If you fill out the checklist as you go, you’ll see places you’ve missed on a specific investment software program and can go back and find answers to those missing categories. 

The features of all investment software’s vary, so you should do a little reading to determine if each package meets your needs. As you look over the options, don’t forget your original list of requirements. Make sure the investment software you choose, meets those initial needs.