How to choose the right stock analysis software
Stock analysis software works a lot like technical analysis software, it’s a program that helps you manage and control your money that you have invested in .There are many different kinds of stock analysis software out there and some can cost your thousands of dollars. Here are some things to take into account when looking to purchase stock analysis software.
One must consider how many chart types are inserted in the stock analysis software you are browsing. The more expensive the software, the more chart options it will have. The top of the line stock analysis software allows you the ability to create your own unique chart types. The most common charts found in stock analysis software are as followed:
Line Chart: basic chart type is a single point plot of the securities price.
Bar Chart: most popular method of plotting a security price. A bar chart provides a plot of each price unit (open, high, low and close) for each period.
Candlestick chart: plot of the security price using all the four price points (open, high, low and close)
Maybe the most important thing to consider is what kind of data base the stock analysis software you are browsing uses. This is because if the data base is weak or unsupported, your information falls under high risk. Surprisingly, some the less expensive and smaller data bases do a better job of creating a solid data base.
Related to the last paragraph, one should consider whether archived data is available with your data base when looking for efficient stock analysis software. A data base should go back five years, at the very minimum. When you are in the stock market, one of the most important tools you have is the ability to look up past trends and occurrences.
When it comes to choosing the right stock analysis software, we have one more data-related thing to think about. Make sure that your stock analysis software of choice allows you to manually update the price data (most programs these do however).
Most stock experts feel when browsing stock analysis software options that an investor should shy away from “All in one analysis packages”. You should find the stock analysis software that best suits your needs.
The last thing on the list to consider when obtaining stock analysis software is what kind of language the software uses. Unless you eat and sleep the stock market, you may want to go with a programming language that is widely used and accepted.
As far as where you can download stock analysis software, it’s very similar where you can download technical analysis software. Cell phones, PDA (personal digital assistant), PC (personal computer) or a lap top are viable options, as long as they have an internet connection and are Java Apps enables.
At the end of the day, your needs and wants from stock analysis software will increase as your knowledge and participation in the stock increases. There is no doubting that stock analysis software is an investor’s, no matter how serious, best friend.