Before leaping out there to buy stock analysis software, you need to figure out the market first. You will need access to good educational resources to become the best stock analyser possible, and then weather your trial and error period till you become our best at it. Here are our top tips.
How can I become the best stock analyser?
Firstly, all the best stock analysis software is pointless until your stock broker account has been opened. Get familiar with the account you choose, and if the company offers client- only resources, be sure to take advantage of them immediately. But don’t let your personal growth stall there. You will need to enrich your education much more, and books offer a pretty cheap way to get this done. People know that the DVDs, seminars and classes will attract more attention, so these tend to be higher priced to maximise profit, not because they are better. You can also read articles. Not only are they usually free, making them a great resource, but they are published quickly and will represent fresh, up-to-date ideas about stock trading. Of course, this doesn’t mean discount seminars and classes. Make sure you choose a good, reputable source, and go for it- they will do a lot of good, especially for aural or visual learners.
What else can I do?
Getting to be a good stock analyser will be a lot simpler if you find a good mentor. They should be someone with a proven [good] stock trading track record, and someone with whom you get on. They should be able to help, willing to answer questions and be willing to share their knowledge. If you can’t find a great individual, you may be able to use some of the best stock analyser forums to step into the breach and help out. It’s not ideal, though, and take advice with a pinch of salt. Remember you can also spend some time learning about the great investors that have gone before you, too. More details here: http://www.investopedia.com/university/stocks/stocks3.asp
Keep up to date.
While doing all of this, you should also be reading about and following the market closely. Daily monitoring will do at least as much good in your head as i twill run through stock analysis software. You will learn trends, economic concepts and more. Even some TV channels run good services to keep you up to date. If you still don’t feel read to leap in and buy your first stock, you can opt to use a simulator to help you wet your feet in trading without the risks of using actual money in a live account. Start small and don’t aim for a full portfolio position out of the gate- it’s one of the things that tends to cause bid losses. You need to do a lot of work with portfolio allocation before you get this over-excited.
Even the best stock analysis software pales next to someone who is a skilled stock analyser and who keeps their knowledge fresh, up to date and in practice.