Getting Started With Stock Trackers: How to Monitor Your Investment
June 29, 2022 (Investorideas.com Newswire) Once you enter the trading world, it's exciting to track your progress. It makes a lot of sense; you've ventured in a new journey of your finances and want to keep an eye on things. Recently, a lot of new investment trackers and services have popped up that provide different and unique ways for you to monitor your portfolio.
While some platforms offer just the essential educational options and tools, others offer you the chance to invest and track your investments. Since the shift in the stock market is rapid, the stock's value also changes from time to time. Also, the rate of return of shared bonds and funds can fluctuate; therefore, investors must monitor the changes that occur in investment often. Tracking online assets regularly can help you solve multiple financial queries and plan for the future. Read on to learn more about the importance of monitoring your investment and how to choose a stock to invest in.
Why should you keep track of your investments?
Monitoring your investments allows you to get a clear image of your current financial situation. Knowing asset performances and allocations helps you decide your investment strategy and execute and monitor it. Here are three reasons why you should keep track of your investments:
To determine the performance of your investments
Checking your account statements for your investments monthly is critical because it helps you determine how much you've earned.
Also, you can compare your returns with ones of similar investments with the help of a benchmark index. You can contact an adviser if you don't know which index to use.
To figure out what you pay in fees
Your account statements will also help you figure out your fees and costs, and the fees you pay will reduce your investments' return.
If you consider you pay too much in fees, figure out if any lower-cost options are more suitable for you.
To adjust your portfolio if necessary
Another reason to track your investments is to determine if they help you achieve your goals. If the answer is no, you can make some essential changes that will help you get closer to your desired result.
How can you track your investments?
There are multiple ways you can monitor your investments, from simple ones to more sophisticated ones. Let's look at the most common methods.
Supposing you only have a few assets and need a fundamental valuation, a DYI solution may be ideal. Using Google Sheets is one of the simplest and most affordable ways to track your investments, as you can access it for free.
Many users find investment tracking apps convenient and time-saving. These applications are designed to monitor several investments and have various convenient features such as screening, monitoring, alerting, investment analysis, insights, etc.
Crypto portfolio trackers
Cryptocurrency-focused investment trackers are also an excellent option for monitoring investments. A crypto portfolio tracker app is designed to give you consolidated information about crypto investments. Depending on the cryptos you buy, you may need several crypto wallets or exchange accounts, making tracking prices time-consuming and cumbersome. However, with a crypto portfolio tracker, you have all the information in one place, including the latest valuation with all the gains and losses and related supporting information. One example of such crypto portfolio trackers is Delta.
It is one of the few crypto portfolio trackers that won its first million users within a year, and with a good reason. Unlike most portfolio apps, where each has some sort of niche feature that cannot be seen elsewhere, Delta lets you track all your investments, including non-crypto speculations, in one single interface. Why install separate apps for the different segments of your investment portfolio when you can have them all in one clear interface in the palm of your hand?
Delta is well-designed, user-friendly and comes with a level of simplicity that you will not see in the most popular pieces of software at the moment. A unique feature of this stock tracker is its ability to support more than 20 crypto exchange connections and over 11,000 different crypto assets. It can also track all of your holdings in the stock, currency, mutual funds, ETF, and more markets as well.
How to pick a stock to invest in
- What are your goals?
The first thing to consider when picking a stock is to determine the purpose of your portfolio. Obviously, as with anyone else, your purpose for investing is to make money. Perhaps you wish to generate enough income to supplement your retirement or preserve your wealth. Whatever your purpose, each of these goals will require an entirely different strategy.
- What type of investor are you?
If you're an income-oriented investor, then you might be interested in companies that pay good dividends regularly. These can be companies in sectors like utilities, companies that tend to be solid but have low growth at the same time.
If you have a low tolerance to risk but aim to preserve your wealth, then you should invest in blue-chip stocks. These companies are usually leaders in their industries and are respected by their customers and their shareholders. Currently, some of the best blue-chip companies in the market include Apple, Coca-Cola, Berkshire Hathaway and American Express.
- What are your strategies?
Every reputable investor knows that a diversified portfolio is, in fact, a combination of the above strategies. For example, a more aggressive investor can devote a small share of his portfolio to growth stocks, while a more conservative investor would always have an eye for the blue-chip stocks.
Deciding what type of investor you are is the easy part but choosing which stock to pick gets more difficult. To pick a stock, you need to know all the ins and out, news, and opinions of the current market. Keeping up with industry blogs and reading the financial news is a form of research. You should also need to be able to deduce the story behind each investment so you can justify others' reasons for buying a stock. Once you are comfortable with the state of the market and current reports, you can start picking a stock /company to invest in.
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