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4 Apps To Turn You Into A Stock Market Pro (You Should Use)

4 Apps To Turn You Into A Stock Market Pro (You Should Use)

The stock market is changing, and not by its own accord. Just like nearly every other industry, the stock market is experiencing disruption. From access to information, to easier, cheaper trades, it seems the traditional barriers and learning curves to investing in stocks are disappearing.

Here’s four very different apps that’ll turn you into a stock market pro in no time.

INDX.guru (indx.guru)

Shockingly, 98% of investors are underinformed when they trade stocks. INDX.guru’s value proposition is nicely aligned with this market pain point: to provide education to the investing community.

Self-dubbed as the “most beautiful” (and fast, and free) stock market monitor on the planet, the responsive web-based (and soon to be released on iPhone and Android) app is in private beta, soon to be open beta.

The reason this app is so powerful and instantly useful, is that no hoops need to be jumped, and information is displayed ‘as is’ and bias free, which is important due to most existing information elsewhere providing ‘stock tips’ generally are a result of the agenda of the tips provider.

It does what it says on the box, and displays over six million points of data in a streamlined, modern dashboard. When something changes, you’re instantly notified, so you never miss a thing.

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Traditionally, to get this kind of information, you’d need to either manually research your information from five or more sources, or spend up to USD 28,000 per year on monitoring software. An offering like this, and free, makes it hard to resist.

At present, it offers access to all ASX-listed companies with NYSE and NASDAQ data ‘coming soon’ as per the technical notes. The dashboard is alive with data and contains two unique metrics: heat (being the volume of media coverage) and sentiment (being a measure of recent price performance relative to a selected market index).

It also streams current market position, relevant news, blogs, tweets, videos and announcements in a single dashboard.

Early users of the product have been experimenting with other uses for the app, including using it as a media monitoring service, a competitor tracking dashboard, and research purposes.

You can join INDX.guru’s beta here (disclaimer: I work with INDX.guru).

Robinhood (robinhood.com)

Robinhood allows users to make stock trades for free, and with no minimum deposit required. At present, it is limited to mainly US-based stocks and does not currently have a web interface (though they mention it is coming).

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It is a very simple and streamlined app that plays to the strengths of its limitations more than anything. The interface is exceptionally simple to use, allowing for even beginners who are interested in trading stocks to proceed without feeling overwhelmed. The sign-up process is also very simple, and they do not ask for any personal information aside from what is typically expected with any stock brokerage software e.g a user’s social security number is a normal request.

The community engaged in Robinhood trades have collectively saved over USD 22 million by executing trades with the app. Without trading fees, Robinhood make money largely in the margin lending interest and uninvested customer cash deposits. Many have found it to be a great app to trade stocks. from beginners to seasoned investors.

Join Robinhood here.

eToro (etoro.com)

eToro is one of the more established apps that comes with fairly high ratings, and is friendly for beginners who are looking to get started in the stock market and stock trading. Offering an unlimited and free demo account, eToro allows users to step in and get comfortable with their interface and with their unique ‘copytrading’ function – the ability to mimic another trader’s actions.

With tight security and a lower-risk approach, traders are able to copy currency, commodity and stock trades, and eToro will not allow a user to lose more than the amount that they initially deposited (at present, the minimum deposit is USD 50).

eToro performs best as the web based platform, though is also available on iOS and Android. Their “practice account” that comes with 10k of play money that replenishes itself when the amount drops below $500.

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The community of eToro is vast, with over 4.5 million users in more than 170 countries worldwide. With a simple interface, large community and beginner-friendly options in place, many stock broker experts agree that making a substantial amount by using eToro is entirely possible, so long as users go in informed and understanding of the learning that is involved with stock trading as a whole.

Join eToro here.

StockTwits (stocktwits.com)

The inventor of the ‘cashtag’, StockTwits is a different approach than the other apps listed here, as it is most noted for being a message board that hosts people’s opinions about the events occurring in the stock market.

This can include reviews of stocks, conversations about a stock rising and is generally considered a sort of ‘Twitter for stock traders’ or those interested in the stock market. To put it simply, users on StockTwits are introduced to a communications platform that is specifically for the investing community.

It pulls streams of information from various sources of information on stocks from across the web including social media. These streams are offered to provide information to the community so that they can develop their own opinions, be better informed and manage their investments with information that is summarized in 140 character messages, much like Twitter.

As a platform, it is integrated with several other platforms that include Yahoo! Finance, CNNMoney, Reuters, TheStreet.com, Bing.com, The Globe and Mail, as well as social media platforms Twitter, Facebook and LinkedIn.

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Users can select to follow certain stocks or specific contributors to appear in a personalized stream in StockTwits’ $TICKER system that is operates much the same way as a ticker stream seen at the bottom of the screen during news casts.

Some users have claimed that StockTwits is a helpful tool that they helps them stay up to date on stocks and interact with a knowledgeable community that is like-minded. Others have been a bit more critical of it, claiming that the message boards are unhelpful and filled with, to put it nicely, other users who don’t know what they are talking about.

Join StockTwits here.

Featured photo credit: sleeteye via flickr.com

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4 Ways to Send a Money Transfer Online INDX.guru 8 Powerful Hidden Features in Stock Market Apps You’ve Probably Missed 4 Apps To Turn You Into A Stock Market Pro (You Should Use) “I would be so successful if someone just gave me a shot”, you might think. Why not be the one to give youreself a shot? Many people out there have mindsets and attitudes that set them up for failure. They might answer my question with, “That's a crazy idea!” or “I've already tried that!” but how much of that is just making excuses? When it comes to limiting your own success, there are ten particular mindsets that turn those answers into self-fulfilling prophecy: 1. Loafing You'll write that novel just as soon as you're done with your favorite show. Oh, but now you're hungry. You'll get started after a snack. Oh, but now that snack has made you sleepy – a little nap couldn't hurt, right? One of the hardest parts, and the most obvious, of achieving success is the actual work. Procrastinating, making excuses or tricking yourself into loafing is just going to cement the fact that nothing will ever get done. It might not sound pretty, or even too easy, but the easiest way to get to success is to just jump in and get going (which is exactly how I got started). 2. Blaming It's not your fault you're not successful – the industry is bad, you don't have the money, etc, etc. When it comes down to it, however, who is the one responsible for your success? You. This is the day and age where people are launching successful start-ups in a few months, getting published online and finding their way to success one way or another. Some things might be out of your control, but blaming others is just going to waste the energy and time you need to get going. 3. Sour-grapes Being envious of the success of others is almost as bad as blaming them. All the time and energy you could be putting into your own goals is going towards a person who more than likely has done nothing but show you that the goal is attainable. You don't have to be applauding their success, but being envious and sour about it is a waste of time – let it roll off your shoulders and dig down towards accomplishing your own goals. 4. Minimizing others success Again, you don't have to be cheering and raving about the success of others, but minimizing their accomplishments looks bad on you and on your own goals. If you attained success, would you want others rolling their eyes and treating it like it is not a big deal in the slightest? I highly doubt it. “So they climbed Mount Everest, big whoop. Plenty of people have done it before”. Have you? 5. Talking You're going to do this, you're going to do that – the proof is in the pudding, ultimately. Talking about your goals and what you're going to accomplish is all well and good, but talking time is better spent actually doing. Talking about your goals has actually been shown to make you less likely to reach them, so zip up those chattering lips and dive in. 6. Making assumptions You know what they say about the word ‘assume’, it makes (a word I’ll leave out of this article) out of ‘u’ and ‘me’ . Unsuccessful people are the best at making assumptions without considering other outlets or opportunities. Missed chance after missed chance can put anyone behind or completely ruin something that you poured a lot of hard work into. People are often surprised at what happens if they take a chance instead of listening to that little pessimist inside their heads. ‘Never assume’ is good advice and it is a mindset you should get out of as quickly as possible. 7. Procrastinating This one is obvious, isn't it? It's about the same as loafing, but even worse because it applies to multiple areas of our lives. That big project? Eh, its not due for a week. My dreams? Eh, I'm going to be taking a class to learn how to write in a few months, I can relax until then. Procrastinating isn't the friend of successful people. Many of them had to learn how to either make procrastination work for them or to barrel through it and press on, even with the proverbial sloth demanding you park it on the couch. 8. Naysaying “It will never work. It is impossible, I just can't ...”. That is about when it is time to take a good look at yourself. There are a plethora of people out there that once thought the same thing: you can't get a man into space, you can't find a way for a human to fly, you can't cure a disease. Well, people did what was once considered impossible. If they can defy the entire world, why can't you defy your internal pessimist and get there? Don't tell yourself that it is impossible. In the world we live in today, it seems like impossible is becoming a word that gets weaker every day, and the same is true of your goals. 9. Consuming Fast food, energy drinks, trash TV – your brain is sobbing at the thought. With all the time spent taking in things that are not good for your brain or body, how can anyone expect it to happily balance out and produce the stuff you need to achieve success? Your output should be greater than your input; though you don't have to take the starving artist spiel literally. The point is, your production is where the value is, not the absorption. 10. Quitting “Well, I tried.” Sure, you tried once. That horse is shaking its head and trotting off to find someone who will get back on it. There's nothing necessarily wrong with cutting your losses sometimes. After all, no experience is ever truly wasted, but quitting is the top enemy to successful people. If you believe in something, if you want to find that success, there is no road map. You may very well have to carve your own path through treacherous jungle. If you give up the first time a mosquito bites you then you've doomed yourself already. Success, in large part, is about the human being in the arena. People cheer for them, their struggle and victory, but the person who watches idly and scoffs, having never tried has also never really lived. Mindsets are not set in stone. It is never too late to get started and change your perspective. After all, achieving success is completely up to you – you are the one making excuses and holding yourself back. You are also the one that will decide when it is time to stand up and get back into that arena. 10 Bad Habits That Stop People From Achieving Success 5 Tools We Always Use Which Actually Make Us Unproductive 5 Tools We Always Use Which Actually Make Us Unproductive

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Last Updated on June 6, 2019

The Average Retirement Savings and How to Save Wisely

The Average Retirement Savings and How to Save Wisely

Are you on track for retirement?

If not, don’t worry, I’m not sure either. I save each month and hope for the best.

Fortunately, I’m at an age where most people don’t save so I’m ahead of the curve.

But, what if you aren’t in your 20s? What if you’re near retirement and are looking to gauge where you stand?

If so, keep reading. Here’s how to prepare for retirement and save wisely during the process.

What Does the Average American Have Saved for Retirement?

Saving for retirement is tricky.

Tell someone straight out of college to save $10k a year for retirement and it’ll be next to impossible.

Make the same request to someone decades older and they’d be more likely to be able to save this amount. But, a 20-year old college student can be “financially ahead” of someone saving more than them. Why?

Age matters in your financial journey. The younger you are, the more time you have to save and put compound interest to work. As you get older and have more saving power, you’d have less time to put compound interest to work.

Here are the average savings Americans hold by age bracket:

20’s – $16,000

During this stage, most people are paying loans and moving up the corporate ladder. Your best bet during this stage is to focus on eliminating debt and increasing your income. Don’t focus only on getting a high-paying job neither.

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Instead, focus on learning via Podcasts, reading books, and taking specialized courses. Doing this will make you more valuable and give you more career options.

30’s – $45,000

At this stage, you’ve hopefully escaped your entry-level salary and work at a career you enjoy. Your earning power has increased but you now have more obligations. For example, marriage, kids, and a mortgage.

Set a plan to pay off all your debt and focus on eliminating unnecessary expenses. Leverage financial tools like Personal Capital to ensure you’re on track for retirement.

40’s – $63,000

This is the stage where you’re at the prime of your career. Top financial institutions recommend you have at least 2 to 4 times your salary saved up. If you’re falling behind, start maxing out your 401K and Roth IRA accounts.

50’s – $115,000

During your fifties, you’re close to retirement but still, have time to save. You may be helping your kids pay college tuition and other expenses. Since you’re at the peak of your earning power, max out all your retirement accounts.

60’s – $172,000

By this point, you should have about eight times your salary saved up. If not, you’ll depend primarily on social security benefits averaging $1400 per month. Max out all your retirement options as much as possible before retiring.

Ways to Save Money on a Tight Budget

The sad reality is that most Americans aren’t saving enough for retirement.

Even high-earning power isn’t enough to secure one’s financial future. You need to have the discipline to save for retirement while time is in your favor. Don’t wait for you to have a high salary to save, start with having a small budget.

First, get a clear picture of where you stand. Write down a list of “needs” and “wants.” For example, Netflix and Amazon Prime are “wants” and a “cell-phone” is a need.

Use tools like Personal Capital to analyze your spending patterns. Personal Capital allows you to add all your financial data in one place–making it a powerful option to gauge where you stand.

Once you know all your expenses, organize them from highest to lowest expense. When you can’t cut more expenses, call your service providers to negotiate a lower price. If you’re not good at negotiating, use services like Trimm to lower your monthly expenses.

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How to Save Money Each Month

By this point, you know the average amount of money you should have saved for retirement based on your age.

But, breaking this down into monthly goals can be challenging. Here are some rule of thumbs to follow:

Aim to contribute 10%–15% of your salary each paycheck. Review your progress each week.

Why so often? The reality is that life gets in our way and you will have many financial setbacks. Your goal isn’t to be perfect but to get back on track instead.

Reviewing your finances weekly lets you know where you stand with your retirement. This doesn’t have to be a long process either. All it takes is login in Personal Capital to view your net worth and check how much you have saved for retirement.

Turn saving into a game and aim to save more each month. It will get challenging but you’ll get creative and find more ways to save.

Top Money Saving Challenge Tips

To prepare for your financial future and not be another statistic you need to be different.

How?

By adopting new habits that’ll help you become a saving machine. Here are some ways you can save more:

Automatically Contribute Towards Retirement

If you’re working for a company, you can automatically contribute towards your 401k. If you’re not currently contributing more than 10%, make this your goal. Contribute 1% more today and automatically increase this amount a year from now.

Odds are that you’re not going to be negatively affected by contributing 1% more. Many times we spend our money on things we don’t need. Contributing more towards retirement is a great way to secure your financial future.

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Use the Right Tools to Know Where You Stand

Once you’re contributing more towards your retirement accounts, gauge your progress. Make use of finance tracking apps to help you view the big picture of your retirement.

When I’d first signed up for the app Personal Capital, I didn’t know I had a negative net worth. Despite saving thousands of dollars, my debt brought my net worth to the negative. Knowing this motivated me to save more and spend less.

Now, I have a positive net worth. But, it was because I was able to view the big picture using the app. Find out what your net worth is using a finance tracking app and you may surprise yourself.

Bring in Experts to View Your Blind Spots

If you have too little or too much money saved, you should consider hiring financial experts.

Why?

You may need someone to hold you accountable to help you reach your financial goals. Or, you may need help managing your money as effective as possible.

Regardless of the reason, getting help may help improve your financial situation.

Before you hire an expert, find out which areas you need help the most. For example, if you’re constantly overspending, find a debt counselor. If you’re struggling with choosing the best investment options, hire a financial advisor.

Speed up Your Retirement Contribution

After learning how to manage your money well, the next best thing is to earn a higher income.

You’re capped at how much you can save but not much you can earn. Even if your employer isn’t giving you a promotion, you can still take charge of your financial future. How?

By starting a side-business.

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This will be something you’d work on after you’ve finished your day job. Once you start earning income from your side-business, you’ll be financially better off.

The best part is the more work you put into your side-business,[1] the more potential it has to earn more money.

So start a side-business in an area you’re familiar with. For example, if you enjoy writing, do freelance writing for small e-commerce businesses.

Once you’re earning a higher income, you can contribute more towards your retirement. Don’t wait for the right opportunity to secure your financial future, create one.

Reach Financial Freedom with Confidence

What if you were able to retire tomorrow with no problem, all because you’d have enough money saved up and little to no debt left to pay off? How would you feel?

My guess is that you’d feel happy and relieved.

Most Americans are falling behind their retirement goals for many reasons. They’re not prepared, they carry bad money-habits and are thinking short-term.

For you to retire successfully, you need to work backward and adopt better habits. Contribute more towards your 401K and focus on growing your income.

If you do, you’ll save money and pay debt faster.

Don’t beat yourself up if you’re behind your retirement goals. Take the first step today towards a brighter financial future. Isn’t retirement worth the hard work and sacrifice to be at peace?

Featured photo credit: Huy Phan via unsplash.com

Reference

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