Stock trading has become more popular than ever before. Thanks to the abundant resources both off and online, trading principles and strategies have become accessible to everyone regardless of their background. People from all walks of life can now build their own share portfolios to boost their income and get the chance to build their wealth. What makes it even simpler than before is the availability of numerous trading analysis tools that help traders mitigate their risks and make sustainable profits. A huge part of making it, as a successful trader, is the ability to work out meaningful patterns and derive useful data from observing the stock market. If you’re new to this realm or perhaps you just need a refresher about trading analysis software, then you’ve come to the right place. Below, you’ll find all about the popular stock trading analysis that you might want to check out.
TradingView is one of the renowned stock analysis software favored by traders from all over the world. This platform offers a number of features that include trading analysis charts to show you how the prices are fluctuating over time. Traders also love it for the embedded Pine Script language that allows them to customize the platform and design their own indicators as per their needs. Furthermore, the TradingView community is often raved about and for a good reason. Users are always exchanging ideas and sharing information about different commodities on a global level. However, on the downside, TradingView doesn’t offer real-time coverage and allows only minimum watchlist customizations. You can enjoy the basic version for free, or, pay for the monthly subscription to get the PRO+ version at 19 USD or the Premium at 39 USD.
Any legitimate trader needs to include Stock Rover among their list of most used trading analysis tools. Once you sign up and create an account on Stock Rover, you can import your portfolio and let the platform do its magic in showcasing your exact returns and highlighting opportunities to rebalance your portfolio when needed. If you follow a thorough stock rover review from a trusted source, you’ll get to see how the impeccable integration with most stock brokerage companies is one of the main reasons this tool is indispensable for most traders. The ease of use plus the unmatched research and scanning capabilities makes Stock Rover wildly popular, especially among US and Canadian traders. However, just like any other tool, Stock Rover falls short in terms of sophistication and complexity. If you’re a beginner, you’ll find this tool a little too advanced for your capabilities. Stock Rover offers both a basic free plan which comes with a relatively limited number of features and a Premium Plus edition at 27.99 USD a month which is a fair price compared to other competitors.
Metastock has been around for more than a couple of decades now. Founded in 1980, this tool gives access to real-time news to help its users make sound trading decisions to maximize their profits. Metastock is especially known for its strong backtesting feature that you can use along with customizable indicators for a wholesome portfolio analysis. If you’re interested in global markets, you’ll find that this analytical tool offers a range of inbuilt systems like the forecaster feature to help you make realistic projections about foreign markets. A couple of things that Metastock lacks is the unavailability of a mobile app. You can only access the tool through your PC which is a hassle in today’s world. This is impractical as most traders like to use their downtime-in commute or waiting- in something useful like observing their portfolio and making trading decisions. Furthermore, Metastock doesn’t allow for brokerage integration, so there’s no way to initiate a new transaction through the tool. You’ll have to log into a different one to finalize your trade. Unlike the tools mentioned above, there isn’t a free version of Metastock. The available monthly packages start at 69 USD up to 99 USD where you get access to the full range of backtesting and forecasting features.
In a short time, TrendSpider has carved its place amongst the top stock trading analysis tools. Founded in 2016, the software includes helpful features that you can use to time and plan your trades with optimum efficiency. Besides showcasing real-time news, you can unlock data dating back from 20 years ago. TrendSpider is compatible with almost all devices from your PC to mobile phone. It does however lack the favorable community aspect and the auto-trading feature is still under construction. Starting at 27 USD a month, you can enjoy this innovative tool. You can also go for the Elite version at 69 USD if you’re interested in more.
As you can see, there are many trading analysis tools available in the market to help you become a more educated trader. All you have to do is identify your specific needs and the features that you deem important. The above tools are a great place to start to get you acquainted with the world of trading analysis software.