Ah, the stock market. A place filled with the hustle and bustle of the financial world. For a busy professional, keeping your finger on the pulse is paramount to your success. Do you have a portfolio, but it is suffering? The chances are that if this is true; you are not keeping up to date with the market. The market is a volatile place that can change with haste. The shares you have in a company that are worth $3 now, might tank out and be worth nothing tomorrow. If you want to keep your portfolio healthy and growing, then you need to keep up with the market. Moreover. if you are new to this world, you may not know where to begin, or why it is important to stay up to date with the market. The market is your best tool for success in the financial world, so the following are a few tips to help you stay abreast of the current trends.
I am a total beginner, help!
If you are someone who does not understand where to begin, or knows nothing about the financial world, we recommend that you start with a website called Investopedia. It is an encyclopedia for the financial world and breaks topics and terms down into bite-sized information that makes the market easy to comprehend. The site is easy to use, enjoyable to read, and is user-friendly.
Google alerts and the Google News feed are great ways to stay current on the market and your chosen companies or stocks. Setting up alerts is easy and you can set them up using this handy guide. Moreover, Google is not the only tool out there for alerts. Some websites use RSS (Really Simple Syndication) which is a web feed that allows you to customize updates and show specific content, such as market news, in a standardized format. RSS alerts are sent to your email address daily.
Download an app
There are several market apps out there, and some popular titles include:
– CNBC, the app version of a financial news station on cable TV
– TheStreet, a collaborative market news app
– TD Ameritrade
You can download all apps listed above from Google Play or the app store.
Sign up for online or physical newspapers
Newspapers are still one of the best ways to keep up with the market and its news. Newspapers still have stock sections noting the price of stocks and announcements on mergers and companies about to begin public trading. The news media can sometimes be biased but the market news section is still a really great place to get current information and stay up to date.
Join a young entrepreneurs club
There is no greater network than a network of professionals in your own field. With a proper network, you can get up-to-date and sometimes firsthand knowledge of the market and even some pro-tips to help build or grow your own portfolio. Just be wary of anyone offering advice on a way to get rich quick. Peers or not, the advice you receive should still be vetted by research before you blindly follow their lead.
Join an online chat room or forum
Message boards, forums and chatrooms are a great way to network and get the information you need on the day’s market changes. There are some paid sites such as Warrior Trading, StockTwits and Investors Underground and they offer professional advice at affordable rates. If you can’t afford a subscription, there are free message feeds on Reddit and other sites. As mentioned before, take the advice you receive with a grain of salt before jumping on what seems like a hot tip.
Keep your TV on CNBC or another business new channel
There are many business news channels out there, some of which will give you 24/7 access to all the top market news. Some, in the community, see CNBC as a market authority and the channel has many market specific programs to guide and inform you. There are of course other options such as Bloomberg or Fox Business, so it would be wise to consider insight from sources on both ends of the political spectrum. The most accurate advice will likely lie somewhere in the middle.
Companies put out reports on a regular basis. Fisher investments reports on market conditions on a regular basis and is a valuable resource for all things financial. In reading regular reports you can get a feel for the company and their overall place in the market. An advanced stock market analyst can predict the future of a company from the quarterly reports alone with a moderate degree of confidence.
Sign up for a brokerage account
With a brokerage account, you can stay up to date with stock prices, read articles and get a new magazine sent to your home with market information and tips to keep your portfolio healthy and diversified.
As you can see, there are many ways you can stay up to date with the market and market news. Staying up to date with the market is important for any professional who wants to make a name for themselves, as well those looking to grow or maintain their wealth on the markets.