What stocks should I choose? Who should I trust? Where do I even begin!? All fair questions. At first, the idea of the stock market and playing in it can seem intimidating and daunting. Living in the age of technology, however, we can become smart and sophisticated stock pickers. With technology, there are plenty of options available for all levels of stock-pickers. A simple internet search for “picking stocks” can reveal a myriad of options. This can seem overwhelming, so spend some time narrowing down your search.
You must know what you are getting into before you begin. Informational sites are wonderful at providing specific information and giving advice on picks, whereas service-selling sites or data forward sites provide the tools for qualitative research and to make your own decisions. News sites are a great place to start your search. They provide great information on trends in certain business sectors and give you an idea of a certain area you may want to start researching and can guide you towards an area or business sector you feel comfortable or can relate to- a must when picking stocks.
After picking a business sector or two, research companies within those business sectors on business-forward sites to guide you towards companies you may want to invest in. Look up trends in those sectors and check out blogs and the comment sections on the bottom of the sites you are looking at to learn more.
Now that you have got an area in which you feel comfortable, try your broader search “picking stocks” again. Research specific company stocks within the sector of your choice, then try a more specific site aimed at stock picks. Spend some time clicking around on the different sites and get a feel for what speaks to you. Do you simply want advice, or do you want the technology to do all the work for you? Pay attention to the ‘voice’ of the page and the writer.
If you feel intimidated or lost, it is probably a good idea to try another site. If it seems too simple or broad, it probably will not provide you with the valuable information you are looking for. Be honest and open with your level of experience in picking stocks; this is not a competition! The beauty of using technology to pick stocks is you can do it in the comfort of your own home and have no one to feel intimidated by.
Remember, the aim of the game is knowledge, and the more you understand about your options the more comfortable and confident you are going to feel. Try to diversify your stock picking options. Using a complex program that shows you quantitative trends and patterns, complemented by an informational service with more qualitative information, can give you a broad idea of the stock market and make you a more informed and profitable stock picker. Picking stocks is not about winning or losing. It is about making informed decisions consistently-with technology, you can be a constant winner.