The stock market has been an emotional (and financial) rollercoaster for most investors since the onset of COVID-19. The global pandemic ended the longest bull market in history. Since then, speculative investors have tried to predict how markets will react as many countries move to reopen their economies and return to business as usual.
While financial markets have regained some of the ground lost in the past few months, they are still pretty unstable and highly dependent on the ability to contain Coronavirus in the United States and abroad. Until a vaccine is found, investors will continue to see unpredictable days ahead.
Since COVID-19 seems to be here to stay for a while, investors need to stay up-to-date on the latest news, market trends, and investment opportunities. Fortunately, there are a number of investing tools that can keep you informed and put you in a good position to grow your portfolio. So, let’s take a look at the 3 best investment tools to help during unstable markets:
Social Platforms
It’s not always easy to figure out when to buy and when to sell. However, it’s important to remember that everyone is in the same boat as you. Every investor wants to profit from the stock market and every investor has a unique perspective to offer.
This is why it can be beneficial to consult other traders concerning market trends, investment strategies, and profitable stocks. You shouldn’t take all advice at face value, but social trading platforms can expose you to a wide range of investors who might just help you improve your own portfolio. Socializing with other traders can help you find new ways to improve your investments and grow your wealth more efficiently.
Portfolio Assessment Tools
You may not have the resources to pay for the services of a financial advisor right now. However, that doesn’t mean you can’t get expert advice on the vitality and long-term trajectory of your portfolio. There are various portfolio assessment tools that will analyze your portfolio and offer advice on how to improve your investment strategies.
You can look to portfolio assessment platforms to get financial advice from a third-party. This can help you find areas for improvement. It’s important to gain insight from as many expert sources as possible so that you can determine the greatest strengths and weaknesses in your portfolio.
Financial News Apps
The best way to stay one step ahead of unstable markets is to stay informed. Fortunately, there are dozens of news apps from reliable sources like The New York Times and The Washington Post that offer daily updates on financial markets and various industries. These can provide vital insights into individual companies, stocks, and trends across broader markets.
That said, it’s not always beneficial to stay glued to financial news 24/7. This encourages a lot of investors to overthink their choices and tinker with their portfolios too often. Making constant changes can make it difficult to analyze the value of your portfolio over time. So, you should try to stay informed, but you shouldn’t make drastic changes to your portfolio on a regular basis.
Your Own Brokerage
You can often look to your brokerage for advice and tools to assess your portfolio. Whether you use a free investment app or paid brokerage to manage your investments, you can usually find useful insights within the platform itself. If you’re using a platform that doesn’t offer any kind of investment strategies or advice to meet your specific needs, you might want to look elsewhere to invest your funds.
Bottom Line: Choose the Right Investment Tools For You
The current state of financial markets has a lot of investors worried about the future of their stock portfolio, savings account, and 401(k). However, the stock market has fallen before and it will inevitably fall again. The key is to stay informed and use all of the investing tools at your disposal to make smart, educated decisions with your money. If you take advantage of the investment tools listed above, you’ll likely get through the current financial storm unscathed.
