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Essential Tools for Any Investor

There are countless investing strategies and many investing styles, but one thing that holds constant is that all investors rely on various tools to give them an edge in the market. Keep reading to learn about my favorite brokerages and platforms for portfolio tracking, financial analytics and news.
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There are countless investing strategies and styles, but one thing that holds constant is that all investors rely on various tools to give them an edge in the market. Below are some of my favorite tools and how we recommend to use them:

Essential Tool # 1 - Robinhood

Robinhood is my recommended primary brokerage for a number of reasons. Below are the main pros:

  • Just like this web platform, it is very intuitive, fast, and easy to use. It does not clutter the screen with unnecessary information that could distract or even intimidate new investors.
  • It provides access to cryptocurrencies as well as stocks.
  • Low margin rates. You can borrow margin for as low as 2.5% compared to some of the leading brokerages which have twice that interest rate. [Note: Using margin is an advanced strategy that could result in significant loss of capital.]
  • Free trades, although this is common in the industry now.
  • Gives users a chance to invest in stocks Pre-IPO.

Main Drawbacks:

  • Does not have access to OTC stocks. This could lead you to miss out on potential opportunities. [E.g. Many of our top cannabis picks are traded on OTC markets.]

Essential Tool # 2 - Charles Schwab

Charles Schwab is my recommended secondary brokerage. Why have two brokerages? In short, because I have yet to find a brokerage that can do everything. While Robinhood grants access to most stocks, cryptocurrencies and is very intuitive for new investors, it lacks the ability to invest in OTC stocks. For that, I recommend using a secondary brokerage such as Charles Schwab.

Essential Tool #3 - Koyfin.com

Koyfin is my recommended financial analysis platform, and it can be thought of as a free version of a Bloomberg Terminal. [FYI, the Bloomberg Terminal is an analytics platform that banks pay tens of thousands of dollars to use, per person.] Koyfin certainly has less information than the Bloomberg Terminal but it still provides all of the fundamental financial information any investor could want and much more.

Essential Tool #4 - Google Feed App

One of the most valuable assets to any investor is timely and relevant information. Google can give that to you for free, making it my recommended News and Content Platform. The Google Feed is a standalone app that works in conjunction with your other google activity. The app itself looks very similar to a Facebook Feed, except that instead of serving you content based on the pages you like, it serves you content based on your google search activity. Personally, I use various google accounts on to ensure I am served timely and relevant information on all of the disruptive trends I am covering.

Pros:

  • Very timely and relevant information.

Cons

  • Does not provide timely and relevant information on industries that you have not demonstrated interest in (via your google activity.), potentially leading to missed opportunities.

Essential Tool #5 - Webull Mobile App

Webull is a brokerage but I have not used it as a brokerage and therefore I cannot recommend it as such. Nevertheless, the Webull Mobile App is free to use and does provide some valuable features even if you are not using Webull as your brokerage, making it my recommended Portfolio and Stock Tracking Platform.

Here are some of the useful functionalities on the Webull Mobile App

  • Set alerts on stocks based on almost any factor you can think. [E.g. Alert me if X stock drops suddenly or drops below Y Price.]
  • If you are managing more than one portfolio, be it for yourself or others, you can add simulated holdings and monitor all of your portfolios through the simulated holdings section of the Mobile App. [Note, this feature seems to only exist on the mobile app.]

There is only one drawback. The Webull simulated holdings feature does not automatically update based on your trades on robinhood (or any brokerage), you need to manually make sure your Webull Simulated Holdings are up to date with your actual holdings.

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