| Compare Investment Software Options |
| Written by Nicolas Taylor | |
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Everyone’s got an opinion; it’s why we have so many choices, in movies, in music, in food…in investment software. Just because I like it, doesn’t mean you will. So while you are evaluating all the choices, make a checklist. Put the things on the checklist that you feel are important. And add a few of the things everyone seems to be worried about. Then Google investment software reviews and read what the reviewers say. Read the reviews, make notations about what works and what doesn’t. Then go to a different website and read their reviews. You don’t want to read the reviews written by someone who owns the software, so look around. Once you’ve read the reviews and have a few good options, make a features checklist. What do you want to do? How do you want to do it? Make your lists and check off the items or make comments so you can create a picture of the perfect software for you. This way you make an informed choice. I’ll give you a few items to get started. Review ChecklistEase of use. This has to be number one on the checklist. If you can’t figure out how to use it, then it won’t do you any good, right? And everyone is different. If you are a relatively new investor and are only moderately computer literate, like me…your ease of use is going to be different than the computer geek with a robust portfolio.Not just easy to use, but easy to install. If your computer skills are moderate, you want the reviews to mention how easy it is to install and set up. Tutorials are informative. The reviewers need to say something about the learning process. How easy was it to learn not just the basics, but the more advanced features? Let’s use a different example—how many features does your phone have? And how many do you actually use? Investment software will need to be fully utilized in order for you to receive the best results. So make sure the checklist includes learning all the options and not just the bare minimum. Obviously you need to check the price, and not just the initial price but any ongoing subscription price or per feature charge. Some software is free, like the software for online trading companies. But you have to deposit a minimum in an account to use for trades, and there is a charge each time you place a sell or buy order. This might be okay if you are planning to make online trades, just find out if you need to keep a minimum in the account, and what the fee schedule is. Will the software work on your computer? Check the version, the file size and the requirements for each software program you’re interested in. If you have an older windows version, does this software only work on Vista or Windows 7? Do you have enough space on your computer to accept the file? Is there technical support for the investment software? What if you have a problem installing or getting a feature to work? Can you call someone or utilize online help? Find out what the customer support options are and before you buy the software you should know if the support is free or if there is a charge to use it. Another question would be how long you have to use any support options. Most companies don’t give support on their products indefinitely. If a software company has installation support, it may only be available for thirty or sixty days after purchase. Not good if you buy the software but don’t plan to install it right away. Features ChecklistMake a features checklist. Not all programs are created equal and not all features will be important to you. Figure out what might be important to you, and create a list based on what you want to accomplish. A few things to look for might be the ability to:
Trial SoftwareOne last question to include on the checklist: Is there trial software? You might not want to do this with everyone, but after you’ve combed the reviews for comments and read up on the choices, do your top three picks have trial software? Many I reviewed had a 14 day or 30 day trial. This allows you to load the software, see how hard it is to set up and play with the options a little. You can better analyze what you like and don’t like. Just don’t forget to completely delete the ones you don’t want. |
