Market Scanning Software
Which of the dozens of varieties of market scanning software available is right for you depends on how you invest. In some cases your online broker may provide stock screening, while other software is geared toward certain strategies. Some are free and some applications cost hundreds of dollars.
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Types
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While there are dozens of different applications, there are two primary types of market scanning software. Fundamental scanning software looks at company basics, such as earnings. Technical scanning looks at trading information, such as price and volume.
Strategies
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Some software operate based on pre-determined criteria that are based on specific investment strategies. Caution should be exercised with these unless you understand the strategy involved.
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Timelines
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Another important consideration is the timeline you are looking at for investing. Some scanning software takes a long-term view, scanning stock fundamentals over months. Other software, intended for day traders, produce real time results flagging stocks that meet certain criteria at the moment.
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References
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