Robinhood.com is great to use and very convenient to have on my iPhone. However, for researching and managing my portfolio, I’m not really liking the limited nature of the app. I guess that is the tradeoff to no commission trades. What I set off to do is find something online that can track my portfolio and help with research. I’ve learned really fast that in order for me to become successful at this, I will need better organization.
I tried three free portfolio managers.
First was SigFig.com because it’s partnered with money.cnn.com and at first I thought this would be the one. First issue was that I wasn’t able to sync it with my RH account because I’m guessing they don’t see a need to develop that feature(this was a problem with all three thought). I had to manually add all my transactions and at first, I was impressed but that was short lived. Seemed to not have much for me and adding transactions to my portfolio was not convenient. It just wasn’t a right fit.
Google Finance portfolio manager. This one was a little better and gave me the flexibility to create my portfolio pretty quickly. I did have one problem in that it would fail in getting the AMD price. As of right now, it’s still reporting $2.05. I wish it was still at that price. Overall, it was pretty good and I thought this was my solution. It was convenient, tied to my google account and all but then I stumbled onto the next option.
Barchart.com: Once again, had to manually post my transactions but was able to do them all at once instead of one at time. Once the portfolio was created, I had many different views which gave me more insight on how my portfolio is put together. The thing that I liked the most is that it gives me the profit or loss that I incur on each transaction. All the others only showed it for the whole portfolio. I like this because I have bought the same stock at different times/prices and this gives me a better idea of how each did. There are also many other tools that they have and I’m looking forward to seeing how the work. One in particular is the “Top Signal Stocks” tool. Which “Ranks stocks by the highest current Signals Rating, which is a combination of signal strength and signal direction.” I’m still learning how that works but it’s definitely intriguing. The question is how will I use this new tool to my advantage. We’ll find out in the upcoming days and weeks.
What are you using for your portfolio management? Do you know of any that will sync with Robinhood.com? If not, I recommend giving Barchart an go.