Penny Stock Screener Software – Worth It or Not?
Is a penny stock screener worth the price of the software and the effort of learning how to use this new tool? The answer will depend, and may be different for each individual investor. When deciding whether or not to invest in screening software there are many factors that you will need considered. The specific screening software being considered, the price of the program, and the complexity level all need to be examined. Does the program provide a list of penny stocks that are viewed as undervalued? Does the software allow you to customize the search results to meet your specific investment criteria? This is crucial because each investor has different criteria that need to be met. Some software programs do not allow for search customization, so you can not eliminate unsuitable choices and end up with a list that is longer and more complicated than necessary.
Every penny stock screener may offer different features and options. Some of these programs are simple to use and easy to learn, even for beginning traders, while other software screening programs are complex and may require a significant amount of time just to learn how to use the program. Your level of knowledge and trading experience will also play a role in determining whether a screening tool is ideal for your investment activities or not. Penny stock alerts may be sufficient for some investors, and this method can eliminate a lot of the effort involved in finding and evaluating your own stock choices. There is no guarantee that the supposed expert making the pick choices is actually a successful trader, so this method has specific risks as well.
Each penny stock screener will have a set cost, and this can vary widely substantially. Some of these programs are very reasonably priced for the available features, while others may be expensive and ineffective while only having very limited features. The wide range of software that can be found means that you can find Canadian penny stocks, international offerings, and many others. Some of the programs can be found for around $25-$30, while other software options are highly popular and may cost $100 or even more if they are associated with a successful trader.
A penny stock screener may be worth the price if you get results from the software and it fits within your budget and set investment factories. If the program cost is too high for your budget, if the software is too complex or you are not comfortable using the program, or if you use the screener and the results are not what you expected then the cost may not be worth it. If you find a program that is easy to use and helps you choose the top 10 penny stocks consistently then the program may be worth the money you spend. Every investor is different, and what works well for one may not work at all for another. To determine whether a screening program is right you will need to look at your investment goals, acceptable risk level, and the strategies you use as well as the software cost and your budget.