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After using this haphazard type of research methodology for a while, I decided that, in order to be consistent, I needed to create a checklist for each stock I researched. I needed to make sure that, every time I researched a stock, I was researching all of the things that were important to me. Although there was an incredible amount of information available, I couldn't find any websites that would allow me to create this type of checklist. So I created a checklist for myself in Microsoft Excel. Each time I researched a stock, I had to create a new Excel spreadsheet with a research checklist, and then go back and forth between the Excel spreadsheet and the various websites that I used to get information about the stock I was researching.
Although this was a big improvement over my previously time-consuming and unorganized research method, I thought that there was still more room for improvement. I asked myself - is there a way to build a website that could help to make this process even easier? I thought that it would be ideal if every time I found a stock that I liked, I could:
1. Add the stock to a list of stocks that I'm researching
2. Automatically generate a research checklist for the stock based on a customized set of research steps
3. Have the ability to check off each step as I complete it and make notes about each step
Using this improved method, I know that I'm not missing anything in my research AND I don't have to create and maintain a bulky spreadsheet for each stock I want to research. As an added bonus, I can also seamlessly link to my favorite online resources.
You might wonder why nobody else has come up with this idea yet. The reason is that there are so many in the financial world who are only interested in getting you to trade and buy stocks as often as possible. The reason they want you to do this is because they make money (i.e. commission) only when you buy or sell a stock. They don't have a vested interest in helping you make good strategic, long-term investing decisions. As such, most brokers offer tools for traders, but few provide the tools to help long-term investors make good decisions, and none that I've found offer tools to guide long-term investors through the investing process.
To sum it up, this is that website - and now you can join me in using this method and gain an edge over all of the other investors who are still researching stocks the old fashioned way. Click here to register (it's free!).
Thanks again for visiting, and please leave feedback. I always appreciate suggestions, because they give me the opportunity to improve the website for you.