Setting up investment account - worth it?
Hello everyone!
I'm a beginner with Moneydance and I have some questions about how to follow stock prices live, can I do it and if yes, is it worth the effort setting it up? I have 3 stock accounts with different stock holdings in each account. How can I best track this?
I've tried the guides but didn't quite get how to do it. I would appreciate it if someone could give me some tips.
Thank you in advance!
Best regards,
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1 Posted by mhoggie on 02 Aug, 2023 08:38 PM
just a user,
I don't think MD is the best software for following investments. But does have adequate features to keep track of your investments and track transactions and activity. I just have one account with Fidelity and it does a good job of give me a basic view of how the investments are performing. Fidelity will still allow direct downloads and I use the Investment Performance report to track my investment returns and annualized ROI. Works good for me for that basic purpose..
2 Posted by dtd on 02 Aug, 2023 08:44 PM
just a user - for me the key words in your question are "how to follow stock prices live" which implies you may want to use the program for day trading or the like.
If so, I'd say, no, it's not worth it, there are many programs that would do a better job with live stock tracking.
Conversely, if you are asking if you can set up investment accounts, and have Moneydance update the stock prices daily, or even a few times daily, so you can see the current value of your transactions - well, I'd say that was worth it.
3 Posted by dwg on 02 Aug, 2023 09:12 PM
Moneydance is not geared towards day trading and neither are the sources that are used for price updates.
Many or the prices obtained will be on a 15-20 minute delay cycle.
For Day Trading you need specialised software that gets quotes in real time, which means paying for them.
4 Posted by inside0ut on 03 Aug, 2023 05:25 AM
Thanks for the replies.
"Conversely, if you are asking if you can set up investment accounts, and have Moneydance update the stock prices daily, or even a few times daily, so you can see the current value of your transactions - well, I'd say that was worth it."
That's exactly what I'm looking for. We're not trading, just adding a few more stocks now and then. But instead of going in different apps to see the current value of our holdings it would be nice to have it in Moneydance.
And for next part - what guide should I use, I tried to find it by myself but couldn't figure it out.
Thanks so far!
5 Posted by dwg on 03 Aug, 2023 05:58 AM
Moneydance documentation takes the form of an online knowledge base that is structured much like a manual. The entry point is:
https://infinitekind.tenderapp.com/kb
The first few sections are aimed at the new user.
Investments have their own section:
https://infinitekind.tenderapp.com/kb/investment-accounts
For specific questions you can ask in the forums.
6 Posted by derekkent23 on 03 Aug, 2023 06:58 AM
I am not support staff, just a user.
Hi inside0ut
Once you have created all your securities under TOOLS – SECURITIES then + created your Investment accounts, ACCOUNTS – NEW ACCOUNTS you need to add the securities to the Investment accounts. Highlight an Investment account, Side Bar list on left, click SECURITY DETAIL tab ADD SECURITY button. Once all security are added click REGISTER tab and buy securities.
As dwg suggested for a detailed explanation see https://infinitekind.tenderapp.com/kb/investment-accounts
Once you are set up you can use the Quote Loader Extension to keep track of prices.
For information on the features of this extension and how to use see post 64 at https://infinitekind.tenderapp.com/discussions/investments/7595-quote-loader-version-2#comment_59176232
Download the PDF’s attached to post 64 and have a read.
To get an overview take a look at the YouTube videos by using the links on page 1 and 2 of the PDF.
The Quick Start Video is intended to give a quick overview so the user can see if Quite loader looks like it could work for them. The Short Video expands the user’s knowledge giving more detail. The Full Video goes even further but may be to wordy for some.
The PDF reinforces what’s leaned in the videos, provides step by step instructions, a must read and provide answers on how to handle less obvious issues some users may come across.
Hope this helps.
System closed this discussion on 02 Nov, 2023 07:00 AM.