Web Scraping for Financial Data
Data-driven decision-making is the new normal, especially in the financial sphere. Whether you want to dine with Wall street bulls or just find your dream home, you have to know how to tackle large amounts of data. Fortunately, there’s web scraping.
Why Use Web Scraping for Financial Data?
Truth be told, you can quickly get out of breath in this tight race if you only use data provided by data brokers or stemmed from APIs. It’s almost physically impossible to track every alteration in the stock market since it’s enormous and undergoes changes at great speed. So if you’re interested in stock trading and investing, any small turbulence can make you very vulnerable.
See, the holy grail lies deep within the Internet as it contains loads of unstructured data. You just need to scrape, analyze and use it for your financial decision-making process. And it doesn’t mean that you have to crunch only numbers! We’re not that rational as we hope we are, so it wouldn’t hurt to cruise through qualitative data in some web scraping projects. You never know, maybe you’ll stumble across some sentiment that will make you rich in just a few years!
Web Scraping the Stock Markets
Ok, let’s state the obvious here. The stock markets are unpredictable as they tend to react quickly to various news, earning reports, etc. Just take a look at the Gamestonk phenomenon! It’s hard to know how these factors will affect a particular market, and it’s almost impossible to stay ahead of the curve. Well, almost.
You can scrape various financial data sources, such as Yahoo! Finance, Google Finance, Nasdaq Stock Market, or Wall Street Journal, for daily valuable information on stocks. And while web scraping is no crystal ball, it might provide you with data that could help you identify high potential stocks and forecast future prices and price movements. This will help you maximize your chances of success.
Scrape the most active stocks for the chosen period of time. The higher trading volume will most likely result in more significant price volatility. And it can potentially result in greater amounts of greens!
Just remember to check some sentiment data too. After you’ve scraped your financial sources, see if there’s a news article or any reliable Tweets on the matter. This will definitely save you from jumping on false rallies.
Risk and Compliance
Web scraping can greatly improve your business compliance. Many decisions in business directly depend on government regulations, so it’s vital to be up-to-date with any changes. You can track the government’s news outlets or any relevant website to receive real-time notifications that could impact your industry.
Scraping the Real Estate Market
Today, it’s hard to imagine the real estate market without web scraping. Think of your dream house, enter relevant keywords into your scraper and watch how web scraping becomes your genie in the bottle!
With web scraping, you can make more informed investment decisions in real estate. It allows you to gather relevant information by collecting data from real estate listing websites. By the way, you can collect historical data and try to forecast market tendencies too.
Moreover, some people use web scraping to check the rental yield before investing in the property. And, surprise, web scraping helps you to do that too! You can monitor vacancy rates and determine which property types (for example, 1 or 2 room apartment, a house, or a loft) are on the rise in that district.
Besides, it’s a great way to monitor real estate prices and stay competitive if you’re thinking about selling your property. Knowing how similar properties are being priced allows you to react accordingly and set a good value on yours.
A quick tip – financial sites are really sensitive ones, so you need to be extra careful when you scrape them. Use best residential proxies and make sure to make a small number of concurrent requests with delays between them.