Keyword research does not find any keywords under keyword stats I've installed module SEO Tools including all its 'sub modules". One of them being they Keyword research module. Now, in order to find keywords I'm supposed to be able to the Keyword stats tab from admin/structure/kwresearch/keyword_report, enter a keyword and hit submit. I don't get any results, I just see "No keywords were found." - even when I submit a keyword like bike for example. Why is this? what am I missing?
Keyword research is because of Keyword Research Module, which might have installed as suggestion by SEOTools module.

The report you are looking for is supposed to be pull form third party tools, or to be imported from google, which basically will help you deciding what keyword to use on your site.

Watch this demo for better understanding if you have not watched it yet.
- http://getlevelten.com/tools/contentanalysis/keyword-research/drupal/screencast

Please follow the module installation instructions. Module page says


  To get full reporting with integrated keyword statistics you will need
  to connect to or import from a 3rd party data source. The module will
  work without a 3rd party data source, still providing tools for
  organizing site keywords and tagging nodes and providing links to
  external tools for assessing keyword statistics. Currently the Keyword
  Research module supports:

Wordtracker - premium keyword research service with a free demo key that provides up to 15 suggested phrases per API call.
Google Keyword Tool - a free tool but data must be imported via file download
WordStream (via WordStream module) - freemium service. Free account provides 200 API calls/mo
Scribe SEO (via Scribe SEO module) - paid service starting at just $17/mo.