I suggest that you do not spend a lot of money on charting software as most perform very similar functions. Often the price is inflated to capitalize on the mentality that expensive is better. A software package under $1000 will perform all of the tasks required by even the most advanced traders.
The perfect charting software needs to be the most powerful technical analysis tool no matter what you are trading ….. stocks, futures or currencies.
Unfortunately, of the thousands of people why buy charting software, only a handful ever put it's true technical analysis potential to good use.
Imagine being able to quickly and easily find high potential, lowest risk trading opportunities each day. What would it mean to your lifestyle if you could uncover what are potentially the most lucrative stock, futures or currency trades easily and quickly and then profit from this information?
Do you think your trading (and your life) would be more fun?
The following is a brief guide to some areas to consider when selecting charting software that will help you achieve this goal:
- Does the software contain the charts and indicators you require?
- What kind of database does it use, ensure there are multiple data providers out there?
- Is historical data readily available for the database format?
- How can the price data get updated and what data providers are there?
- Does the software have its own programming language?
Personally, I recommend MetaStock and I have used it for years. It contains just about every bell and whistle a trader would need. It is easy to use and allows you to scan the market looking for only those trades that exhibit your entry rules. This function alone is an invaluable tool that almost completely automates my trading system..
MetaStock has been the standard in stock analysis software for many years due to its affordable platform, advanced features and large user base. With any stock analysis, software that you settle upon, it is always helpful to know how many other people use the software. This provides a free resource for tips, tricks and general help using the application.
No matter what charting software you do decide to go with, just a word of advice. It is important to recognize that software is simply a tool that aids a trader in undertaking their business activity. There is no such thing as a software package that does everything for you. Avoid any packages that gives buy and sell recommendations. Commonly referred to as black box programs I have found, with rigorous testing, these packages simply do not work.