Stock Chart Program
"I suggest that you do not spend a lot of money on charting software as most perform very similar functions," says David Jenyns of Stock-Market-Trading-Tools.com. "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 software for charting stocks needs to be the best technical analysis tool you can find, whether you're trading stocks, futures or currencies. Unfortunately, only a handful of the thousands who buy charting software ever use the software to its greatest potential.
"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?" asks Jenyns.
Here are couple questions he recommends to ask yourself when buying a stock chart program.
* Does the software include the charts and indicators you require?
* What kind of database does it use? Are there are multiple data providers out there?
* Is historical data easily found for the database format?
* How does the price data update, and what data providers are there?
* Does the software have its own unique programming language?
"Personally, I recommend MetaStock and I have used it for years," Jenyns says. "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.."
"No matter what charting software you do decide to go with, just a word of advice," he concludes. "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."
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