Beginner-Friendly Features of a Great Stock Charting Tool
Thread Starter
|
Junior Member
Joined: Jul 2012
Posts: 1
Beginner-Friendly Features of a Great Stock Charting Tool
If you're new to trading, selecting the right charting software can be very complicated given the availability of various tools available. Moreover, all of these tools seem to offer a host of benefits that make the selection process all the more complex. It is highly crucial that you select the right tools to implement your trading strategy, so how do you decide which charting software is the right one for you?
Given below are the most important factors that you should consider when looking for a great charting tool to help you become a successful trader:
1. Availability of a free trial version
Being a new trader, you should have at your command various tools to try out for free or at a minimal charge. The majority of good charting tools offer a trial version to let you decide whether the software would be most beneficial to you.
2. Compatibility with your operating system
You need software that is compatible with your operating system. The majority of users have Windows on their laptops or PCs, thus choosing a Windows based chart is a must. The software may also be available online and browser dependent. Your choice depends on the operating system you use. This sometimes determines whether you can save or print your charts locally on your machine or if you can access it offline in the absence of internet connection.
3. Available chart types
You are buying your software for charting, so it is important that you consider the types of charts it supports for analysis. It must be able to support the chart styles of most trading systems and strategies. Advanced chart styles such as Heikin-Ashi and Point and Figure charting, which are not supported by free finance sites such as Yahoo or Google Finance, must be fully supported by your software.
4. Available types of technical indicators and overlays
Deciding when and at what levels to trade depends on trading strategies that rely on indicators for trading signals, so it is important that you take note of the technical indicators and overlays that are supported by the software.
5. Beautiful and user-friendly interface
Since you are going to use the software on a regular basis, it should be pleasing to look at and easy to use. Making the right trading decisions is also dependent upon the effectiveness of the user's interface. It is critical that the software should feel so good so you should love using it.
Given below are the most important factors that you should consider when looking for a great charting tool to help you become a successful trader:
1. Availability of a free trial version
Being a new trader, you should have at your command various tools to try out for free or at a minimal charge. The majority of good charting tools offer a trial version to let you decide whether the software would be most beneficial to you.
2. Compatibility with your operating system
You need software that is compatible with your operating system. The majority of users have Windows on their laptops or PCs, thus choosing a Windows based chart is a must. The software may also be available online and browser dependent. Your choice depends on the operating system you use. This sometimes determines whether you can save or print your charts locally on your machine or if you can access it offline in the absence of internet connection.
3. Available chart types
You are buying your software for charting, so it is important that you consider the types of charts it supports for analysis. It must be able to support the chart styles of most trading systems and strategies. Advanced chart styles such as Heikin-Ashi and Point and Figure charting, which are not supported by free finance sites such as Yahoo or Google Finance, must be fully supported by your software.
4. Available types of technical indicators and overlays
Deciding when and at what levels to trade depends on trading strategies that rely on indicators for trading signals, so it is important that you take note of the technical indicators and overlays that are supported by the software.
5. Beautiful and user-friendly interface
Since you are going to use the software on a regular basis, it should be pleasing to look at and easy to use. Making the right trading decisions is also dependent upon the effectiveness of the user's interface. It is critical that the software should feel so good so you should love using it.
Thread
Thread Starter
Forum
Replies
Last Post
Performance Imagery
New Members Area
0
Apr 13, 2007 09:44 AM
