For Traders and Investors There Is No Substitute for Stock Charting Software
If you are active in stock market trading or investing and you are working without a stock charting software tool then you are making life difficult for yourself. You may also be missing opportunities. Sure, working on the fly with a few simple online tools or Excel spreadsheets does have its appeal but when you get right down to it there is only so much you can do when you work this way. Today’s stock charting software is both powerful and sophisticated. It allows you to take full advantage of accurate historical trending data and you can monitor the market in real time.
You may have even taken a peek at some of the stock charting software that is out there and realized that deciding which one to select is a big decision. It is. You have to decide whether you want to go the free route and download one of the many stock market charting software packages that is shareware or if you want to jump in with both feet and pay for one of the commercial packages. No, it’s not an easy decision. Having said that, once you do decide to take the plunge you will find that stock charting software allows you to take your analysis to an entirely different level.
So which is best the free packages or the pricey analysis programs. The answer is both. It all depends on what your goals are and what you intend to do with the package. For some people a free stock market charting software package will be perfectly adequate while for others a full blown professional commercial package will be necessary. You just need to think about your requirements and then begin looking at what is available.
One of the first things you need to think about is what type of data you need to track. If you are monitoring multiple segments of the financial services industry such as Forex, options, commodities, and stocks then you will need a more full featured analysis program. This is the case with geographic markets as well. You want to make sure that whatever stock charting software you select has the capability to handle all your requirements.
The effectiveness of stock charting software is dependent on the data that you load into it. Your package should have the capability to handle industry standard data. At the same time you want to make sure that your database can be updated without too much intervention by you. The last thing you want to be doing is manipulating your database everyday to make sure your data is up-to-date.
Whether you are leaning toward using a free program or purchasing a commercial program, be sure to take advantage of trial opportunities and tutorials. Before you make a full commitment try out the features you think you will use the most and put the program through its paces. You will be able to eliminate some software packages right off the bat. At the end of your analysis you should have a manageable short list of programs to explore.
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