For Traders and Investors There Is No Substitute for Stock Charting Software

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.

Oracle traders offer a fresh approach to help you reach your financial goals. We are an Australian based company offers the following products: metastock, metastock Australia , Metastock data, stock charting software and stock analysis software

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Making Sense Of Your Stock Charting Software Options

Making Sense Of Your Stock Charting Software Options

Regardless of whether you are investing in the stock market as a trader or as an individual investor you need a basic tool to help you track the market. For this you have a lot of options. In fact, you will probably find yourself with too many choices. There are free stock charting software pages (lots of them) as well as commercial analysis programs available for purchase. Each claims to be the best and the most likely to make you a millionaire. So how do you weed through all the sales pitches in order to decide which stock charting software is the right one for you?

As tired as these old sayings are they are worth remembering when it comes to stock charting software. First of all buyer beware. While it’s tempting to dive in using a free stock charting software package you need to do your homework. You may not be investing any cash to get started but you will definitely be making a significant investment in time. The naked truth is that all analysis programs are not created equal. Read reviews, download trial packages, and put the software through its paces before you invest a lot of time (and maybe money). Compare features and make sure that the program will do what you need it to do without changing the way you normally work. This applies to the commercial packages as well.

The next thing to remember is that if it sounds too good to be true then it probably is. While there are many excellent free programs out there, no single free stock market charting software package does everything the industry leading commercial packages do. That doesn’t mean that you can’t find one that will suit your purposes just that you need to be careful in believing everything you read about a given package. That is not to say that every commercial package is adequate either. Just that you need to be careful and give each every stock charting software package a good look before you make your final decision.

Ok, so now that the warnings have been issued what do you look for when trying to determine which stock charting software package is right for you? Not surprisingly the first step is to think about what you really need. Do you need to track multiple markets (i.e. Forex, stocks, commodities, options, etc.) or are your needs less complex? Second, does the package use the industry standard data sets or will you need to modify the data? The data you use to feed the program is a big consideration. You don’t want to race over this point.

Other factors to consider are the longevity of the company providing the software—will they be around to support the software and what type of support do they offer. If you have not used stock charting software before it may take you a little while to get the hang of it. The odds are you will need technical support at some point.

So take your time and do your homework. You will find a tool that meets your needs and your budget. All it takes is a little patience and an open mind.

Oracle traders offer a fresh approach to help you reach your financial goals. We are an Australian based company offers the following products: metastock, metastock Australia , Metastock data, stock charting software and stock analysis software

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