How To Spot A Stock Charting Software You Can Trust

Do you need stock charting software? The answer isn't as simple as you think

. Depending on your trading style and preferences, you may be the type of trader who can work better without using software. It is a fact however, that for many investment trading specialists, software is invaluable.

Before anything else, you should know that the most vital element in trading is a trading system. Having a good system however is sometimes not enough if you do not have the proper tools to utilize with it. Charting software is only one of the many important tools that a trader can rely on. On a basic level, software can build reference charts for you. You can however use your tool to achieve so much more. With a reputable tool, it is possible to locate the most ideal trades based on your criteria among the countless assets available.

One problem with choosing and using trading tools is that there are so many of them to pick from. If you want a program that can really help you succeed, you need to pick one based on several ideal features or qualities.

The first major quality of a good software tool is longevity. Pick one that has been around for quite some time. This quality will give you some assurance that the stock charting software is stable. Moreover, the fact that it has been around for long is an indication that it is likely to stick around for even longer. You don't want to have to take a lot of time and effort learning how to use it only for it to become useless the next day because support has been pulled out.

The persistence of a wide user base is also crucial. This is because software manuals do not often offer all the answers to your questions. They may not even contain all relevant instructions. A package that has a lot of users will enable you to consult expert individuals or even online communities. Some of these experts even have their own tips and tricks that you can use to exploit a market charting package to its full potential.

Software flexibility is another point to consider. A number of tools are inflexible because they are black box tools. These are tools that require little input from users and are supposed to run automatically. Although using them may seem like a good idea, they rarely offer any real value. No automated program on earth can detect perfect trades at all times. Trusting such a program with your money will most certainly lead to disaster. You need a software package that will require you determine your own criteria.

Finally, software should be compatible with back testing systems. You will never really know if a system works or not if you do not test it using actual trading data. Some software tools have their own testing devices. In some cases however, you may find some back testing systems insufficient for your needs. It would therefore be best to opt for a charting package that is compatible with several other testing systems.

It is entirely your decision to go for a paid charting package or not. If you aren't certain whether you need one or not, you should at least take the time to find out.

by: Reece Mathews

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