subject: Stock Charting Software - Longevity Is A Vital Trait [print this page] There are a number of different qualities you can check to find an ideal charting software package. One important trait to settle for is longevity. The package that you should choose should have been around for quite some time already. There are distinct advantages to choosing an old trading chart product.
The first clear reason to settle for a long lived option is that you can be fairly certain that an old one is useful and effective. In the world of business and investments, you can hardly expect a profit oriented company to maintain a product that doesn't earn across many years. It goes without saying that chart makers make a living by selling their packages and an ineffective stock charting software will hardly generate enough customers to merit keeping it in the market.
Longevity is also an important quality to look for because a product that has been around for years is likely to have a long standing support system as well. You can expect this system to have comprehensive and well developed processes that will stay on for many more years. You'd want this simply because it can be a nightmare to settle for a newly made package that suddenly drops out of the market, taking with it its support system. Hence, even if you are able to continue using a defunct charting software package, you will lose access to updated support in the long run.
Another good reason to search for the quality of longevity is that packages that have been in use for years also have large user groups. This will provide you with an excellent opportunity to network and swap tips and tricks with fellow users who might know more than you when it comes to trading and using chart features. Moreover, an extensive user base can also provide you with a backup support system. In case you can't find the help that you need through developer maintained channels, you can always head off to a well populated forum to ask your question or to solicit opinions.
The large user base of an old piece of stock charting software has also most likely generated for itself a host of related products made by third party companies. Because the original package is so popular, developers would naturally want to ride the same bandwagon and market their own related items. These can come in the form of data sourcing tools and back testing devices.
Data providers and back testers are essential in ensuring that trading systems run smoothly and effectively. Experts recommend that only systems that have been tested or run through accurate market data should be used. In a lot of cases, chart packages have their own accompanying tools. Those that are developed by third party companies however often prove to be more intuitive, comprehensive and effective.
Undoubtedly, the charting software that you settle for will help determine your trading success. This is why it is now more important than ever to pick a package that has passed the test of time. With a lot of money at stake, you can't afford to put your trust on a fairly new package.
