chart software??

[trendyguy]

Good morning fellow traders,

I hope you are all making a stack load of cash to sleep on!..

I have a couple of questions regarding charting packages. I am currently day trading (SB) the FTSE100 (or attempting to anyway) using IG. I am just using their basic chart package not pro-real time or MT4, so,

1. Are either of those packages actually better than just the standard one? and why?
2. Which package is better for FTSE100 trading- PRT or MT4 and why?
3. Or are there any others that are even better?

Muchas gracias amigos.

Trendy

 

[timsk]

I have a couple of questions regarding charting packages. I am currently day trading (SB) the FTSE100 (or attempting to anyway) using IG. I am just using their basic chart package not pro-real time or MT4, so,

1. Are either of those packages actually better than just the standard one? and why?
2. Which package is better for FTSE100 trading- PRT or MT4 and why?
3. Or are there any others that are even better?

Hi Tim,
It's a case of horses for courses. MT4 is popular as it's ubiquitous and free and there are any number of indicators and 'expert advisors (EAs) you can download - many of them for free. Whether or not they'll improve your trading is another matter entirely! PRT is a good charting package and getting it free via IG is an attractive offering and a good reason to choose IG over other firms. That said, if you require something out of the ordinary and PRT doesn't provide it - then it's no good for you. One issue you'll encounter with it is that the data used for PRT charts comes from the London Stock Exchange in the case of the FTSE100 and its constituent stocks. The charts offered by IG will be powered by IG's own data which will be different. Entering and exiting trades at prices which are different to those appearing on PRT charts adds an unwelcome layer of complexity to the already tricky task of day trading. This is one of the reasons given by those who say that to day trade one really needs to do it directly into the market via a direct access account. That said, depending on your trading style and methodology, this may not be an issue for you.
Tim.

 

[trendyguy]

Thanks Tim, your efforts in replying and opinions are highly commendable.

Are there any reputable direct access brokers that you would recommend or know of?

again thank you in advance.

Tim

Hi Tim,
It's a case of horses for courses. MT4 is popular as it's ubiquitous and free and there are any number of indicators and 'expert advisors (EAs) you can download - many of them for free. Whether or not they'll improve your trading is another matter entirely! PRT is a good charting package and getting it free via IG is an attractive offering and a good reason to choose IG over other firms. That said, if you require something out of the ordinary and PRT doesn't provide it - then it's no good for you. One issue you'll encounter with it is that the data used for PRT charts comes from the London Stock Exchange in the case of the FTSE100 and its constituent stocks. The charts offered by IG will be powered by IG's own data which will be different. Entering and exiting trades at prices which are different to those appearing on PRT charts adds an unwelcome layer of complexity to the already tricky task of day trading. This is one of the reasons given by those who say that to day trade one really needs to do it directly into the market via a direct access account. That said, depending on your trading style and methodology, this may not be an issue for you.
Tim.

 

[timsk]

Are there any reputable direct access brokers that you would recommend or know of?

Hi Tim,
I've no personal experience of any that offer U.K. instruments I'm afraid. May be worth asking on the Scalping FTSE Futures thread that I linked to on your other thread.

Alternatively, you could always try using IG's own charts - if they're suitable and do everything you require?
Tim.