Why is charting software a good thing?

[rsd886647]

Could someone explain why would one want to use different charting software to say the quick charts or advanced charts provided by ig index?

And if it's a good idea, any reccommendations of free providers which cover ftse100 shares amongst others?

Cheers. Rob

 

[0007]

Could someone explain why would one want to use different charting software to say the quick charts or advanced charts provided by ig index?

And if it's a good idea, any reccommendations of free providers which cover ftse100 shares amongst others?

Cheers. Rob

Assuming the charts give you the info you need, then it's a bit like driving a car - you just like some better than others. So for me it's a personal thing. Eg I just don't like (ignoring the arguments about data sources - that's another matter) the interface of the charting used by Capital Spreads & IG Index [they appear to be very similar] yet I get on really well with ADVFN's. I also like the simplicity of Metastock and the flexibilty of AmiBroker. If I were choosing cars maybe I'd have a Lambo as well as my Cooper S.

I think charting is important especially real time - where you need to be concentrating on the trade and not the mouse. Using unfamiliar or unfriendly software can be dangerous to your wallet.

Try them all till you find the one you like.

PS - don't get hung up on the free aspect. It's worth paying for the right tools - you'll soon get your money back if it enables you to do the job properly.

 

[barjon]

Could someone explain why would one want to use different charting software to say the quick charts or advanced charts provided by ig index?

And if it's a good idea, any reccommendations of free providers which cover ftse100 shares amongst others?

Cheers. Rob

rob, the charts from sb companies are drawn from their prices and not the underlying market so you are not looking at the "real thing".

There are plenty of free providers for daily charts - ProRealTime : Real Time Technical Analysis Software - for instance, but you'll usually have to pay if you want intraday real time stuff.

cheers

jon

 

[Technically Fundamental]

they dont show volume as they're theives

 

[rsd886647]

Okay, but if you set your entry and protective stops according to the sb's charts, surely it is all relative. If I set my stops according to a free provider's charts and place my trades through my sb, wouldn't the discrepency between prices affect the outcome of the trade and make it tricky to manage?

I know others do this though, so I'm trying to understand why it is advantageous. Also, can prices really be that much different, are sbs able to rip you off to a great extent, or is it a case of just running a stop ever so slightly?

Re: volume, I get volume on my equity charts, but do you mean they don't show its true ranges?


Edit:
Actually, I've just had a look at the ProRealTime and it looks very nice indeed. I've noticed how the volume bars are quite different to how they are displayed on the sb chart. I mean, wow, that's ridiculous! I'm definitely switching, no doubt about it.