If you’re just getting started with trading, it’s important to select right stock charting tool to implement your trading system and trading strategies. Choosing the right charting software can be very confusing as there are many tools available. So what do you need in a great charting software that will help you trade effectively? Here are a few of the key features that you should look for in a charting package: 1. Ease of use:You should select charting software that is easy to use. Professional charting tools are overly complex and as a new trader, you don’t need all the exotic and rarely used features. The software should have an easy to use and familiar interface that makes you want to try and analyse stocks rather than intimidate you. 2. Advanced charting:You need charting software that provides powerful charting. The software should enable you to plot price movements using the most powerful and commonly used types of charts, indicators and overlays including your favourite ones. 3. Chart templates:You need to be able to customise your charts in line with your trading strategy. A good way to implement this is with templates that allow you to pull together your favourite indicators and overlays in layouts that are just right for you. 4. Favourites and watchlists: The chart software should allow you to track your favourite stocks and options easily. As you learn and experiment with different trading strategies, chart analysis and chart patterns, you will want to revisit them. Watch lists provide an easy way for you to track and review your favourite stocks and options whenever you want without having to search for them repeatedly. 5. Integrated and customizable data plans: allow you to take advantage of bulk data subscriptions available to chart software developers. Look for packages that provide the option of subscribing to data along with the software. 6. Trial versions: Lastly, the chart package should allow you to try the package before you buy. You can experience the features at no risk. This is often the best option if you are still uncertain. There is a great charting tool that won’t cost you a fortune, is easy to use and navigate. I recommend BlastChart – a stock charting software tool that is designed for smart investors who aren’t full time traders. BlastChart will help you analyse stocks and effectively find the right stocks for trading.BlastChart meets all the six criteria that I have defined above. It uses the familiar Windows interface with Ribbon menu system common to all Office applications, is highly customisable and flexible, supports advanced charting and has fantastic support for watch lists. Best of all you can download a free trial version to give it a good test ride. One of the key features of BlastChart I like is “One Click Templates”. One click templates are a great way to implement your trading strategy.They are very useful to implement a trading strategy that you may have seen in a training course or read about from your favourite expert. What I really liked was the fantastic ability to customise charts to match your trading strategy. One click templates allow you to quickly pull together custom settings for layouts, charts, indicators, and overlays. So let’s say I have a strategy to identify entry points using Moving Average breakouts (200, 50, and 20 day Simple Moving Average) on good volume and I want to confirm this with Linear Regression Forecast. Using the template, I can load a stock to do a quick SMA crossover check based on the period and volume levels to match my strategy. If this is wrong, I move on to the next stock, but if it’s right I click the next template in my series which instantly loads linear regression forecast overlay. This helps me to visualize the forecasted trend of price above the breakout. If both of these check out, I am confident about my entry level for my strategy. I can also save these templates and share with the community of BlastChart users to get excellent views, feedback and insight and learn valuable tips and tricks. BlastChart also offers excellent training videos to help you get acquainted with the stock chartingtool thoroughly. You can view these videos to quickly and easily learn the software and implement your strategies. Go ahead and try it for a test drive.
Right strategy plans are important part of trading business, if we cant do well on planning then it is not possible to manage our earnings high.
PnF charts are very easy and popular. I used them for about 1 year. it is sad that trading platforms do not provide them integrated.
