Getting started with trading can be very confusing specially when it comes to choosing the right charting software. As there are many tools available to choose from, it is important to select the right tool that will implement your own trading system and strategies. However, confusion may increase as a result of a variety of data management features and plans. So you should look for data management capability and support as one of the most essential features when selecting a stock charting software.
For any serious trader, it is very critical that the charting tool being used gives the ability to analyze the underlying stock data. Technical analysis and study covers the comprehensive and insightful review of updated, accurate and usable data. It will be useless to have the most sophisticated charts and indicators available if it cannot access the correct data at the proper time because you can't make an insightful decision towards profitable trades.
The following are the most essential features regarding Data Management that you should look for in any charting package:
1. Automatic download of stock data
Immediate analysis of stock or symbol is important for successful trading. A good charting tool must be able to download stock data so you won't need to do it manually for your analysis. It must also automatically download data for stocks you have marked as your favorite.
2. Ability to work offline
Wnen there is a problem with internet connection, the unavailability of data can be a cause of interruption in your analysis. A good charting software is able to overcome this problem by supporting offline usage through local downloading of data.
3. Support for local caching of data
In cases of connectivity problems, disruption is a major concern if you have to download data for analysis each time. However, local caching makes data always available. The availability of data for immediate charting also means that you benefit from faster processing. A good charting software must therefore support local data caching.
4. Data refresh and re-synch
Real-time or near real-time price movements affects data so the charting software should be able to refresh stock data in accordance with these movements. Some analysis requires input of end-of-day data, so the chatting software must have the capability of data re-synching for a particular stock exchange at the end of day for you to run such analyses.
5. Stock splits and dividends
Stock splits and dividends should also be immediately processed by your charting software so that the data you are viewing is correct and up-to-date. Your analysis could go completely wrong if it does not take into account the most recent stock split.
6. Exchanges Supported
The exchanges that you are interested in trading on must be supported by the software of your choice. Majority of the good charting tools support all the major exchanges including the AXEX, NASDAQ, NYSE, etc.
7. Data plans supported
Your charting package must offer you value for your money. For example, it must support diverse data plans, including those that are consonant with your requirements. You should also be able to take advantage and profit from such deals as great data bundling offers that are not usually available to individual investors.
8. Historical data
Long term trend analysis that uses charts and methods such as Elliot Wave Theory or Point and Figure charting requires the use of historical data, so it is important that such data is available. If your trading strategy includes the use of long term trends with the use of historical data, your charting software or data subscriptions must provide it which can be available as daily, weekly, or monthly data.
We recommend BlastChart, which is a fantastic, inexpensive, and cost-effective charting tool that is easy to use and navigate. Specifically designed for smart investors who are not full time traders, Blastchart will help you with your stock chart analysis to effectively find the right stocks for trading. Data Management criteria as outlined above are all supported by BlastChart. It is also amenable to customization as much as it is flexible.
To enhance your learning, Blastchart also offers excellent stock chart tutorial videos about the software and implementing your strategies. A fully functional and free Ultralite edition inclusive of a one year free rolling historical data is available for download for you to give it a try before deciding it's the software you rely need. It is high time that you check and see these great features for yourself.
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