Software
Tools for Share and Option Trading
Your choice of Software to assist you inyour
trading and/or investing
will depend on a number of factors. These include:
- What sort of Trader/Investor you are- eg
Short Term or Long Term
- Where you first began to learn about
Trading and Investing - eg. Using Technical analysis or Fundamental
analysis
- The educator that you first experienced
when investing in your education into Trading/investing - Almost
invariably they will recommend the package they are using themselves,
and often this will make sense because their trading strategies are
often included in the particular software they recommend
As my education in Share and Option trading progressed I became aware
of many different packages that are available both in Australia and the
USA. Almost all of the software packages available will include a range
of different charting tools and facilities to assist you in stock
selection.
Some are relatively simple and low in cost and others have extensive
facilities and are accodingly more expensive. When you first
begin you may well be advised to look at the range of free charting
packages that are availble or are supplied by the trading
platform you choose to use for your trading/investing. This can
eliminate some of the cost of getting started when your budget is small
and you wish to use the funds available to trade/invest rather than
purchasing software. You should also remember that a software
package in itself is not going to turn you into a supertrader
instantly. This will only come with time as you gain experience. Then
you can be more selective in your choice of software to more
specifically meet your trading/investing needs.
Charting and Technical Analysis are the starting point that most
educators use to introduce new people to share and
option trading. They will teach the basic concepts of Technical
Analysis and how to analyse the charts to determine suitable
trading/investing strategies that give you a better than 50/50 chance
of making a profit. A lot of these strategies utilise methods
developed by past traders who have made their fortunes in the stock
market. WD Gann is one who is well recognised for achieving
this in the beginning of the twentieth century.
Technical Analysis purely looks at price and volume movements to assess
the probability of future price movements, but this tells you nothing
about how strong the company is financially, and whether you are
investing into a penny dreadful. There is an alternative approach,
which is not as common, based on Fundamental Analysis, and this has
been the basis for Warren Buffett to build his fortune in Berkshire
Hathaway.
There is only one package I've encountered that is truly suitable for
this approach and it is Stockdoctor and it is only available for the
ASX and does not cover the US market. This software tells you whether
the company is worth investing your hard earned money into it in the
first place. Included in the annual licence is a newsletter providing
morning and evening updates on global markets and a consensus forecast
for stocks on the ASX.
There are many software packages that cover technical analysis on the
market that can be used for share and option trading, and your choice
of package can depend on several factors:
- your budget
- your trading strategies
- your country and data sources
- the level of sophistication you have
reached in your trading skills
Below is a range of options for you to consider.
Top
» Free Web Based
Packages
» US Software
packages
» Australian
Software Packages
» Data
Sources
» Forex
and Commodities
Free Web
based Packages
US
Software Packages for Share and Option
Trading
There are many software packages available
in the US. Some established Names
are:
- Metastock
- Trade Station
- Advanced GET
- TeleChart 2007 by Worden
Do you wish to advertise and promote your software here?
Australian
Software Packages for Share and
Option Trading
Software I use and recommend for
specific trading strategies:
A full review of this prodcut is being
developed.
A full review of this product is being
developed.
A full review of this prodcut is being
developed.
Data
Sources for Share and Option Trading
In Development
Forex
and Commodities
In Development
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