Do you need stock charting software? The answer isn't as simple as you think.
Depending on your trading style and preferences, you may be the type of trader who can work better without using software.
It is a fact however, that for many investment trading specialists, software is invaluable.
It is a fact that following a trade plan or system is perhaps the most important decision you will ever make.
It is also a fact however that an outstanding system will amount to nothing if you do not use it in conjunction with the right tools.
Chart packages for trading are just one of these tools.
At the very least, your tool can help you create charts for your reference.
Most trading charts however are meant to do so much more than that.
With a good program, you can quickly scan through countless securities and pick out those that match your criteria.
One problem with choosing and using trading tools is that there are so many of them to pick from.
If you want a program that can really help you succeed, you need to pick one based on several ideal features or qualities.
The first major quality of a good software tool is longevity.
Pick one that has been around for quite some time.
This quality will give you some assurance that the stock charting software is stable.
Moreover, the fact that it has been around for long is an indication that it is likely to stick around for even longer.
You don't want to have to take a lot of time and effort learning how to use it only for it to become useless the next day because support has been pulled out.
Another important quality to settle for is a wide user base.
This will ensure that you will always have forum members or even individually constructed websites to turn to in case you cannot find answers to your questions in the manual.
Many users also go well beyond learning the ropes specified in standard manuals.
Some expert users of market charting packages discover new tricks or techniques that they are willing to share with fellow investors.
Flexibility is the third crucial trait to look for in a tool.
Some are categorized as black box systems.
You can use these straight out of the box without too much effort.
In most cases though, these cookie cutter systems aren't worth a cent simply because they leave you blind to what is really happening behind the curtains.
It is incorrect to believe that an automated system can do all the hard work of raking in big profits.
Stock charting software should give you enough room to define your own criteria.
One other important feature is back testing compatibility.
Before you execute any system, it is important that you know beforehand that it is likely to work by having it tested.
Some packages have recommended testing facilities associated with them.
The best programs however are those that permit the use of third party testers.
This will give you more options in case you aren't satisfied with the default recommendation.
You may or may not need special tools to profit well from the market.
You may not however be sure yet about whether or not you can perform better with stock charting software.
In this case, it may be worth your while to test the waters first.