Hi guys, I stand before you a battered man... Having taken all sorts of pain being short ASA and WBO this week. Would anyone out there be so kind as to reccommend charting software that I can use to better anlyse stocks and indices? (Currently I am using OST daily chart)
Dont take this the wrong way but in my HO if youre not day trading you dont need to waste money on charting software, other software are not gonna make youre trading any better, i think ost enough for swing trading.
Thanks guys, will look into it. Asylum, your point is noted, but I would like to start getting more familiar with technical analysis, indicators and support / resistance in different time frames. I am using that kind of analysis in my fx trading this month whereas I use to trade long term there as well and my capital is up 60% this month in that account.
Oh my, poor you. This is like golf. If you try golf on your own, you will learn some bad habits/tricks, that will have to unlearn, by getting some teaching and training, before you can be a good golfer. Trading is the same. Ask Simon for some references.
I agree with Asylum. Fancy tools is not going to guarantee any more or less profits. Excel or Openoffice can be used to graph your resistance, support, volume etc. I admit it will take a bit of more time and effort but it's free, well not excel but you get my point. 10 to 15 minutes in the evening is all you need to work out what has happened and to do your calculations. Unless you're trading every hour then you can ignore what I just said.
Yes, thanks all. I have opened a demo at Ideal CFD and losing money there too. Well gentlemen, it has been a honour (a brief honour) trading with you but alas, I shall probably be stopped out of my ASA and WBO trades today. Being undercapitalized, I will need to put together a new stake. In the mean time I shall be trying to learn as much as I can about trading and developing a new strategy. Funny thing is, this is the fourth time this is happening. Even funnier is the fact that not so long ago I offered advice to a fellow novice! Classic case of get one trade right and think you can play this game.This game is playing me! My FX portfolio grew by another 20% last night but I must humbly admit, that most of it has been pure luck and over leveraging. I have discovered one thing for sure. This is hard work! And requires not only skill, but an understanding of your own mind and flaws.
Oi! Feel your pain! Those bloody Yanks think a couple of hundred billion is reason enough to chase the market up to heaven knows where... Grrrrrr.. I do think that if you ever trade a geared anything, you need a charting package. Your entry & exit points are so critical. (Do as I say not as I do.) I use Amibroker. Used share magic about a year or two ago and the program at that stage was terribly primitive. I think the newer versions have improved a bit. Would like to try it again, because it has a longer database than you get with Ami. That's just be for interest. Ami is good for day to day trading. A longer database would just be nice to be able to speculate where things could end up, since we've fallen so much that some trend lines now extend into prehistory...