Aug 1: Secret Tips To Selecting Charting Software That Maximizes Profits – Part 12

Welcome back to the 12th part of the Ultimate Trading Systems article series. In this lesson, we`re going to discuss: Secret tips to selecting charting software that maximizes profits.

A trading system is of no use without the tools to implement the system. However, choosing a charting software package, or deciding whether to use one at all, can be very confusing to a beginner. This is especially true when you consider that there are literally hundreds of charting software packages available to assist traders.

First, when looking at charting software, do not spend a thousands of dollars, Buying any charting software means that often the price is inflated to capitalize on the mentality that the more expensive the better. Truthfully, most charting software packages perform very similar functions and a charting software package under $1000 will perform just about all of the tasks required by even the most advanced traders.

Second, choose a charting software package that has a large user base… that way, when and if you need help, there will be plenty of support channels available to you.

Personally, I use and recommend MetaStock (I have used it for years). It contains just about every bell and whistle a trader would need. It is also easy to use and is considered a market leader for good reason. In fact, MetaStock has been voted the winner of the “Stock and Commodities Reader’s Choice Award for best analysis charting software” 11 times.

By far the most powerful feature of MetaStock is the Exploration module. Quite simply, the explorer gives the user the ability to scan through tens of thousands of securities at a single time identifying only those that meet predefined criteria. This function alone makes MetaStock invaluable. It almost completely automates your trading system.

The exploration module is just one benefit; MetaStock also has the advantage of some invaluable back testing options too (we will cover the importance of these in the next article).

The other good news is that, Equis boasts a user base of over 100,000 users for their MetaStock products. So you can be sure to find any support your may need.

You won`t have to look very hard for support either; I have set up a website with the sole purpose of helping the MetaStock community www.meta-formula.com. On this website alone, you will find all the support you need to get the most out of MetaStock.

No matter what charting software you do decide to go with, I will offer you a word of advice. It is important to recognize that charting software is simply a tool that aids a trader in undertaking their business activity. There is no such thing as a charting software package that does everything for you.

Steer clear of any packages that gives buy and sell recommendations. Commonly referred to as “black box programs.” I have found, with rigorous testing, that black box program packages simply do not work.

In general, traders who believe in the myth that you can just hand over your hard-earned capital to a computer program, sit back, collect checks, and build wealth are not dealing with reality at all.

They want to make the money successful traders do, yet they do not want to put in the hard work necessary to develop the skills needed to become and stay successful.

Your time and money is best spent elsewhere.

While I do I recommend MetaStock, these are some other packages worth looking into include: Advanced Get, OmniTrader, SuperCharts, AmiBroker, Market Analyst and TradeStation.

When you`re ready, in the space below, write down which charting software you plan to use:

____________________________

Last, charting software is not much good without market data. Yes, some charting software packages offer their own data feeds, but most operate with third party feeds. Which data provider you go with will vary depending on what charting software and market you decide to trade.

Nevertheless, as you would imagine I have tested just about every data provider you can find, after all that, I have found one does just about everything.

If you`d like to learn more about this total data management solution that I have found click on the link below.:

–> http://www.meta-formula.com/datasearch

Not only does it support stocks, futures, and foreign exchange for markets in Australia, Asia, Canada, Europe, UK and USA but it is also compatible with most charting software packages. It really is a total data management solution.

Alternatively, you may like to do some research. Once you have found an appropriate data provider in the space below, write down which data provider you will use:

____________________________

Let`s get your charting software and data right.

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MUST DO ACTION STEPS:

1. Purchase a charting software package
–> http://www.meta-formula.com/metastock

2. Learn how to use to use your charting software package to its full potential – Click the link below if you purchased MetaStock.
http://www.meta-formula.com/Metastock-Programming-Study-Guide.html

Select a data provider – Click below to see our suggested total data management solution.

–> http://www.meta-formula.com/datasearch

Remember to keep any eye out for my next email because you will learn the secret art of back testing.
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You`ve Read Part 12 of The Ultimate Trading Systems Series –
The Formula For Designing Profitable Trading Systems.
To Download This Entire Series For FREE Click Here.
Click Here ==> http://www.ultimate-trading-systems.com/greatnews.htm
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