Charting Software

A trading system is of no use without the tools to implement it.

Some people opt for cheap or even free software and feel this is an easy route to accomplish there goal.

I have used and bought may different packages as some of you know and I can tell you that cheap and free software is just that, cheap and free. In the world of trading good software is paramount and sidetracking this will only result in a lot of hard work, late nights and most probably end with trading emotionally.

Having rules and sticking to them will help immensely for any trader and the most successful traders will all have trading plans. I was speaking with Tom Joseph a few weeks ago and during our conversation I was amazed at how specific the rules he has are followed. Tom Joseph who is a world famous commodities trader for many years still follows exact rules and I would be suprized if he deviates from them at all.

There are hundreds of software packages available for trading ranging from free to a couple of thousand a month in cost. I use a few different software packages as no one particular software has all the features I like to use. I am asked quite often what is my favourite trading software. Well I dont have one single package I can say is the best but my main charting software packages are Advanced Get, Metastock and DT (all three you can see as links on the right hand side). All of them allow for mechanical trading thus removing a great deal of emotion and the way I trade, all three packages complement each other.

A friend of mine Rohan Weerasinghe always says, "When digging for gold, do not concern yourself with the cost of the shovel".

My next update will be on Tuesday.