Based on
the type of trader you are and the indicators you commonly use, you may or may
not require a paid technical chart/ software subscription when planning for
your upcoming trades. Paid charts and software on a stock offer you better and
more charting tool options and the power to divide your screen into several
charts to get a comprehensive technical analysis. It gives you the luxury of
using better charting tool options. So, more or less, it is your call whether
you want to ho for paid technical software to analyze your trades or not.
While
stock charts aren’t the only equipment you can use to take trades, they offer
you a more profound view than any other indicator. Largely, every tool comes
back to your stock charge. There are a lot of places to look for quality
charts, indicators to do additional study. They also suggest volumes on the
subject. When reviewing charts, remember you can modify your tactics at any
point, use different charts, modify the indicators, and craft a system that
yields desirable results.
Free vs. Paid Charts
You can
get your hands on amazing and efficient free technical charts and software out
there. However, they will come with some limitations to motivate users to
upgrade for the paid one to get additional functionality. Free charts and software may not
offer you updated or complete days, along with a limited feature set.
For
instance, a delay of 15 minutes can make your free charting tools less
important for day trading. On the contrary, paid charts offer you live pricing
with live movements. They offer you better and more advanced charting options
and offer additional features like saving the charts and using a great number
of overlays.
With a
large number of indicators and charts, paid software can help you make better investment decisions. In exchange for a nominal membership fee, you will get to
see every minute detail of the market in one place.
The kind
of data you need can be determined according to your trading style. Real-time
data is of great importance for day traders who buy and sell stock in hours and
minutes. Active traders want direct access to indicators, charts with real-time
data linked to their brokerage account. However, trend traders who hold a stock
for weeks may not find real-time data of much important but need charting
tools.
Pick the best technical charts/
software
Daily
traders and regular traders want access to real-time data and advanced charting
options. Hence paid technical charts and software are highly recommended for
them. They do help the traders make better informed trading decisions. Trend
traders look for an entry or exit to continue a long-term hold and may not need
such an expensive subscription. However, they do need a stock graph. Hence, you
should go for technical charts and software according to your trading
preference and need.
Paid
charting platforms commence from $10 per month and goes up to $100 per month,
depending on the services they offer. Depending
on the available tools, affordability, flexibility, and real-time price alerts,
you can choose any.
Can technical tools/ software
help traders make guaranteed money?
Unfortunately,
this is not fully true. Some software claims to do technical analysis for you
but end up giving zero results. For novice traders, picking the right tool or
software may be tough. Though technical analysis software offers details on
trends and patterns, it doesn’t guarantee profits. It is up to traders to
appropriately interpret trends and use them for their benefit.
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