Our Choice of Forex Software should serve its intended purpose. We only need it to complete our required tasks. Why put ourselves at risk of programming crashes and lost data with complicated heavy software?
Even Elliott Wave Analysis can be done just by viewing the wave counts without using software. Jim Martens from Elliott Wave International even warns against using wave count software because in most cases if not all the wave counts will be wrong. Watch video explaining the problem on this page here.
For trading system software reviews click here.
Our trading system needs charting software to run on. We have many choices in this field.
Our first choice is to determine if we want our own separate software or just use the charting software provided through our on-line forex broker? In the majority of cases Professional or serious traders have one or more off-line charting software packages where they import data into for analysis.
What is a good value for money charting forex software?
That depends on our chosen trading strategy. We will need to select software that has the features available to implement our trading strategy. Assuming we would like to trade say ...the Nicolas Davas box strategy it would be in our best interests to find a software program that caters for this strategy. Most charting software on the market these days have similar features but some cater for different strategies better than others.
You will need to remember that as discussed earlier under "systems" when trading coach Van Tharp studied the 50 successful traders he discovered that their main success was due to their "low risk strategies" not the high technology trading software they used. Read more here.
Also remember the more complex, high tech the forex software the more likely it is to malfunction with problems. This in turn leads to a more costly program due to the greater need for computer programmers to solve issues or re-programing. And what about trying to recover the charts you had your favorite indicators setup all now gone? Also, consider the interruption a malfunction can have on your current trading?
Weekly, monthly, quarterly, yearly time frames
I would recommend checking to ensure the charting software has the ability to display charts on weekly, monthly, quarterly and yearly time frames in addition to the standard daily time frame.
It amazes me to see that some highly popular forex software charting packages do not include all these time frames.
Over the years I have used several charting programs. The best one I have found has been the simplest. I use a program called 'HotTrader' which is a Gann Swings oriented program. It is simple to operate, reliable and has most of the major indicators available too.
Feedback / Reviews
Before choosing a charting software remember to try and get some feedback from other traders whom are using or have used the software. They will be able to let you know its strengths and weaknesses.
Try some review sites such as;
Software that allows you to test forex strategies can be found here.