sheep question - software

[allinger]

As I'm dipping my toe - what is the most cost efficient software for me based on:

1) I intend to trade all markets, in one way or the other i.e. I need a decent charting SW

2) I might be a total failure as a trader, i.e. I'm not inclined to cash up all that heavy initially

3) I do have a day job, i.e. EOD is my music

Given this - what would be my options?

/A

 

[damianoakley]

Hello again allinger - I'm not stalking you I promise!

Firstly, I would be careful of wanting "to trade all markets". It is very difficult to be an expert in Forex AND Stocks AND Commodities AND Bonds, etc across all continents of the world. The financial markets are vast, so it is best to focus on one market at a time, especially as a beginner.

I would start by picking a market that you understand - or at least one that you feel you understand more than the others.

If you are trading EOD - I would say that you can get a lot of charting available free on the net without spending money on software. Try www.stockcharts.com - they have some free stock scans that you could look at.

Be aware that any software you do get is just a tool and will not by itself make you a successful trader - the success has to come from you, so it's important that you try to learn as much as you can.


Thanks

Damian

 

[allinger]

Hello again allinger - I'm not stalking you I promise!

Firstly, I would be careful of wanting "to trade all markets". It is very difficult to be an expert in Forex AND Stocks AND Commodities AND Bonds, etc across all continents of the world. The financial markets are vast, so it is best to focus on one market at a time, especially as a beginner.

I would start by picking a market that you understand - or at least one that you feel you understand more than the others.

If you are trading EOD - I would say that you can get a lot of charting available free on the net without spending money on software. Try www.stockcharts.com - they have some free stock scans that you could look at.

Be aware that any software you do get is just a tool and will not by itself make you a successful trader - the success has to come from you, so it's important that you try to learn as much as you can.


Thanks

Damian

Be aware that any software you do get is just a tool and will not by itself make you a successful trader - the success has to come from you, so it's important that you try to learn as much as you can.

Damian - thanks for the input!

I've no intentions in becoming/belief in excess program trading - one of our prospect clients was Amaranth... My goal is to paper trade until I've gotten a decent grip of how and why markets act - BUT - in order to get there I need something to give me a collective description of what the market did that day.

As you point out, trading in all markets at the same time doesn't make sense, however - once DOW falls the, other indices will be going south as well. I see it as risk insurance to be aware of how to trade in other markets as well.

/A

 

[andycan]

the dow is not usually the leader, most occasions its the S&P, semiconductor index can give you a heads up where the main indexes are going
US Bonds will go up stocks will go down this is a phenomenon of recent years usually bonds and S&P go up together, so check and dont depend on one index to tell you what the others are going to do

good luck on your venture