Top Data Management Features of Great Charting Software for Beginners
#1
07-07-2012, 01:30 AM
Top Data Management Features of Great Charting Software for Beginners
Getting started with trading can be overwhelming especially when it comes to choosing the right charting software. As there are many tools available to choose from, it is important to select the right tool that will implement your own trading system and strategies. However, confusion may increase as a result of a variety of data management features and plans. So you should look for data management capability and support as one of the most essential features when selecting stock charting software.
For any serious trader, it is very critical that the charting tool being used gives the ability to analyze the underlying stock data. Technical analysis and study covers the comprehensive and insightful review of updated, accurate and usable data. It will be useless to have the most sophisticated charts and indicators available if it cannot access the correct data at the proper time. How could make an insightful decision towards profitable trades?
The following are the most essential features regarding Data Management that you should look for in any charting package:
1. Automatic downloads of stock data
Immediate analysis of stocks is important for successful trading. A good charting tool must be able to automatically download stock data so you won't need to do it manually for your analysis. It must also automatically download data for stocks you have marked as your favorites.
2. Ability to work offline
When there is a problem with internet connection, the unavailability of data can be a cause of interruption in your analysis. Good charting software is able to overcome this problem by supporting offline usage through local caching of data.
3. Support for local caching of data
In cases of connectivity problems, disruption is a major concern if you have to download data for analysis each time you view a stock. However, local caching makes data always available. The availability of data for immediate charting also means that you benefit from faster processing. Good charting software must therefore support local data caching.
4. Data refresh and re-synch
Real-time or near real-time price movements affects data so the charting software should be able to refresh stock data in accordance with these movements. Some analysis requires input of end-of-day data, so the charting software must have the capability of data re-synching for a particular stock exchange at the end of day for you to run such analyses.
For any serious trader, it is very critical that the charting tool being used gives the ability to analyze the underlying stock data. Technical analysis and study covers the comprehensive and insightful review of updated, accurate and usable data. It will be useless to have the most sophisticated charts and indicators available if it cannot access the correct data at the proper time. How could make an insightful decision towards profitable trades?
The following are the most essential features regarding Data Management that you should look for in any charting package:
1. Automatic downloads of stock data
Immediate analysis of stocks is important for successful trading. A good charting tool must be able to automatically download stock data so you won't need to do it manually for your analysis. It must also automatically download data for stocks you have marked as your favorites.
2. Ability to work offline
When there is a problem with internet connection, the unavailability of data can be a cause of interruption in your analysis. Good charting software is able to overcome this problem by supporting offline usage through local caching of data.
3. Support for local caching of data
In cases of connectivity problems, disruption is a major concern if you have to download data for analysis each time you view a stock. However, local caching makes data always available. The availability of data for immediate charting also means that you benefit from faster processing. Good charting software must therefore support local data caching.
4. Data refresh and re-synch
Real-time or near real-time price movements affects data so the charting software should be able to refresh stock data in accordance with these movements. Some analysis requires input of end-of-day data, so the charting software must have the capability of data re-synching for a particular stock exchange at the end of day for you to run such analyses.
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