Standalone software for plotting diagrams
Before deciding to use any standalone charting application, carefully read the tools provided by your broker and other brokers, as well as websites that offer online charts. Some of these online tools are very powerful and may be more cost effective than standalone applications.
However, stand-alone software designed for building diagrams often implements functions that do not implement computer programs delivered via the Internet. For example, software packages designed for building diagrams implement testing systems, but in a set of software tools that can be “downloaded” from relevant websites, it will be very difficult for you to find such a function.
There are currently several software packages on the Internet. Examples of such packages are given below.
JVletatock. Metatock exists in two versions: a standard package at the end of the trading day and a professional version for building charts that reflect the situation within one trading day. Each of these packages offers a specific set of analysis tools, technical indicators, system development and testing functions, as well as access to fundamental stock market data.
Tradetation. Tradetation is the “gold standard” for charting software. It is a powerful, flexible and configurable package that acts just like institutional trading platforms. You can fully automate your trading system by embedding your strategies in a programmatic way and implementing them in the framework of Tradetation in real time. It also supports direct access to all ECN and stock exchanges.
There are many other software packages for building diagrams, but these packages are used quite widely and can serve you as a good basis for comparing all other available products in this category.
The disadvantage of stand-alone software designed for building diagrams is its high cost. In addition to the price of the software itself, you will need to pay for the services of a data provider who will supply you with information about quotes at the end of each trading day or about changes in quotes during the trading day. When choosing a particular software package for building diagrams, make sure that it supports the functions you need.
Here are some data providers:
Access to The TH of all treet Journal Online is possible only for subscribers of this Internet resource. Users of this online resource get access to a wide range of information, including stock quotes, stock valuation indices, fundamental ratios, industry benchmarks, insider trading, earnings estimates, as well as stock market analysis. Stock price charts are also provided. The price of the printed version of The Wall Treet Journal or Barron ’for subscribers of this site is $ 39; The retail price of these editions is $ 79. There is the possibility of trial free use of this online resource for two weeks.
Edgar. All publicly traded companies are required to prepare quarterly and annual reports in electronic form. These reports are submitted to the Securities and Exchange Commission through the Electronic Data Gethering Analyi amd Retrieval system. These reports can be viewed by any Internet user.
Sometimes these research reports can be found in one of the local libraries; This is especially true for such large institutions as the Tandard & Poor ’and Value Line. Many analysts sell their research results in the form of subscriptions to investment newsletters. For many years the authors of this book use the following subscription services.
tandard & Poor ’. Registration is required, however access is free. On this site you will not be able to access the full reports and recommendations, but the website of the magazine Buine Week (www.buineweek. cominvetor) offers for free a few complete reports & P, stock selections and industry reports.
Value Line. The investment review of the Value Line Invetment urvey has been published for quite some time. This review presents the profiles of many large corporations and publishes information on a fairly wide sample of shares based on branded models.Users of this website can also get an overview of the current economic and market climate.
Some reports and updates can be obtained on this site for free, however, to get access to all the information provided on this site, you need to subscribe.
Briefing.com. This website contains free and subscription components. “Advanced” features include access to current information about rising and falling rates provided by analysts, access to a regularly updated income guide, an IPO calendar, notification of changes in stock market indices, and much more.
Reuter Invetor (www.invetor.reuter.comsee also ru. reuter. com). On this website, you can access the results of research done by Reuter and third-party firms, including reports from many brokerage firms and independent analysts. Some reports are provided free of charge, and for some you have to pay. The tools used include sector and industry analysis, tools for viewing information on individual blocks of shares and industries, comparative charts and much more.
Morningtar. Morningtar is probably the most famous for its analysis of mutual funds, but it also performs an extensive stock analysis, publishes editorial comments, provides a tool for viewing information on individual blocks of shares, as well as a detailed “photographing” tool that displays financial indicators; as well as recent transactions with funds. To get access to especially valuable information, a subscription is required.
Hulbert Financial Diget. Hulbert Financial Diget evaluates investment newsletters and “decrypts” in detail the real meaning of the data contained in them. If you think that you should buy branded research results, then a subscription to the information provided by Hulbert Financial Diget may be a good starting point before purchasing research reports and recommendations for performing stock trading operations.
How many traders there are, as many, apparently, there are approaches to trading. Fortunately, there are almost as many ways to shape your “trading environment”.
As more and more advanced technologies are introduced,Internet brokers provide their customers with more powerful and sophisticated trading tools. These tools include market research, opportunities associated with the construction of charts and diagrams, as well as the provision of prices and news in streaming mode. If your broker does not provide any specific service to its clients, then you will most likely be able to receive this service via the Internet.
When choosing this or that trading platform, consider the opportunities that you need today, without losing sight of the need to expand the range of opportunities in the future. As a sample, we can offer you the following three lists of possibilities.
You may need the following trading tools:
performing stock purchase / sale operations;
support for complex options trading strategies;
Futures trading, especially one share and index futures futures;
access to NADAQ Level II;
direct access trading and ECN book data; tracking lists;
automatic email or text message notification when the foam of the stocks you are interested in reaches the level you specify.
You may need the following analysis tools:
branded and third-party analyst reports;
the possibility of constructing charts and diagrams in real time;
reports on the time and volume of sales performed.
You may need the following account management tools:
compilation of account balances in real time;
real-time updating of purchasing power and marginal risk indicators;
portfolio management tools;
the state of the order not yet executed.
Before you start your computer to work as a trading platform, you should understand the two main methods of providing tools and services related to the execution of trading operations. The first method involves using your Internet browser to enter orders and get all the information you need. The second method involves the use of an autonomous computer program to ensure interaction with your broker and your brokerage account.
In most cases, integrated trading platforms are provided by specific brokerage firms. Some brokers give you a choice.
Which of the suggested methods best suits you depends to a certain extent on your own style of bidding, on the amount of costs that you can afford, and on the configuration of your computer. It may be that the level of service offered by your broker depends on the size of your account and the volume of trading operations that you carry out. You must balance your costs with your actual information needs.
Integrated trading platforms are usually direct access systems. Direct access brokers and traditional online brokers were discussed in Chapter 3. Although direct access systems are offered in browser-based configurations, active day traders and swing traders may require a fully integrated direct access trading platform.
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