Charting Platform Advice

[Fiona96]

Hi all,

During my paper trade phase, I'll be familiarising myself with charting/ordering software and becoming proficient using the various tools and functions. I could really do with some advice regarding which platform to focus learning first.

Learning how to use a new software platform is a whole other thing and although I'd like to try them all out at more or less the the same time, to see which one/s I preferred; realistically, as I have never used this type of software before, so I will first need to focus on learning how to use a single platform.

I'm trying to decide if for starters if it will be better for me to use a dedicated charting platform such as Trading View or; if I should just use my preferred brokers native charting platform (if they have one), such as one of the Interactive Brokers applications if I were to trade through them.

Ultimately once going live, I aim to trade equities on a daily or weekly scale; and once I feel confident doing that, slowly transition into intraday trading.

Im thinking that learning something like Trading View might be the best approach.

Thoughts?

 

[peter2]

Hello @Fiona96 . You're at the start of a lifetime journey. There's lots to learn but you've plenty of time. Don't rush it.

I'll assume you're planning to trade short to medium term rather than longer term (eg invest).

Yes, you'll need some tools of the trade and suitable charting software (plus data). Before you look at charting software I suggest you read as many books on technical trading as you can before buying anything. The aim of reading these books is to learn what trading style and strategies appeal to you.

Once you understand which trading strategies you prefer then the choice of software becomes easier. You'll need software that can scan any exchange for the charts you're interested in.

Early in my trading journey I decided to specialise in trading break-outs of Darvas boxes. I needed software that scans for this pattern. I still use this strategy today.

Another aspect that may be important is the issue of back-testing a strategy. Back-testing is completely objective while it's almost impossible to be objective when doing it manually. However learning how to code back-testing software takes time and you certainly need a good analytical mindset to do it well. The two most commonly used back-testing software are Amibroker (reasonable charts) and RealTest (basic charts). If you wish to test multiple systems simultaneously then RealTest is the one to use.

Back-testing requires a huge educational effort on your part but many think it well worth it in the end. You've only got to look through @Skate 's "Dump it Here" thread to realise the value of this educational effort.

Starting off as a discretionary trader is a tough way to start and many fail to make it past the "beginners cycle". This is why I suggest you start with one strategy and become a master using it. Applying one strategy at the start will help make your trade selection consistent. It also reduces the stress as there are so many opportunities in front of us each day. BTW it's not the strategy that's key but how you manage each trade and your risk that's vitally important to master.

Once you really understand how to be a profitable trader (and apply this knowledge in the market) then finding software to use on a routine basis will be an easy process.

Find out what you want from your charting software then you'll be able to select one to start with.

 

[frugal.rock]

Ultimately once going live, I aim to trade equities on a daily or weekly scale; and once I feel confident doing that, slowly transition into intraday trading.

To my knowledge, Trading View charting isn't live to ASX data.
It's delayed the same as the ASX web site, which isn't suited to intraday trading.

Most of the larger brokers provide live data inside their individual software.
Some of them use IRESS provided java based softwares, as well as phone based apps.
The phone based apps for Westpac and CommSec have charting pretty much exactly the same as the ASX website, (or did have). Things may have changed a bit in the last 6 to 12 months, as they have shaken up their fee structures to be more competitive.

Are you looking at ASX trading or US or....?

 

[colly601]

When comes to learning a new software platform can indeed be quite the task, especially when you're just starting out and while the temptation to try them all at once is there, focusing on mastering one platform first makes total sense, that's something to always keep in mind so you're not discouraged early, like peter said, it's a LONG journey

Considering your goals of trading equities on a daily or weekly basis, with an eye on intraday trading down the line, starting with a dedicated charting platform like Trading View seems like a decent approach, it boasts a plethora of tools and functions customizable chart layouts, technical indicators like moving averages and MACD, and drawing tools for trend lines and support/resistance levels

Also worth exploring your preferred broker's native charting platform if they offer one. Platforms like Interactive Brokers offer pretty comprehensive charting tools within their application, allowing seamless integration with your trading activities. could include real-time data streaming, advanced order types, and customizable watchlists...etc

 

[rcw1]

...
I'm trying to decide if for starters if it will be better for me to use a dedicated charting platform such as Trading View or; if I should just use my preferred brokers native charting platform (if they have one), such as one of the Interactive Brokers applications if I were to trade through them.
...

Gidday Fiona96
rcw1 experiences are such, a one point of truth is best. So whatever platform you decide to use to trade, use it for charting... Much easier to use one to trade, for mine. Can always broaden that when you are more conversant with charting methodologies and understand better.

Enjoy and all the very best with your trading.

Kind regards
rcw1

 

[DaveTrade]

Hi all,

During my paper trade phase, I'll be familiarising myself with charting/ordering software and becoming proficient using the various tools and functions. I could really do with some advice regarding which platform to focus learning first.

Learning how to use a new software platform is a whole other thing and although I'd like to try them all out at more or less the the same time, to see which one/s I preferred; realistically, as I have never used this type of software before, so I will first need to focus on learning how to use a single platform.

I'm trying to decide if for starters if it will be better for me to use a dedicated charting platform such as Trading View or; if I should just use my preferred brokers native charting platform (if they have one), such as one of the Interactive Brokers applications if I were to trade through them.

Ultimately once going live, I aim to trade equities on a daily or weekly scale; and once I feel confident doing that, slowly transition into intraday trading.

Im thinking that learning something like Trading View might be the best approach.

Thoughts?

Hi @Fiona96,
It's hard to give specific advice because I don't know you well enough to know how you think but I'll give some things to mull over.
- If you aren't trading with real money yet then you don't need live data, free delayed data will do.
- It may be good for you to play with all the free platforms so you can learn about the variety of features and what they do. As you learn and start to zero in on the type of trading that you want to do then you will know about the tools that can help you with your style of trading.
- There are a lot of free resources online to learn from but many people prefer to learn from a mentor, others like to figure it out themselves.
- Peter's advice to focus on one thing and learn it well is good advice but you also need to allocate a portion of your time for broadening your trading and market knowledge. The markets and trading is a big wide world to explore and you need to know what particular part of the market that you are targeting so that you understand how to do it.