What's a good technical analysis program for a beginner?

[darkhorse70]

I know it's probably been covered a million times so sorry in advanced but can anyone recommend a basic technical analysis program which allows you to create your own charts using basic formulas such as EMA, oscillators etc. Ive only started reading a couple of books about the stock market and have been playing the asx game so im still a nooby and trying to figure out everything. So far i feel like im gambling as im not basing my purchases on any real data except for the highs and lows of the price movement etc and a few fundamental reasons although ive made like 3k with that strategy so its motivating. Any how as my question stated if any one can give me a reasonably beginner friendly program which costs $300-500 id really appreciate it. Studying business at uni and am really enjoying economics and finance so hopefully it'll give me a better understanding of whats going on. Thanks in advance, I searched for a while but there's to much crap to filter through to get a decent answer.

Pat

 

[tech/a]

Re: Whats a good technical analysis program for a beginner?

I know it's probably been covered a million times so sorry in advanced but can anyone recommend a basic technical analysis program which allows you to create your own charts using basic formulas such as EMA, oscillators etc. Ive only started reading a couple of books about the stock market and have been playing the asx game so im still a nooby and trying to figure out everything. So far i feel like im gambling as im not basing my purchases on any real data except for the highs and lows of the price movement etc and a few fundamental reasons although ive made like 3k with that strategy so its motivating. Any how as my question stated if any one can give me a reasonably beginner friendly program which costs $300-500 id really appreciate it. Studying business at uni and am really enjoying economics and finance so hopefully it'll give me a better understanding of whats going on. Thanks in advance, I searched for a while but there's to much crap to filter through to get a decent answer.

Pat

Pat you can get basic stuff on Yahoo free
But best by a mile for value is Amibroker if you want something you'll grow into.


http://www.amibroker.com/


Ill see you on the dark side!

 

[pixel]

Re: Whats a good technical analysis program for a beginner?

I know it's probably been covered a million times so sorry in advanced but can anyone recommend a basic technical analysis program which allows you to create your own charts using basic formulas such as EMA, oscillators etc. Ive only started reading a couple of books about the stock market and have been playing the asx game so im still a nooby and trying to figure out everything. So far i feel like im gambling as im not basing my purchases on any real data except for the highs and lows of the price movement etc and a few fundamental reasons although ive made like 3k with that strategy so its motivating. Any how as my question stated if any one can give me a reasonably beginner friendly program which costs $300-500 id really appreciate it. Studying business at uni and am really enjoying economics and finance so hopefully it'll give me a better understanding of whats going on. Thanks in advance, I searched for a while but there's to much crap to filter through to get a decent answer.

Pat

Hi Pat, and welcome to ASF

Try this site: http://www.incrediblecharts.com/
The program itself is really beginner-friendly (IMHO, but I'm not a beginner.) It's also expansive without being expensive. In fact, the program is free, and you can get Intraday data (though not fully real-time) for a few bucks a month.
The site also has a really good education section that covers all indicators. My only word of caution is: Don't go overboard with indicators. Many of them "measure" the same thing and only present it in a different format. Then it's very easy to be fooled into thinking "Hey! All of these agree, so I really can trust that I'm onto a good thing."

 

[tech/a]

Re: Whats a good technical analysis program for a beginner?

Hi Pat, and welcome to ASF

Try this site: http://www.incrediblecharts.com/
The program itself is really beginner-friendly (IMHO, but I'm not a beginner.) It's also expansive without being expensive. In fact, the program is free, and you can get Intraday data (though not fully real-time) for a few bucks a month.
The site also has a really good education section that covers all indicators. My only word of caution is: Don't go overboard with indicators. Many of them "measure" the same thing and only present it in a different format. Then it's very easy to be fooled into thinking "Hey! All of these agree, so I really can trust that I'm onto a good thing."

Yeh forgot that---good start.

 

[burglar]

Re: Whats a good technical analysis program for a beginner?

... I searched for a while but there's to much crap to filter through to get a decent answer.

Pat

https://www.aussiestockforums.com/forums/showthread.php?t=25776

 

[darkhorse70]

Thanks tech, pixel and burglar. Ill have a look at all those options. That makes a lot of sense pixel. Right now everything seems very complicated but hopefully ill learn from my mistakes and everything will eventually look more clearer ONE day haha. For now i think this will be a good first step into analyzing why prices move up and down physiologically at least. Burglar thanks for that i knew if i searched hard enough id find it but i was to lazy haha. And tech i shall see you on the dark side haha.

 

[tech/a]

Thanks tech, pixel and burglar. Ill have a look at all those options. That makes a lot of sense pixel. Right now everything seems very complicated but hopefully ill learn from my mistakes and everything will eventually look more clearer ONE day haha. For now i think this will be a good first step into analyzing why prices move up and down physiologically at least. Burglar thanks for that i knew if i searched hard enough id find it but i was to lazy haha. And tech i shall see you on the dark side haha.

Ill try and help you out here.
But what I'm about to pass to you may not make a lot of sense right now.
One day it will and when it does you'll know your on your way.

Markets move due to Supply and Demand.
Markets wont rise unless

(1) Supply is exhausted
(2) Supply dries up to the extent that demand exceeds supply.

Markets wont fall unless

(1) Demand is exhausted
(2) Demand dries up to the extent that supply exceeds demand.

Simple as it seems technically you now have to find the analysis which will INDICATE this is ABOUT to happen
So you can ANTICIPATE your trading---Entries AND Exits.

Once you can anticipate trades you MUST learn.
Trade and or Portfolio Management in which controlling of Risk is
encompassed.

Then you may well stick around with me/us on the dark side.!

 

[CanOz]

Then you may well stick around with me/us on the dark side.!

lol, Tech have you joined a Prop Firm?:vader:

 

[tech/a]

lol, Tech have you joined a Prop Firm?:vader:

Nooooo.

 

[havaiana]

I never really used a specific method of TA myself, but after stumbling across a couple of awesome posts on here by motorway a couple of months ago, he was kind of explaining clearly part of what is going on in my head better than I had ever been able to put into words. That made me look into some wyckoff stuff. Although I still don't use wyckoff I think the concepts could have saved me a lot of time if I had started on it.

Agree with tech/a post too

 

[skc]

I never really used a specific method of TA myself, but after stumbling across a couple of awesome posts on here by motorway a couple of months ago, he was kind of explaining clearly part of what is going on in my head better than I had ever been able to put into words. That made me look into some wyckoff stuff. Although I still don't use wyckoff I think the concepts could have saved me a lot of time if I had started on it.

He posted some "awesome" stuff on GCN last year.
https://www.aussiestockforums.com/f...t=11032&page=9&p=697902&viewfull=1#post697902

 

[darkhorse70]

Tech that makes complete sense. I understand the whole market supply and demand from uni but yea as you said you gota find out when thats going to to happen. I have to also learn to come up with a screening measure to pick stocks which are going to rise or even be the most volatile. The funny thing is ive read a couple of good books but as soon as you start trading you forget everything you read. I have to start using my journal to monitor all my reasons for buying etc so i can drill into my head my mistakes and such. Its also funny how successful traders all have different methods, risk management so i guess i have to find something i'm comfortable with. Havaiana i read a good book by alexander something who explained alot of technical analysis stuff and it made alot of sense to me so Id prefer to use more technical stuff than fundamental atm anyhow that is. Thanks alot for the feedback

 

[Trembling Hand]

He posted some "awesome" stuff on GCN last year.
https://www.aussiestockforums.com/f...t=11032&page=9&p=697902&viewfull=1#post697902

Ha! good one I had no idea that was going on. Really awesome.

 

[havaiana]

He posted some "awesome" stuff on GCN last year.
https://www.aussiestockforums.com/f...t=11032&page=9&p=697902&viewfull=1#post697902

oops, I didn't come across those ones

 

[Valued]

Ill try and help you out here.
But what I'm about to pass to you may not make a lot of sense right now.
One day it will and when it does you'll know your on your way.

Markets move due to Supply and Demand.
Markets wont rise unless

(1) Supply is exhausted
(2) Supply dries up to the extent that demand exceeds supply.

Markets wont fall unless

(1) Demand is exhausted
(2) Demand dries up to the extent that supply exceeds demand.

Simple as it seems technically you now have to find the analysis which will INDICATE this is ABOUT to happen
So you can ANTICIPATE your trading---Entries AND Exits.

Once you can anticipate trades you MUST learn.
Trade and or Portfolio Management in which controlling of Risk is
encompassed.

Then you may well stick around with me/us on the dark side.!

There are also very reasonable arguments against this entire proposition in this post. There are strong arguments that markets will move for reasons other than supply and demand (although supply and demand is the text book explanation for market prices).

The truth is, if you are good at any one approach you can likely make money. The difficulty is two fold. Firstly, what strategy is the easiest to execute and secondly, what one creates the most profit?

I don't have the answers. However, it's good to read widely. Even if you think a particular strategy is incorrect, I think it's of great benefit to understand why it is incorrect. Similarly, if something is working, you should aim to understand why it works. If you do not understand why it works in the long run, you will lose confidence in the system if you take a loss. I lost a lot of confidence at poker after a 70k hand breakeven stretch since I just did not understand the game well enough to know if I was playing profitably (despite it being quite common to experience a 100k break even stretch).

 

[tech/a]

There are strong arguments that markets will move for reasons other than supply and demand (although supply and demand is the text book explanation for market prices).

Id be very interested to see any argument contrary to the statement.
A few nights ago there were some ballistic missile tests in the Mediterranean
markets (plummeted momentarily).
Supply swamped demand------
In 2008 Credit Default Swaps went off like fire crackers.
Supply swamped demand in fact demand dried up.

The Fed pumped billions into the economy confidence and demand returned and supply dried up---- prices rose.

Looking forward to some forward reading.

 

[Valued]

Id be very interested to see any argument contrary to the statement.
A few nights ago there were some ballistic missile tests in the Mediterranean
markets (plummeted momentarily).
Supply swamped demand------
In 2008 Credit Default Swaps went off like fire crackers.
Supply swamped demand in fact demand dried up.

The Fed pumped billions into the economy confidence and demand returned and supply dried up---- prices rose.

Looking forward to some forward reading.

I am a lawyer, not an economist, so I am not sure if I would be any good or very credible giving arguments to both sides of the coin on this issue. For a reasonably concise argument that markets are more than supply and demand, read Taming the Lion by Richard Farleigh. It's only 6 bucks on Kindle.

Richard isn't saying that arguments arn't driven by supply and demand, because they clearly are, but rather there are other reasons for why a market price may change and that when these inefficiencies occur, you can take advantage of them. He was referring to all markets too including currencies, futures, options etc.

I am not sure what is correct, I just wanted to stress the importance of reading a variety of material out there.

 

[tech/a]

I am a lawyer, not an economist, so I am not sure if I would be any good or very credible giving arguments to both sides of the coin on this issue. For a reasonably concise argument that markets are more than supply and demand, read Taming the Lion by Richard Farleigh. It's only 6 bucks on Kindle.

Richard isn't saying that arguments arn't driven by supply and demand, because they clearly are, but rather there are other reasons for why a market price may change and that when these inefficiencies occur, you can take advantage of them. He was referring to all markets too including currencies, futures, options etc.

I am not sure what is correct, I just wanted to stress the importance of reading a variety of material out there.

Arbitrage more than likely and beyond the scope of most here

 

[darkhorse70]

late update but i went with incredible charts. been using it for 5-6 weeks. ive learnt heaps but ive got a million more questions and it feels like my brain is melting from so much stress even though im only playing the asx game. haha just a roller coaster full of emotions but its fun when your prediction is correct and the unlimited possibilities trading can offer if your good at it. anyway thanks for the feedback. peace out peeps