Reliable Charting Software

Having a reliable charting software is important when it comes finding the right entry and exit points when trading. Most traders that I know use more than one charting software. So do I.

I actually use two charting software; Why do I need two? One is for long term charts and for scanning through the list of charts to find the right day to enter the trade. The other is to get a Candlestick confirmation for the by using Nison Candle Scanner and to read the intra-day charts better. I enter only trades that have a compelling entry point on both of the charting software

I use 2 charting software:

- The free NinjaTrader software for short-term range. The free version of NinjaTrader is a simulation software. Here I have integrated Nison Candle Scanner. I paid about $1000 for lifetime access. This software applies all the different Candlesticks onto NinjaTrader or MetaTrader charts for easy confirmation of entries/exits

I easily find the exact entry or exit point, based on daily and intra-day charts on the Ninja Trader charting software.

Here is a snapshot of the NinjaTrader chart with Nison Candle Scanner.

You can see that Nison Candle Scanner can be of good help to validate your trading entry/exit. Nison Candle Scanner can be used on other charting software like MetaTrader. I use NinjaTrader because it's a free, reliable trading software.

- The paid Worden’s software; TeleChart Gold / TC2000 ($299 a year). Here I set my scanning criteria based on daily charts. Scanning through all the charts I find the perfect entry point and exit points based on my set criteria.

I useTelechart on long-term charts (daily, weekly, monthly) to narrow down my list of tradable stocks to the most interesting stocks for that specific day. You can use the TC2000 part of this software for intraday charts, but I find that it is better to have two charting-systems, where one will confirm the other.

Here is a snapshot of the TeleChart Gold. I prefer the black background on TeleChart.

You can of course choose white background if you find that easier on your eyes.

I find that it is easier to read this chart on a black background 🙂

Do you really need two different charting software?

You can probably do with only one, if you have a good charting service with your trading platform (for example OptionsXpress) . However, I do prefer to have two reliable charting software that I know I can count on. I always check both before entering a trade. It is important to see the entry point from different angles before putting money at stake.

I started off with TeleChart – which at that moment didn’t have the TC2000 (intra-day charts) included in their package. I added the free Ninja Trader software because I wanted to add the Nison Candle Scanner for the accuracy of right entry and points. Nison Candle Scanner has been a great help to me. Adding the advantage of this proven version of Candlesticks to my entry/exit criteria gives me an added advantage in the market.

Use your charts - The Healthy Way!