The 7 Best Tools for Charting
If you are an investor or trader and you require a chart to visually see the price action, a solid charting system is of paramount importance. I’ve covered the 7 best charting software that I’ve experienced, used, or heard of. Each charting software is a stand-alone program. Meaning, they are not built into a broker like StreetSmart Edge from Charles Schwab or the amazing platform on TOS.
- TradingView.com: Easy to use, great social component, amazing charting applications, ability to write trading scripts, this site has it all. Browser based, can be used as long as you have internet.
- freestockcharts.com: You get what you pay for. A lot of ads, decent charting but a great way for those who are brand new to trading to tiptoe into the world of technical analysis.
- TC2000: Just an animal of a software. Has a wild amount of add-ons and features. Just got simulated paper trading added and is very popular with my Canadian traders. It’s also not insanely expensive.
- VantagePoint Software: Created more for the longer term swing trader, this is the Bentley of charting. I mean that in every essence of the term. Quality all around and a price tag to match.
- Trade Navigator: I used this software for years. It only works on a PC. It’s insanely robust, has a wonderful simulated charting and back trading feature. Looks great, and feels great if you’re a PC user. Like a lot of software, you can get it for free, but you’ve got to pay for good data. And it can be pricey.
- MotiveWave: A clean, easy to use software. Its data can be free, but I’ve had reliability issues with it in the past. It’s easy to download, has numerous updates, and their support team is thorough, but a bit slow at times.
- NinjaTrader: If TC2000 and NinjaTrader could grow legs and arms and fight it out for 12 rounds, I would watch that! NinjaTrader charting is a supreme leader in the industry. With an insane amount of add-ons, features, collaborations, upgrades and partnerships, this software has it all. Granted, it’s huge and takes a while to learn. Almost has “too many” features. It has incredible functionality, though.
That about sums it up for me! Keep in mind, a charting software (regardless of which one you use) will not make or break your trading game. I know traders who make gobs of money using free, easy, and basic charting software. And I’ve known traders who have blown fortunes trying to chase trends using wildly expensive, flashy, and cool software.
Trading still comes down to risk mitigation, knowing how to build a plan and following that plan. A charting tool, company, website or software is crucial for sure, especially if you plan on day trading. Day trading is 100% about technical analysis! And in technical analysis, you have to see what you’re trading.
That gives me an idea for the next article. Stay tuned! Until next time friends, remember – love life, live life, and trade it!