Hi all!!!
Hope eveyone is having a Pipiful day…
I was wondering what charting systems are being used especially by those trading live dough…??? I seems that having good charting is essential to having good pips …(Duh)
Free vs paid?
Anyone subscribe to any news letters or professional (used losely) technical letters? Opinions or websites- paid vs free (I like bloomberg for unbiased market news)
Just wondering where the data comes from for everone as data is key eh??
Thanks to all!!!
provided you have a system or method that only uses the most common indicators or drawing tools, then i would say you could make do with a free charting software. There seems to be a lot of people using metatrader 4 and they find no problems with it.
If you take a few minutes to search the forums, you’ll find that your questions have been answered numerous times. It’s all there for the reading.
Thanks Terry…
I know that technology moves fast so was hoping for some imput or insight on the latest and greatest…
J.
Kagein…
Thanks for th heads up on metatrader. I 've seen that mentioned in quite a few posts so will investigate…
I was planning on oipeneing up an account with Oanda and they use their own software, can you get that without having to just use a demo off someone else??
J.
Hey there,
Not sure what exactly you mean by ‘demoing off’ someone else, but Oanda’s stuff is pretty much self-contained. They use their own charts, and their demo also doesn’t expire after 30 days like some forex dealers do. You get to keep trading it for as long as you need it.
One odd thing about that is they don’t use 4 hour charts, but they have a 3 hour chart instead. Some people don’t like that, but it hasn’t caused any problems for me because that’s what I learned to trade with.
I meant that you signup for a demo account just to be ableto use their software…
As fas as Oanda, I didn’t see where you could efficiently see and monitor pivot points like some of the jpeg examples other members have shown on this forum. That’s actually what got me to open this thread…
I was also looking at any industry technical analysis letters anyone subscribed too or independent charting sites/systems as opposed to forex corporate trading platforms with tech charting/analysis…
Was not trying to make things overly complicated. In the past I wasn’t so much a tech/trader as an investor…also did a lot on bonds but that was completely different because I owned a mortgage firm for many years making money off bonds by managing/hedging the pipline…same stuff different way, not so intensive as intuitive.
Thanks!!!
Don’t try using another market maker’s TA platform and trande on a separate one. As market makers, they have different prices and the charts in one dealer do not necessarily match the price action of another one.
Oanda have their own charts, unlike Metatrader where you download the platform then subscribe to a feed from a broker ie North Finance, Alpari et al.
Great information �thanks a lot. Didn�t realize there was that much of a difference between pricing action of the various houses, used to watching treasuries or trading a paticular stock which are what they are, not sure I like that really (differences between comp’nys) but it is what it is�
Thanks also for PP info…didn’t see that on Oanda’s platform before and it is key to the system I’m putting together…
The older I get the more I learn how much I don’t know…
Unlike the industries that you’re used to trading in, the Forex market is unregulated at this point. Yes, the better brokers voluntarily registered with the NFA, but, officially, they aren’t regulators of the Forex market (yet).
That’s why you’ll find such a difference in prices and price action between brokers. You might want to read this article about the difference between Market Makers and ECN’s:
Market Makers & ECN�s, Is the grass greener?
Basically, Market Makers’ prices are made up by them. Most are (within reason) similar to the actual market, but many are total fantasy. You can see the difference by searching the forums and comparing charts from different brokers for the same time period.
Hmmmm…Just found the forum area where this is discussed in detail…
soo…uh…never mind…I guess…I’ll just be going now…
Just read that piece you provided Terry ,thanks alot. I wondered why it said “Market Order” when I made a demo trade expecting the price listed on the screen …I was used to market meaning jus that, a market order, which can get you in a hole (deep hole) lot a trouble when trading stocks most especially during any kind of news…A limit order was nomally what you used and with stocks you can see whos in waiting and how many shares they are offering at what price. The market might show the price being say $1.50 but unless you have access what you don’t see is the buck fifty guy only has 100 shares to sell and you need to dump 100,000 the closest sellers with enough shares to cash you out might easily drive the price (assuming your short) as much as 5% or more higher … (I’ve had this little senario for real as I’m sure many of us have)
So…I’ll uh…quit talking now…
Good stuff thanks!!
J.
