There are comprehensive guides that will tell you which charting software product is the best. Regardless of what these guides tell you though, it’s always best to choose a chart package that has already been around for a long time. Old products present clear benefits that might not be immediately obvious to you.
One major implication of product longevity is that the product remains useful and relevant. It’s still around because modern users still patronize it, recommend it and talk about it. Obviously, no product will remain in the market for long if no one has been buying or using it. Common sense will tell you that it is plainly illogical and costly from a business perspective to continue promoting a bad product. This is why a stock charting package that’s a bit old is worth checking.
It’s also crucial to check the age of a package because old ones usually have better and more developed support platforms. Aside from support portals being all inclusive, you can also expect them to be dynamic. The longer a product remains in the market, the higher the chances that support topics will improve or grow. This is in contrast with young packages. Initially, these may have limited support systems plus, you run the risk of losing support entirely in case the parent company drops the charting software product because of the low demand for it.
One more reason to choose long lived products is that you can expect them to have a wide user base that continues to grow. With so many users across the globe, you can easily exchange tips or insights on product use or even on trading systems and back testing. If you’re new, you can definitely feel the advantage of having so many older users who know better ahead of you. What this really means is that a wide user base can in itself become a user sustained support system. In the event that actual product support can’t offer the right answers, you can jump into the user forum or message boards and search for answers.
The broadness of the user base suggests that a stock charting package is a good focus for developers of related tools. This is to your advantage because developers who want to cash in on the next great piece of software can develop tools that can greatly improve your user experience. Usually, tools created by third party developers are back testing and data source platforms.
Anyone who seriously uses trading systems would find data sources and testers essential to trading. This is because only reliable back testing tools that use accurate data from providers can validate the effectiveness and potential profitability of a trading system. Chart products often come with their own tools. Many expert traders though prefer to use those that have been developed by other companies.
Undoubtedly, the stock market charts software that you settle for will help determine your trading success. This is why it is now more important than ever to pick a package that has passed the test of time and use it with a solid plan like the Nicolas Darvas trading system. With a lot of money at stake, you can’t afford to put your trust on a fairly new package.
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