Does Integrated Charting Software Really Make A Difference For Traders?

0 comments, 03/05/2024, by , in General

Learning how to trade on the financial markets used to be a laborious process of trial and error; even experienced traders could lose money as a result of simple oversights. Professionals would dedicate time and money to gathering information and manually charting it, and that information was often out of date!

The advent of charting software, even when it was rudimentary, was a huge leap that allowed the average person to take more control of their portfolio. These days, many brokers have their own charting tools, or allow standalone charting tools like TradingView to integrate with their platform… but does it really make a difference?

What Is Charting Software?

Charting software is essentially a tool that allows traders to gather, collate, track, and compare information in a way that makes trends apparent and visible. There are many different options, but the best use real-time data and offer personalization options.

Ostensibly, the purpose of software like this is to inform its users and make sure that they have everything they need to understand the financial market and make educated decisions.

Is Charting Software Really Useful?

The question every trader has to ask when it comes to a new tool or program is simple: is this useful? Or more specifically, is this useful to me?

The truth is also simple; software like this is only useful if you take the time to understand its features and the information it presents.

Software like TradingView can be complex; it often has many advanced features and the information it is awash with can be confusing. So, if you intend to make use of tools like these, we recommend you invest some time in getting to know what they offer.

Once you understand the software, however, charting tools are invaluable. There’s simply no way to gather and analyze the same volume of data manually, and when it comes to trading, reliable data and readable patterns are your best allies.

Brokers That Have Integrated Charting Tools

If you’re ready to dive into the wide world of charting software, it’s a good idea to find a reliable broker that either has charting tools or allows integration with independent charting tools. Sites like FXList are a great place to start looking for brokers, but we have done some legwork and found three reliable brokers with charting tools.

  1. Pepperstone:

As well as being compatible with charting tool TradingView, Pepperstone has no minimum deposit requirement, is fully regulated, and has a copy trading feature for hands-off traders who lack the time to oversee their own portfolio on a daily basis. They also have great education and research tools, which make them a great choice for beginners.

  1. Vantage:

Vantage does have a minimum deposit requirement, but it is accessible low at $50. They have partnered with charting software TradingView and have educational and market research materials to help you make use of it.

  1. SpreadEx:

SpreadEx is undoubtedly the best choice for spread betting, but it also has advanced charting options and analytical tools. They have no minimum deposit requirement, and offer a range of instruments.

These brokers are reliable, trusted, and fully regulated, but there are other options out there. Whatever broker you choose, remember to keep your goals in mind and don’t risk what you can’t afford to lose!

 






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