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Author Topic: Tools and software applications for beginners  (Read 8639 times)

chrisdebeer

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Tools and software applications for beginners
« on: May 15, 2014, 12:15:45 pm »
Hi,

I have been monitoring and doing research on trading with shares for almost 6 months now.  Since I started I have been harassed by these software companies trying to sell their share trading platform almost weekly. The one is better than the other.  I currently use moneyweb and sharenet to monitor the shares I selected.

Before I start trading in about a years time I want to get the feel of it and make an informed decision.  I do except their are risks and one of them will be my own stupidity/lack of knowledge/ignorance.  Do I have to buy one of those applications and/or are their any alternatives.  Note: I do not want to trade in Forex, only in South African Companies.

Where do I start and would you recommend training courses or seminars?

Thanks
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Nios

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Re: Tools and software applications for beginners
« Reply #1 on: May 15, 2014, 05:43:30 pm »
I'm keen to hear what the active day traders here use too.

I believe MetaStock and AmiBroker are the preferred choices, with a data subscription from Investor Data.

But, the most logical question in my mind, and a question I've asked myself too, is whether it's all necessary with whats freely available on the web and what you'd get with some of the brokerage companies you choose to partner with? If you're going to day trade and sit glued to your screens every minute of the day perhaps. But I doubt it's warranted if you're going to only do a few investment trades p/m for the long term investing on end of day prices.

Here's what I'm currently using to learn, look at charts etc.

Www.bigcharts.com
Www.reuters.com

And what I've just started using www.google.com/finance. Really like this one as has a lot of historical end of day data for the shares that are available. Setup up portfolios, track individual performance and total portfolio perfromance,do cash deposits etc. It also charts the total portfolios performance with the cash deposits. Only down side is some share data isn't available yet. Perhaps will get resolved, but it looks like the majority is there.
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chrisdebeer

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Re: Tools and software applications for beginners
« Reply #2 on: May 16, 2014, 12:50:00 pm »
Thanks for you response Nios.  I will definitely try your recommendations.  Yes it would be interested to hear what the day traders have to say, I think some traders have paid the price for making bad decisions, but if they are willing to share is another story.
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Snakepit

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Re: Tools and software applications for beginners
« Reply #3 on: May 18, 2014, 06:57:29 am »
While we are on this subject. Do any of your charts allow you to add a Moving Average to your RSI indicator?
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Nios

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Re: Tools and software applications for beginners
« Reply #4 on: May 18, 2014, 06:40:42 pm »
Not sure what you mean by that, but you are able to add MA's to the charts. On bigcharts.com you can add a max of 3 MA's, be it SMA's or EMA's. Google finanace allows more than 3. Reuters only allows one. Google looks like the best at this point. Im currently back testing, trading the Satrix Indi, Resi and Fini using a 15,30 and 60 day EMA's based on Simon Browns updated lazy trading system off justonelap.com.

What do you mean by adding a MA to RSI indicator?
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Snakepit

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Re: Tools and software applications for beginners
« Reply #5 on: May 20, 2014, 04:19:44 pm »
Some software allow you to put a MA directly on the RSI indicator. I am not talking about the chart. Take a 14 period RSI indicator and put a 6 period MA on it. Here is an example. Look what happens when the RSI crosses the MA. Yes this is a futures chart but it gives you an idea. I would like to test this on shares.
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