These are TWO distinct subjects.
- Forex Broker (who handles your transactions and keeps a record of them)
- Charting Package (a tool that fits your personality)
Okay, here's a radical idea: you DON'T have to use your forex broker's charts. Radical maybe a stretch but from what we gathered most people use (atleast for the lack of creativity) the broker's charting package.
Between your broker and charting package - your broker would be the first one you'd boot (let go) - then your charting package.
Yes! its important to have a reliable broker - who has enough NET assets that allows the brokerage to liquidate your account easily.
However, your charting package is the "DECISION MAKER" - you make your decisions based on what the charts are showing you and your ability to read them correctly.
It is VERY important to get a charting package - which has atleast a few of the following:
- Tools that you know you need (will use).
- Tools that you MIGHT want to use in your back-testing
- Tools that generate "alerts" when needed - for example, you might have drawn what you think is an IMPORTANT support or resistance on the chart - what good is it gonna do you - if it doesn't "ring a bell" when the market hits that price? - maybe your in the other room - or maybe you on the same computer reading an interesting article about Obama vs McCain (?) - shouldn't your charting package "alert" you of a moving market?
- I personally would prefer a package that would alert me a few PIPS - BEFORE my support or resistance is hit - either it can make noise on my computer or send me a text message - so far, I am yet to realize this joy in my life.
- You also need a charting package that doesn't use much of your computer's resource - who wants something that freezes up your computer every now & then?
- Last but not the least - you will need something that you "enjoy" or atleast "tolerate" looking at - that's only achievable if the charting package allows you to change backgrounds, candlestick colors, trendline, channel colors etc..
Prepare a list of "what my charting package SHOULD be" - and then compare it with what's available. Take them for a test drive - almost all of the package subscriptions can be taken for a test drive - just make sure to cancel them (if you don't like it)
Forex Brokers on the other hand - the only test drive you can do - is use their demo accounts - and "feel" their trading platform and execution.
All the best in your setup.
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