Sep 15, 2009

Charting Software: To Pay or Not to Pay?

Ok...so I got a message from someone just now to ask me to look at this particular charting software for X dollars a month. Here's a part of the transcript (name changed for privacy reasons):

[11:02:16 PM] JLo: u heard abt XXX charting?
[11:03:03 PM] Leo: no
[11:03:05 PM] Leo: what is it
[11:03:23 PM] JLo: http://somesortofchart dot com
[11:03:31 PM] JLo: it's a charting software
[11:03:39 PM] JLo: quite good but gotto pay
[11:04:09 PM] Leo: ic
[11:04:13 PM] Leo: why do u need it
[11:05:39 PM] JLo: :)Hee... they have lots of indicator and the charting is easier
[11:05:53 PM] Leo: do u need a lot of indicators?
[11:06:04 PM] Leo: will it make u a better trader?
[11:06:57 PM] JLo: Well... (think) no
[11:07:06 PM] Leo: ok
[11:07:08 PM] Leo: there u go
[11:07:34 PM] Leo: so u can now donate 50% of the money u were planning to spend to my paypal account

There you go. Unless you have a particular need for a specific indicator that is not offered for FREE or you're trading millions of dollars, there is almost no distinct advantage of having to pay for charting software. Those available for FREE will do the job perfectly most if not all of the time.

So there you go, don't pay for something you don't need. If you insist, ask me for my Paypal account first ok?

Happy Trading!

-Leo

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