Did you know that "free stuff" can actually be quite expensive?
Let me explain:
A few days ago we started our Live Trading Chat Room. In this room we are trading several markets using a simple day trading strategy. In order to trade this strategy, you need to have a charting software that fulfills the following three criteria:
You must be able to plot the Bollinger Bands on your charts,
You must be able to plot the MACD study on your charts and
You should be able to display tick charts.
In the past couple of days I have been answering dozens of emails from traders who told me "I use XYZ software and I can't display tick charts. I don't want to use any other software, because the one I am using is free".
Ok, help me understanding: You want to make thousands of dollars each month with day trading, but you do not want to spend $100 on a decent charting software?
You might have heard the saying "Trading is a zero-sum game". If you want to buy a stock, a commodity or a currency then somebody else has to sell it to you. In some markets this might be a market maker, but most of the times it's another trader.
So if you buy and prices are going up and you win, then the trader who took the other side of your trade loses. Admitted, he could be trading in a different timeframe and while you are taking profits he's still in the trade and just experience a drawdown, but for the sake of simplicity let's say: If you win, then the person who took the other side of your trade loses and vice versa.
So you want to play what they call "the game of games" and you play it to win. You are trading against the brightest minds in the industry, equipped with the best software and hardware, using multiple monitors, $800 chairs, ergonomic desks and lighting so that they don't get tired, a blazing fast internet and data connection.... and then there's you with your free charting software that can't even display tick charts.
Who do you think has better chances of winning the game?
Disclaimer: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. Any opinions, news, research, analyses, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. Forex Capital Markets LLC. will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
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