Tuesday, July 22, 2008

Day Trading - 5 Ways You Can Make Your Day Trading Software More Pleasing to Your Eye

You have found and subscribed to a day trading package you love. Now you need to spend a few hours running through it and getting it set up so that you find it very difficult to tear yourself away from! Yes, it really does get like that. I know as I go there too.

The problem is, there are almost too many tools and sometime you can be blinded by the huge choice. But I figure that's a good thing, always better to have to many than not enough. Remember too, that they cater for all trading styles.

1. One thing I really like is being able to set up the price bars to my liking. I prefer to use the candlestick method as I think they offer more clarity than the other price indicators. They take little more than a glance. I have them set up showing blue for a price rise, red for a fall.

2. I think the screen background is useful too and prefer a white backdrop, maybe because it's rather like reading off a page.

3. I think that 3 sets of indicators are plenty, any more become too fussy and confusing for me. But you may prefer more, even just two. For me though, three's a good number for verification. Depending on your day trading software, you can set indicators up either at the bottom of the screen in a separate box, or directly over your price bars

4. If your software allows it, I find a vertical price scale at both ends of you chart is better. It's only a clarity thing, but I find it really helps.

5. Most software allows a zoom in, zoom out facility. Now this is really cool, as it allows you to "macro" analyse the finer details of where you price bars and other indicators fit into the bigger picture.

There's a bit of a taster to encourage you to get the most from you day trading software package. It can be a bit daunting at first, but I've no doubt that you'll be "surfing" your screen before you know it.