Telechart Review
Part 1 Of 3 Telechart Review
First off a quick introduction, before i ever started trading the first piece of software i ever came across was telechart, it came recommendedthrough a seminar and that was the turning point in my trading career, education and most of all getting me into the market place to place trades.
I think telechart is one of the best peices of software ever created at an affordable price for those looking to trade or atleast get started in the markets.
It offers you more than most paper based systems, i used to use it in a paper trading fashion before i got started trading. What i would do i fi
Part 1 Of 3 Telechart Review
First off a quick introduction, before i ever started trading the first piece of software i ever came across was telechart, it came
recommendedthrough a seminar and that was the turning point in my trading career, education and most of all getting me into the market place to place trades.
I think telechart is one of the best peices of software ever created at an affordable price for those looking to trade or atleast get started in the markets.
Click Here For FREE 30 Day Trial Of Telechart
It offers you more than most paper based systems, i used to use it in a paper trading fashion before i got started trading. What i would do i find the stocks that let me scan for what i was looking for then i would simply place a note on the screen, add the stock to my watch list and print the screen out.
Click Here To Watch Telechart In Action
To me this worked out better than normal paper trading, it felt more real and i could make notes on the paper as to why i got into the trade whether it was for a options trade, a short trade, long trade or options trade.
So what Makes Telechart So Great?
There are a few options for those looking at starting trading and getting this piece of software they are the gold and platinum levels for this software package.
The cool thing about telechart is that they now have live built in data feeds from the market, so for instance when i started trading ( i had no money) i got this software and simply played around with it for about four months and also upgraded to the platinum version of telechart w
here you can see intra day trading.
I think telechart has come a far way since telechart 2000 which was one of the first versions then it was telechart 2007/ then telechart 2008
Well first off, i find the system clean, i mean that when it comes to choosing stocks with other systems there is way too much on the screens
and i feel distracted with telechart the system is clean looking.
They have money stream scan which i love and is proprietary to worden brothers, basically imaging knowing when big money and when i say big money is moving into a stock and being able to see that with an indicator?
Well you can with telechart. You can scan for literally thousands of things in telechart. I use a few, they also have videos which you can watch once you join and others which are free on how to input the scans into the system.
They allow you to scan just for optionable stocks, telechart allows you to scan for volume, bollinger bands and you name it telechart can basically do it.
The Good The Bad And The Ugly Of Telechart
Well like everything there is the good and the ugly side, the down side of telechart is that you will need to spend about 30 min’s playing around with the software, i mean who would want to jump into the market without ever first knowing how the system works?
Honestly It depends on what stocks you are looking for.
Are you looking to trade options, futures, stocks or penny stocks even forex?
You need to realise that the software is not some magic button miracle that will give your definite 100% profitable trades. There is no such thing, if there were, everyone on this planet would be millionaires. If you are willing to put the time into learning how to do scans and evaluate those scans based either on fundamental analysis or technical analysis, then i would say that you could go for telechart. Worden brothers have great software packages.
You can find optionable stocks, ETFs, Penny stocks, and various other stocks/commodity stocks. This isnt a hardcore platform, you can use it as it is and its pretty easy to edit/add some scans to the software platform. Its pretty cheap to use as well, i became fully proficient by buying wordens dvds that he sells. I bought them before i attended an option seminar as we were told to know how to use the software, so i panicked and bought all of them thinking i would be left out and since it was a $5,000 seminar i wanted to be prepared.
Anyway, after two weeks spending a few hours on the weekends for about a month i was proficient, so proficient that i knew more about scans than one of the instructors. So if you are serious and can switch off the television and put some time into learning how to trade and scan you can make money. (Though there is a whole lot more to learn and do)
Another cheap alternative for like $16 per month is stockfetcher, its pretty good but i would still go for the alternative which is the worden brothers. Investools have a good service for both stocks, forex and commodities though you have to pay i think $300 upfront for 6 months which i think is a bit steep for people just coming into this field but they do have something called big charts which shows insitutional money coming into the market, telechart also has something like this, its called money stream and you can scan for it.
If you are new to scans and charting, then i would paper trade for six months to twelve months, paper trade four stocks watch them and backtest some ideas or stratergies using technical analysis in conjunction with a few common indicators like MACD, Fibonacci, Moving Averages and ADX (There are hundreds out there.)
You should also consider learning about candlestick trading.
Hope that helps.