In our prior post about trading platforms (read here) we mentioned three free trading platforms which beginners can get their hands on through multiple brokers.
In this post, we will build on the previous article by introducing some cost-effective charting software to aid in your analysis and decision-making.
From user-friendly to advanced proprietary charting and trading packages, we will discuss two software’s every growing trader should look into.
TradingView
Founded in 2011, Ohio, TradingView is an online, cloud-based portal for traders, investors and analysts to analyse and research financial markets. The HTML 5 online charting package offers broker and trading terminal integration, technical and fundamental analysis capabilities, advanced charting and a host of community related tools that include sharing ideas and advertising.
This large service offering along with competitive pricing has given TradingView a leading edge and has possibly created the largest online community of retail traders.
Features & Benefits
One of the distinguishing features of TradingView is its community. TradingView consists of over 3 million active users and on average, 3,300 new users join every day. On average, 1,400 new public ideas and 1,250 new chart snapshots are shared on a daily basis. This results in constant trading ideas, updates and analysis. You are sure to find something that suits your style if you do not analyse the markets yourself.
In terms of charting and technical analysis capabilities, TradingView comes along with a large library of tools to aid in decision-making. TradingView offers over 10 charting types, multiple chart layouts of up to 8 charts on each browser tab, over 50 drawing tools and over 100 technical indicators.
The enormous range of tools available is one of the many reasons TradingView is favoured over platforms like MT4 and cTrader. Whatever tool you require, TradingView is sure to have it. For fundamentals, TradingView comes complete with real-time news, economic calendar, earnings calendar and a splits & dividend tracker.
Customisation in TradingView is also very strong. Users have the ability to edit just about anything on their charts. In addition, the ability to use freehand drawing tools really puts TradingView ahead of the competition.
Moreover, for those wanting to code their own indicators and strategies or back test custom scripts, TradingView makes use of Pine Script, a JavaScript based language. If you are someone who can’t code but want a custom indicator then do not worry. There are over 8000 custom indicators created by TradingView members that you have access too.
Traders can also connect their TradingView account with a supported broker and place trades right from their charts. If you practicing a new strategy or learning about the markets then TradingView also provides a demo account for you to learn on.
In addition, members have access to thousands of financial assets. Analyse and trade stocks, futures, equity indices, FX, ETF’s, commodities, bonds, interest rates and cryptocurrencies. You can choose from over 50 exchanges and select the markets that are right for you. However, tradeable assets really depends on the broker connected.
In terms of pricing and packages, TradingView provides a choice between 4 different packages. The basic package is free and is what you gain when you sign up. The other three packages are Pro, Pro+ and premium. The premium package is the most powerful out of the three.
You have the option to pay on a rolling monthly contract or pay a single yearly or single two yearly fee, with the latter being the most cost-effective. On a monthly basis the premium package costs £45.98, the yearly contract is equal to £38.31/month and the two-year contract is equal to £30.64/month.
Finally, TradingView is completely Cloud based. This means no matter where you go, your charts follow. Find trading opportunities whilst on the train, holiday or even whilst in bed.
Disadvantages
TradingView doesn’t have many negatives and that is probably why it is so popular. However, potential members should know of some issues.
Members must pay for some basic features like multiple chart layouts and different chart types. You must upgrade from the basic package to use of more than three indicators on a chart, to save more than one chart and even to use TradingView on more than one device simultaneously.
For those wanting complex technical tools like Market Profile® & Composite profiles then TradingView lacks these features. Finally, for those wanting to trade on the options market, TradingView does not support this.
Conclusion
Overall, TradingView is powerful. Much more powerful than MetaTrader and cTrader. It outshines many broker-based systems. From a pricing standpoint, TradingView even outclasses some well-known charting packages. Every beginner trader should at least try the basic package. From there, you may upgrade to one of the packages that suits your needs. TradingView keeps it simple. They have not overcomplicated the layout and that really adds to the overall feel of the portal.
Quite simply, TradingView is definitely worth a try.
Sierra Chart
Sierra Chart has been around since 1996 and is an independent, professional trading & charting platform for both retail and professional clients. Sierra Chart provides clients an efficient, fast and robust platform for their trading and analysis.
Their platform offers broker integration, advanced technical analysis & charting capabilities and complete Depth of Market functionality. The platform supports all financial markets including futures and options.
Features & Benefits
Sierra Chart provides a whole host of features as standard and this is probably why so many traders, investors, analysts and professionals love it. SC (Sierra Chart) provides its clients a high performing product, which can handle all sorts of demanding tasks at the same time as being less stressful on your computer system.
One of the standout features is its technical tool library. SC provides its client over 300 technical studies and indicators. Just like TradingView, all their drawing and commentary tools, indicators and studies are fully customisable. Moreover, SC offers 18 different charting types, suiting potentially all different styles of trading. It also includes advanced TPO Profiles & volume profiles all for a very competitive price.
Many high-end software’s provide profile features at a hefty price. Sierra has managed to provide many tools at a massive discount-something that is very attractive to new traders.
Sierra Chart also offers advanced alerting and over 30 different types of order execution. Furthermore, there is support for coding, compatibility with Excel and back testing functionality.
Another great feature about Sierra is that it provides historical and real-time, including detailed intra-day, FX, CFD and cryptocurrencies data without having the need for an external data source. For trading, a supported UK broker would need to be connected to the platform.
This all boils down to the price. Sierra Chart only leases their product out to clients. You have a choice between two packages as well as having a choice between a monthly, 3 month, 6 month and 12-month contract.
For their most advanced package (called Service package 5) Sierra Chart charges £27/month. A 3-month contract offers a 12% discount and costs £72.89 (equivalent to £24.30/month). A 6-month offers a 24% discount and costs £125.91 (equivalent to £20.98/month). Finally, a 12-month contract offers a 34% discount and amounts to £218.68 (equivalent to £18.22/month).
These prices are one of the best on the market for a professional trading platform. Over the many platforms I have used and researched, Sierra offers one of the best prices for such a strong and detailed product. In terms of value, it is potentially the best.
Disadvantages
Sierra Chart is full of features; so full that it isn’t easy to use. In addition, there aren’t any actual manuals created by Sierra to make the learning process easier. You can find some video tutorials online from brokers that are dedicated in using their software but these are still limited. It would be nice to have a video series from Sierra highlighting how to use the software like Updata.
Furthermore, the Sierra website could be clearer. The website is confusing and isn’t easy to navigate when confronting it for the first time. This isn’t a big problem but could be annoying for some new users.
Conclusion
Sierra Chart is possibly the best ‘value for money’ trading platform and is cheaper than TradingView. Not many retail traders in the UK have heard of Sierra Chart and honestly, they could be missing out. It’s like a hidden gem. A professional financial trading software that is packed full of features, has a great online community and is competitively priced is not easy to find these days. Though there are some inconveniences, they are overshadowed by the pure power Sierra brings to your trading. Every trader, investor or analyst that is looking to grow should consider this trading package.
Conclusion
In this post, we have briefly discussed two trading platforms that are cost-effective for new retail traders. Selecting the correct one really depends on your trading style.
If you require advanced techniques and want to plug in multiple professional feeds then Sierra is what you should look into further.
If you like using your charts no matter where you are and do not require any advanced tools, then you should choose TradingView.
Both are great and you cannot go wrong with either. TradingView and Sierra Chart also provide trials to their products so you can try before you buy.
