“Special FX” Charts – What Are the Best FX Charting Software Packages?

For almost every trader, charting software is a key component to doing business. Forex traders are no exception. Without a good chart, it is impossible for most of us to get our arms around the market’s big picture when determining our next move. So for the forex trader, what is the best charting software?

As with so many pieces of the trading puzzle, there isn’t a single clear answer. Each of us will have different criteria by which we determine the charting software that best serves our FX trading business. However, without a clear idea of what those criteria are we stand a good chance of choosing a product poorly. The following is a strong set of questions I have found it useful to ask when determining which charts to use in my trading:

  1. Which forex broker do you trade with? This might be the single biggest component when determining your charting software. Every brokerage offers charting software (at least, I’ve yet to run into a broker which doesn’t), and some of the software is really quite good. If the broker you are trading with offers a charting package you find unacceptable, you have two primary paths of recourse. You can change brokers (not a big deal, but it is a bit of a hassle), or you can use 3rd party software to chart and continue trading through your current broker.
  2. Do you want to ‘trade on the chart’? Personally, I’ve never found this compelling. Sure, it is convenient to simply click a spot on the chart and enter an order to trigger there, but for precision order entry (which my own trading plan requires) is more of a hassle for me than just typing in an entry through my broker’s standard trading window. But if you are comfortable with a simple point/click/trade functionality and an order entry that is ‘close enough’ really is close enough, this could be a useful feature. Particularly if you trade in an environment which demands lightning quick action, this ability could be a deciding factor.
  3. Price. Obviously, paying a monthly fee for your charting software represents an additional cost of doing business. Some of these premium (meaning ‘not free’) programs are quite good, but usually the only improvement over a free charting package you’ll see is the addition of a few additional technical indicators. Unless your trading system absolutely depends on such a special indicator (or the capacity to program your own indicators, as with Tradestation or eSignal), this additional expense is probably unnecessary.
  4. Trade automation. Prior to the advent of Metatrader and it’s Expert Advisors there were only a small handful of charting software which provided trade automation. One of my favorites (and still is) is VT Trader. The charting software is very good, and activating a simple trading system is not complicated. If you are comfortable (and that is a big ‘if’) walking away from your computer while it trades your money behind your back, either VT Trader or Metatrader can provide good options. (But please, PLEASE let any system you implement paper trade for a while prior to using it real time).

So we can see that one size does not necessarily fit all FX traders when it comes to charting. But here are three packages that I use regularly:

  1. PowerCharts – you can find this software at http://www.dailyFX.com (click their ‘charts’ tab, to find multiple FX charting packages, both free and premium).
  2. FXCM – this is one of my brokers, and the charting package is fine. I have the option to trade on the chart, though I rarely exercise that option.
  3. VT Trader – this is the beefiest of the forex charting packages I regularly use. It has a nice set of indicators (unavailable in the other two I use), as well as the ability to program very simple trading systems.

Don’t take any of these as particular endorsements. There are quite a few FX charting packages out there; you owe it to your own trading business to see what will work best for you, but when you keep these criteria in mind you will certainly find the one which is right for you.

Stay timid!

Timothy

Is It Time to Ban the Organizational Chart?

One critical part of creating transparency and openness in your business is the realization that you can make your business any way you want to. And that includes banning the organizational chart.

In fact, if you take anything away from this article on designing the structure of your organization, let it be this: you have the whole world, your whole creative brain, the whole creative brain of everybody in your organization to do it your way.

The world is screaming for people to be creative with their process.

There are some things we have to do in business. We need to make money and we need to have a profit. We need to comply with certain laws and obligations. But other than that, the organizations people want to create (and work for) today are completely, uniquely theirs.

I want to show you a couple of tools that you can use which I call the Create The Company Structure of Your Dreams.

Before we get started, you should know that I absolutely hate org charts. The first time I sat down and looked at an org chart and then had to use and experience an org chart I thought I was going to shoot myself because it was such a linear representation with two dimensional square boxes. It was such a hierarchial way of looking at a business that I wanted to scream.

You know what a traditional organizational chart looks like, right? You see all these boxes and titles, lines: dotted and solid, who reports to whom, etc.

Now, to be fair traditional organizational charts do give us a little bit of an idea of what the inside of a organization looks like. But what if we scrapped that view of our organizations and went into something that was much better representation of what your organization is really like?

Let’s work with a different metaphor, one that I learned from my friend and mentor, Roger Alan.

Take an organic graph, such as one using the metaphor of a funnel. Then take all the things that feed into the funnel and show how they all interact with each other. This can show how a company really works.

When working with these metaphors and illustrations of their companies people come up with some amazingly original ideas that helps them to really have a sense of what is important, who was important, and what are the important relationships inside of the company.

This goes far beyond a simply org chart with people represented in boxes and titles. Creating your own org chart allows you to really create and implement your vision, noble cause, and your core values.

Think of the metaphor that works for your business and then create a picture of it.

Think about the roles that people have and how they interact with each other. Sure there’s the who reports to whom, but if you are creating a transparent and open company, it isn’t always a reporting to whom, it’s the relationships we have with each other. It’s the flow of work.

Lastly, think about how are you grouped and how are you linked together. And not just inside the company but with everything that interacts: customers, community, vendors, prospects, media, internet, information sources, financial sources, investors, bankers, family members. anyone or anything that significantly integrates with your company.

I invite you to start drawing your core values, vision, noble cause, and mission into the design of your business.

Don’t forget to be creative on where you put yourself!

I read a fabulous article the other day about a company who had stripped themselves of all titles. I love it, because it flattened their company and it made everybody feel more comfortable. It made everybody feel that leadership can happen at all levels. And the relationships that they were making internally, formally and informally, were powerful. I invite you to be as creative as you possibly can be. Never believe that you have to follow the rules that have come before you.

Business Development is a Requirement

There are many business organizations dealing in today’s world, and none of them are working to run losses. How is it that they survive in this cut throat market and ongoing competition? The answer to this is simple; business development programs are the ones that put any particular organization on top of the business charts.

Any and every business organization has to cope with the market that is never stable and undergoes many changes, so the basic and the most important idea is to stay up to date with market conditions. Meaning that you don’t give your consumer a chance of going to your counterpart as this might result in losing out on precious and potential consumers. So in this long process of business development you are said to communicate, administer and plan so as to have a superior business development for your firm.

A very striking and successful business management plan requires a well-planned approach towards your goal, but there may be an obstacle in your path, your stress level. Working on this elevated competitive level, an approach that is well planned will have beneficial results. The people that are working in the line of business development programs are normally people appointed professionals, managers and employees that work for company’s goals. They strive towards excellence and taking it to new heights by getting high profits for the company in this highly competitive market. However the people working in this field are often stressed and this would be a great barrier in their pathway of being highly productive. The extent of pressure and tension that this people carry is tremendous and for this they require regular stress management programs that consists of hypnosis, relaxation etc.

In a business world, stress is a must where it reflects your approach towards your goals and the amount of pressure you have taken in order to reach new heights. But too much stress will give you nothing but a reduced output.

For a stressed mind nothing is of great value t as compared to peace of mind that had been lost in the process of working till the limit. There’s only that much that anyone can push themselves till. Hypnosis can help you reduce stress levels and regain your past composure, zeal, enthusiasm and foresightedness. Alongside it will enable you to recognise new opportunities. Hypnosis is an age-old art that can help relieve of reliving a stressed mind and mould it back to perfection. It will make you creative and productive as compared to your stress prone days. Soft music hypnotizes your mind and allows it to calm down.

There is no need for you to go looking out for hypnosis treatment, as it is made available for you in the form of mp3 on the Internet where you can download the contents and use it to the fullest extent for your cause. Once you use this mp3 download content you will realize that you are as efficient as before. This way you will be able to make effective business development strategies that will have highly satisfying results.