Whether you’re a seasoned pro or new to the stock market, there’s always something new to learn. Stock market trading involves skill and discipline. It’s easy during rising market times. During those periods, a monkey picking stocks with darts could make money. During the tough bear markets; you’ll see the difference between the knowledgeable investor and dart-throwing amateurs.
1. Diversify your stock. Everyone wants to jump on the bandwagon when a specific sector rises skyward but avoid the temptation. Keep your stock diversified between several sectors. What goes up must come down according to Newton’s Law of Gravity and the same holds true for stocks. During the 1998 and 1999, everyone was hot to buy skyrocketing tech stocks. The public paid huge prices for IPO’s of dot-com stocks after the bubble burst in March of 2000, the stocks plummeted. People that had portfolios of just tech stocks went from millionaires to thousandaires within a few months. A smaller, but similar loss occurred for those heavily invested in the financial sector (e.g credit cards companies and banks) in 2009.
2. Know the fundamentals. You can use the dot-net as a prime example of people buying without investigating the company itself. Thousands of shares on new issue stock, IPOs, sold in the hundreds of dollars for companies whose total value was less than $3,000.
3. Take a profit. If you want to gamble some money with a fast growing sector, don’t forget to cash in your chips occasionally. When your stock portfolio more than doubles, sell half, recoup your investment and let the rest ride. If people did that in the 1990’s most would have seen huge profits. One man turned $10,000 into a half million, only to watch it drop back to less than $10,000. Had he sold along the way, he would never have risen to that height but would have taken a modest $100,000 of profit along the way and never lost half of his original investment.
4. Avoid stock advice from unknown suppliers. Offices across America received mysterious faxes in the middle of the night offer hot stock tips. These often came from people that bought penny stocks and hyped the stock via the fax. The idea was to stir interest in a useless company, increase the price of the stock and then they’d sell their shares, leaving the new investors to ride the rocky road to loss in the stock market.
5. Know the company. Investigate the company’s management, spending and products. Some of the best portfolio managers for specialty funds try the products for the stocks they sell. If it’s stock in a restaurant chain, they eat there. If the stock is for a company that makes a new type of cleaning product, they clean house. When you know the product’s good, know they run a tight ship and have good management, the potential for a bright future increases.
No matter how well you plan, sometimes the market drops. There are methods of making money even in a bear market but for those that don’t want to spend all their time involved reading and planning, diversification is the key. Asset allocation is the key to success for those people. Keep a portion of your money in the stock market and the rest in bonds and fixed income products. The longer you have before you use the money, the more you can put into stocks.
Global Forex Trading (GFT) is a Forex trading company that provides the trading software ‘DealBook® FX 2’. GFT’s headquarters are in Ada, Michigan, USA.
I started by downloading the software from the GFT website. The trading module was 15.5Mb and the user guide 1.9Mb. The installation was straightforward. I was given a demo platform login and an account with monies to trade. Opening an account requires a Bank Transfer ($US) to GFT.
As part of the service each new client is offered one-on-one training with a GFT Technical Support Specialist. This session was booked and resulted in a 1.5-hour telephone call from the USA, incorporating a web conference.
The training session was broken up into four sections: charting, order placement, layout and configuration. The GFT specialist provided me with a live view of his DealBook® FX 2 screen and live instruction while he navigated around the software. The training session was pleasant, informative and productive.
All the layouts can be personalised and saved, with innumerable variations available. After-sales support is provided via email or phone with an online contact option being built.
The software is driven from GFT’s servers in the USA. The speed and usability is quick, professional and it is highly configurable. The in built charting capability provides any chart type, any time scale and more than 90 indicators plus a drawing capability.
A nice feature is the Dashboard. By moving the cursor up to the middle of the top of your viewing screen, a ‘dashboard’ drops down over whatever other program you are viewing. This provides a quick way of viewing a status update.
GFT offers Forex trading with some 60+ currency pairs. Some of the features of Forex are leverage (100:1), liquidity, guaranteed stop-loss and limit orders. I am not familiar with currency trading so I am not prepared to trade this instrument. Even so, I enjoyed using the software, as it was easy to use and configure.
The DealBook® FX 2 is easier, quicker and has a more professional feel than other web based trading platforms that I have used. A well-designed and well-produced product.
Intermediate Level
With DealBook® FX 2, Global Forex Trading (GFT) has created an impressive dealing platform for foreign exchange traders. It includes a complete real-time charting package, with a full array of standard indicators and drawing features. Surprisingly nimble, the software is capable of being modified to completely suit the user’s desired trading timeframe, analytical needs and even eyesight.
Careful thought has been given to ensure screen watching is made easy through the use of muted colours and tones that blink gently rather than flash neon, and with options to make it as busy or uncluttered as desired, using standard Windows operations. Screen layout can be adapted to view just those currency pairs of interest, with separate windows for orders, charts and a news bulletin, all of which could be opened, closed, and made large or small according to personal preference.
As with all complex charting packages, time and more than a small amount of computer literacy are necessary to gain a good handle on the functions that are available. However I found the time invested to be more than adequately rewarded by the impressive speed at which the program produced complex charts. The charts are complete with alarmed price alerts, potentially obviating the need for a standard charting package and a data service.
Fortunately, DealBook® FX 2 has a comprehensive and easy-to-use help function and the GFT web site is well set up to provide technical assistance, including a user manual and account opening information specifically for Australian traders.
The trading platform accommodates a complete range of orders including conditional, one cancels other (OCO) and stop orders, including the option of a trailing stop. Paperwork is easily handled with a self-generating system for statements that can be printed directly, and all funds can be held in the currency of your choice.
DealBook® FX 2 handles an extensive array of currencies, dealing in a significant number of emerging markets. On the downside, I found the spread to be reasonably wide. GFT have attempted to compensate for this by introducing an Inter-Trader Exchange feature which enables traders to transact directly, possibly achieving a tighter spread – but this attracts an additional charge. An analysis of the cost of doing business is part of any prudent trader’s business plan. Although beyond the scope of this review that is something that would warrant further investigation by interested parties.
All in all, a very impressive software application.
Experienced Level
I tested DealBook® FX 2 from GFT on my Windows XP Pro PC at home, on a no-frills ADSL connection. Browsing around GFT’s web site was easy and I had no problems finding the link to download the software and manuals. Because this package is an all-in-one charting and trading suite, I would assume typical users would invest some time communicating with GFT regarding costs and training, rather than just trying to make some charts with it. Even the thought of trading with $1000 play money on a strange new interface gave me the willies, the one month demo account was very welcome.
Installing the software was incredibly pain-free, and I was ready to log in to my demo account in no time at all. Corporate users should note at this point that a number of ports on your firewall need to be opened for DealBook® FX 2 to function – these are listed in the useful, brief, and accurate manual found on the web site. This might cramp your style if you’re planning to trade while at work. More and more organisations are becoming increasingly strict about network security and may not be willing to make firewall changes, particularly if trading FX doesn’t appear on your job description.
So, to the action. As I taught myself how to create studies from the huge list available, and set up Dawn’s favourite multiple moving averages on a 5-minute AUD bar chart, I noticed a crossover occurring right in front of my eyes. “I’m on this,” I thought, and promptly lapsed into trading adolescence, putting on a short trade immediately without even consulting the manual – or consulting anything really. To be fair to myself, it wasn’t real money and I was taking this baby out for a spin to try it out on the curves, and the point was that there was no-one else around and I could really hammer it. The end result was that the demo account soon wrapped itself around a tree and I was $945 US dollars in the red.
But by heck it was fun while it lasted. This package is very intuitive and observes most of the usual charting package conventions about right clicks and hovering etcetera. I barely glanced at the manual and had produced a series of Stochastics, RSIs, the above-mentioned moving averages, swing, candle, tick bar and Kagi charts and all sorts of ornate Fibonacci fans and DiNapoli indicators – and so on it went. I set up effective technical alerts on my charts using a very easy interface, and placing orders – at market or conditionally, with simple stop loss and profit management – was also very easy. In fact, too easy – at one point I twitched on a left click and closed out a position without intending to, which would’ve had me howling had it been for keeps. My only other gripe was the lack of point and figure charts.
Because I had such a smooth run I didn’t contact the help desk, which is based in the US and could be a problem for traders in the Eastern hemisphere, but then the FX markets don’t sleep – you’ll be awake then anyway. Trading online presents inherent difficulties, so I’d hope all users already use appropriate contingencies – in case connections fail, for instance. Downloading charts on broadband was efficient, but I wouldn’t attempt to use dialup.
A fairly relevant news service provided commentary, and the data for the major currencies available to trade tracked my G3 pager closely. One very interesting feature that I couldn’t use on a demo account is the ability to execute trades directly with other traders, thereby cutting out the middle-man and reducing margins – the idea of trading FX with a two point spread like a bank is very appealing.
Obviously, I liked this GFT DealBook® FX 2 package. It does have some negatives, but ease of use won me over. A curly decision for traders is whether you want to use GFT as a broker.
GFT Forex Response
The reviewers have done a fine job in assessing our Forex trading software, DealBook® FX 2. There were a few common themes among reviewers, including ease of use, currency pair spreads and the speed of execution of the trading platform. First, allow us to address the few criticisms that were mentioned.
DealBook® FX 2 features six types of charts: line, point and figure (P&F), bar, candlesticks, kagi and three-line break (TLB). Point and figure charts are included with DealBook® FX 2. Since the horizontal axis of P&F charts are used to measure price movements instead of time, they can only be displayed by changing the chart to show “tick” data.
The reviewers also mentioned that GFT offers wider spreads for emerging markets. While illiquidity is typically the cause of wider spreads, GFT leverages its relationships with the world’s largest banks to offer fixed spreads on its currency pairs. Our spreads do not change around the clock, are good up to a certain volume that most dealers match, and are among the tightest in the industry.
Overall we are pleased with these reviews because we have worked hard to create a very comprehensive charting package within DealBook® FX 2. When it is compared to similar products, you very seldom find this level of charting for free or inside one complete program. Traditionally, traders have had to have separate data feeds and switch back and forth, or have had to pay costly fees for charting. We feel our know-how in technology and our professional staff are the staples behind our world leadership in online currency trading. This has allowed us to build a global server capacity to support customers in more than 100 countries while hiring the most talented licensed Forex specialists in the business, all of whom offer free personalized training to all our traders.
GFT is a registered member of the Australian Securities and Investment Commission. DealBook® FX 2 is available in multiple base currencies, including JPY and Euro. AUD, CHF and GBP will be added by first quarter 2005.
Installing The Bourse software was easy, with typical computer-aided installation. The application ran slightly faster after the upgraded version (6.6) was downloaded during the review period, and there were never any problems with the program crashing. Data import was swift, especially with the use of a satellite Internet connection.
The beginners’ tutorial enables you to get started immediately, and gives a good basic introduction to The Bourse. In less than an hour it is possible to have loaded a watch list and to be performing technical analysis on your selected stocks.
Setting up and modifying watch lists was simple, and the ability to customise column headings a nice touch. However, this facility does not appear to extend to chart titles. Creating charts and applying studies is straightforward, but while there are a good number of studies available, it is not possible to apply customised studies. This may limit its use for the serious technical analyst.
Stock splits and share issues are handled properly, with no distortions in price.
Screen layout can be customised. However the standard ‘MDI’ layout effectively combines a watch list with market depth and a chart without being too cluttered. One little annoying feature is the need to push ‘request’ each time you want something to happen, rather than it happening automatically. Synchronisation of the screen is a good feature, as it lets you look at depth and chart for all stocks in a watch list.
A feature I’m not a fan of is the use of the letters ‘T’ and ‘M’ to refer to ‘thousands’ or ‘millions’ of shares on bid/offer columns of market depth. The letters make it harder to compare the figures at first glance than would be the case if the actual numbers were used.
The full list of toolbar icons and shortcuts in the back of the manual is handy, as is the quick reference guide that comes in the software box. After-sales service was excellent, but then the service team was aware that I was doing a review!
The Bourse software can be used either with end-of-day data or with live data. A nifty feature of the upgraded version is that charts automatically reflect the most recent price if using the live data feed.
Intermediate Level
The Bourse was easy to install and came with a well-written reference manual. It has technical support available weekdays during Australian business hours. For new users there is a ‘getting started’ tutorial and comprehensive help, although the help is not context sensitive.
You log in on the start page and the software fires up with a sample layout. I found I could create as many pages as I liked, firstly by getting it to look just right and then saving the layout. These pages can then be retrieved at any time to suit the different views required. For example, if you are trading different types of instruments such as equities (ASX and US), options, warrants or futures you may want to look at them in different ways. You can view any combination along with charts, watch lists, market depth, company profiles, news reports, currency cross rates and web pages. Online trading is built-in through AOT brokers.
Data is supplied exclusively by Bourse Data. However, you can customise the package and pay only for what you want. You can choose packages with end-of-day, live data, snapshot or dynamic streaming with or without ETOs. The data can be exported into a variety of formats.
Virtually all the popular indicators are included, and you are able to specify your own parameters. I found any combination could be used on each chart and saved as a style. However you cannot programme your own indicators and Bourse Scan is not included. You can specify up to eight colour choices for each indicator using a 64- colour palette. Custom toolbars can be created and moved to any edge. All windows can be synchronised to change simultaneously as you select different securities. The software also has a nice feature of remembering all your analysis lines and comments if you wish, independently for each security.
The Bourse has many advantages over browser-based packages. It is highly flexible, stable and is quick to respond. Once set up to work your way, it is quite effortless to use.
Experienced Level
Traders interact with the markets in their own ways. According to the manner in which they trade, all have different requirements of the software packages that will assist them in identifying opportunities.
For traders who use fundamental data to determine stock choices and then use technical analysis as a means of timing their entry, The Bourse provides an excellent resource. The platform is easy to use and effectively places at your fingertips what would otherwise take hours of extensive research. Minute-to-minute news from two separate sources is also available.
As a charting package, The Bourse has a couple of nice features for Gann followers, with both Gann angles and a nifty retracement measurement tool. There are a number of easily customised popular indicators, with a choice of either a logarithmic or an arithmetic scale on charts. The charts can be viewed over a variety of times from monthly to tick data. Standard charting features, like the choice between bar, candlestick and point and figure charts, are all included. However, The Bourse does not include a programming language that would enable you to define your own proprietary indicators, nor does it provide any back-testing facility. This makes it very simple to use, but limits its capacity for those traders seeking a full system design package.
Options traders will find The Bourse an excellent source of live price data. It is very easy to establish what is happening with both the option and the underlying. You can view price information through a series of open windows that can be seen simultaneously in a format of your choice. Other windows display sector performance. There is a ‘top movers’ list and a handy pull-down menu that displays market depth on a stock in real time.
As I trade mainly stocks, my personal requirements for a software package include a comprehensive scanning facility, which, unfortunately, The Bourse lacks. I understand that it is possible to purchase an add-on product called ‘Bourse Scan’, which would enable searches to be made based on both fundamental and price criteria.
The Bourse comes with a comprehensive manual and a tutorial. However, I found these hardly necessary, as simple experimentation quickly led to easy and comfortable use of the system.
In summary, I found The Bourse to be an easy-to-use software package that would be of assistance to a variety of traders with different investment needs.
The Bourse Response
It is always difficult to review a comprehensive market information and research service thoroughly in such a short time, but congratulations to the reviewers on doing such a fine job.
The first reviewer uses a satellite broadband connection and was impressed with the speed of the service. We designed the service for extremely fast delivery on dial-up access. Delayed, Snapshot and Dynamic intra-day data is transmitted only as needed. End-of-day data is stored on your local hard drive automatically while you do your research – no need to wait for downloads to finish before doing your research and analysis.
Two reviewers commented on the lack of capacity to “programme” custom indicators. We have focussed on making analysis simple – and thus more effective. Most custom indicators are covered through the 37 indicators included in the software. Practically speaking, many traders don’t want to programme at such a complex level.
One reviewer found the abbreviation of numbers with ‘T’ and ‘M’ in the market depth disappointing. Like many features in The Bourse, this is fully customisable. A right mouse-click in the market depth displays the option to use normal numbers.
As pointed out, our after-sales service is excellent. It is one of the key factors that distinguish Bourse Data. We delight in helping our customers realise the full potential of our software and services. We go further by offering cost-effective training services exclusively to our customers.
EZYStation installation was straight forward and painless, with the CD spinning itself up and depositing the package first go on both my work PC and at home, simply by following the default settings and blindly clicking “Next”. Just how I like it. The next step was a bit tricky – the Installation Guide appeared to be for version 4.40.000, and one crucial step didn’t appear when the guide said it should; the historical data supplied on the CD didn’t install as a result. When I tried to download some updates, the server quite rightly reported that there were too many updates to retrieve – about 15 years worth. Skipping ahead a couple of pages quickly provided the solution. Happily, when I did download some updates, EZYStation negotiated the work proxy server with ease.
Then, as happens with any new application, I sat staring at an alien screen for about 20 minutes, wondering what to do next. All my best guesses about where to click and where to point were fruitless. In desperation, I turned to the last resort – The Reference Manual. Not the slim and colourful Installation Guide, but the thick and weighty Reference Manual. To my delight, it was logically set out and easy to navigate, and the information was accurate so immediate results were forthcoming.
Setting parameters for studies and indicators was a little painful – right clicking on a chart gives a table of statistics where I kept expecting to be able to edit parameters this way. Instead you have to go through the menus. Once set though, you can quickly set up style sheets which give consistent settings for all your charts and not have to worry about altering numbers.
All the indicators I could hope to use were available, and other components – a portfolio manager, a stock picker, a backtester – were straightforward to use. There is also a custom indicator builder.
Being an Australian company, the EZYCompany support line is local, answered promptly and is very cheery and helpful – afterwards, I felt glad that I’d called. I didn’t try email support, as the phone support was so handy.
All in all, EZYStation did do the job for me. It took a little effort to get beneath the surface, but any problems were simply enough resolved and the phone support should see the most problematic customers fixed in no time. And once it got into it’s groove, the package was reliable, stable and smooth.
Intermediate Level
EZYStation came with a CD and an Installation Guide, which was extremely useful, and gave me step by step instructions, so that it was impossible to get it wrong.
The installation was simple, all that was required was to obtain a login and Registration Key by either emailing or calling the EZYStation’s support desk in Melbourne. It was good to have a technical support team to call on in Australia, rather than having to wait to call an international support team during their business hours.
What made the system really easy to use, once all the data was downloaded (you can download 15 years worth of data from the CD provided), was the Reference Manual. It detailed all of the features of the software using pictures and text, and explained in depth what each of the functions were and how they could be used to analyse stocks for trading triggers. Workshops are also available for those who would like further tutoring on how to use the product to trade the markets. Data is easy to download and only takes about a minute at the end of each day using a dial-up connection. As the data I was using was end of day, I experienced no problems with the applications speed and stability on my PC.
Very easy to use – once the daily download is complete, you have all the data stored on file, with which you can overlay the many charting tools in the package. The reference manual provided explains all of the charts and how to interpret them. You also have the choice of using preset parameters, or creating your own to generate signals. Some of the preset parameters are Gann cycles, Elliot counts, Time and Price, Moving Averages, Volume and much more.
The data is to be downloaded at the end of each day, and will automatically take into account any corporate actions or stock splits. Even if you haven’t logged in and updated your data for a few days or weeks, the system will remember the corporate action in the stock for your next download.
Another important part of this package is that it comes with a Trade Manager, which records all trades you make and can convert them back to a currency of your choice on a daily basis (should you be trading in off-shore markets). The Manager also provides daily fundamental data on each company tracked. The best part is that at the end of the financial year, you can get the Manager to prepare all the necessary reports.
A daily market wrap is available (up to three times a day) called EZYWrap, with which you can customize the information and how regularly you receive it. Alerts can also be sent via email or by SMS to your mobile.
Experienced Level
My rules for charting software are simple:
1. It must present the information you require in a clean efficient manner; 2. It must have a custom scanning engine that allows you to create and test your own ideas; 3. It must not drive you around the bend with idiosyncratic quirks.
If you are keen on creating and testing trading ideas using a programming language, then EZYStation might not satisfy that need. The bundled Analyser will allow you some leeway in creating scans, but these will need to be built around defined indicators such as MACD, Moving Average, and OBV.
What the charting section of EZYStation (EZYCharts) does well is to provide a useful charting program. The charts are crisp and clear, and the user interface is reasonably intuitive. There is a vast array of indicators to keep most indicator happy traders occupied for hours.
I experienced a problem with the plotting of the ATR stop loss indicator. This indicator will simply mirror price at a given ATR distance. The expression plot the close minus a given ATR multiple is inadequate for constructing a stop, since it makes no reference to an equity high from which the stop can be hung and then plateaus until a new high is made. This does not give a definitive stop loss point. This problem is rectified elsewhere in the program, where a selection of stops is offered.
In addition, this section does have some quirks, such as the lack of a right click menu to change the indicator. Also, indicators cannot be selected and deleted by simply clicking on them and hitting delete.
The EZYCharts section of the program is a solid charting program. My major concern for users is one of expendability. Program users grow in their ability to use a program to its maximum potential. In the case of the EZYStation bundle, dedicated users might outgrow the Analyser portion of the program.
EZYCompany Response
EZYStation 5 is a comprehensive trading tool. There are features these reviewers may have missed including: * Access to live price data, news, fundamental analysis and portfolio tracking at EZY online; * The ATR indicator stop-loss tool, a simple indicator preferences change transforms it into the powerful stop-loss tool. This shows where any drop in price breaks the ATR line; * The ability to build a private indexes or advance/decline lines based on GICS sectors; * Export facility for users to open reports in their favourite spreadsheet application; * Exceptional technical and development support even offering the ability to link computers to solve problems quickly.
Great for new analysts is the ability to find a wealth of information on applying trading strategies using the EZYStation; renowned authors Leon Wilson, Bill Wormald and Daryl Guppy discuss their trading tactics in their books. These are easy to read and found at any book retailer.
EZYCompany is committed to continuing to improve our great range of Australian products. Forthcoming versions can expect to have more technical indicators, more functions and greater flexibility in scanning tools. EZY even provides free upgrades for our customers.
I tested eSignal 7.6 on my Windows 2000 work PC. Straightforward information on system requirements and how to install were displayed. If you are at work, on a PC hiding behind a firewall, security restrictions allow only very restricted access. eSignal suggests that you check with your IT department that access is allowed, and if not, gives parameters to forward to your IT department so they can relax the firewall rules enough to let data through.
Installing the software package was a breeze, and so full of confidence was I that the message ‘Connection – None’ on my data-feed application caused an ego-bruising slap – what do you mean it didn’t work? Checking the documentation, I soon noticed what I should have done. It was less of an issue with the software, more of a user error; but something those considering using the package at work need to bear in mind. Thankfully the free 30-day trial gives you a good opportunity to sort this out.
Once it was up and running, I had only positive experiences with the package – no outages, fast updates, and smooth running – no long pauses waiting to respond to mouse clicks, no crashes and so on. The only strange thing I noted was that some menu buttons didn’t seem to have a pop-up description when you hover over them Creating studies and charts was easy. All the studies most traders would use are supported; there is also an option to programme your own formulae. (This is beyond me though – I clicked on it and immediately felt as though I’d walked around a corner onto Smith Street, Collingwood at 11:30 p.m. in the cold, windy rain – a little voice in my head said, “You shouldn’t be here.”). There is a back-testing function, which is always good to see.
Both ASX and SFE are available, along with Forex and a good number of the world’s major exchanges; historical and live data – and 60 days historical tick data or 120 days of historical minute data – are readily available. There is also a portfolio manager. Add-ons include a market scanner, market profile, and eSignal news, amongst others.
Phone support is offered only during US Pacific Time business hours, so day traders in Australia might find themselves in a spot of bother if they don’t have a backup system in place. However, email queries come back within 24 hours, and there are FAQ’s and tutorials on the website that should provide enough assistance for most users. Overall I enjoyed using this package. It’s easy to use, and it’s got everything you need.
Intermediate Level
The software is very easy to download – once you have logged on, the data takes only about 40 minutes to download (and that’s using a dial-up connection). I have experienced fantastic speed with the application and no problems whatsoever with the stability. As I currently receive live data feed from the ASX via Iress, I had a reliable live data source with which to compare eSignal. There is no question… the data is fast!
Not only does eSignal provide excellent tools in the form of Advanced GET but it also provides access to the basics: MACD, moving average, Bollinger Bands, Relative Strength Indicators, Directional Movement, Stochastic, Volume and so on. In addition, eSignal has the ability to take a snapshot image of the chart that has been created. It will not only save it to file share, which lets you share your studies and see the studies of eSignal users and other traders all over the world, but also send it to a chat site or to an FTP site. Free training and free resources are readily downloadable from the main website under the ‘Education’ heading. e-Signal’s Education Partners provide access to a large range of courses to improve your trading.
After-sales service and support is very good. There is a dedicated LiveRep support line in operation from Monday to Friday, between 5:00 a.m. and 4:30 p.m. Pacific Time. They also offer the option of sending an email for online help and a portion of the eSignal website is dedicated to frequently asked questions.
Not many systems can boast real-time data as fast as this – especially over a dial-up connection. But that’s not where it ends; eSignal now has the new QuoTrek, which delivers global, real-time quotes, charts and news to a software application that users can download to their wireless, Internet-ready PDAs, such as Palm, Pocket PC and BlackBerry. You can also programme the software to send you alerts via phone, desktop and email.
Experienced Level
eSignal (DBC) has been around for over a decade and is a good example of a web-based charting/trading platform. The trick with these platforms is to find one that suits your own style of interaction with a charting/trading platform. So make good use of the free trial periods before signing up. Web-based charting/trading platforms are now so sophisticated that they can replace daily data downloads and stand alone charting software.
The eSignal (ver 7.6 R3) tested supports US, European and Australian shares, US futures, and Forex. The end-user telephone support is based on US daylight hours. Thus support is primarily via email (usually 24-hour turn around!) or the eSignal central website, which contains a skimpy FAQ database along with many user forums, some tutorials and the E-university.
The eSignal interface is the usual clutter of small icons with no mouse-over description bubbles. The interface can be customised to some extent by turning off many of the festooned toolbars. The online help is rudimentary and brief. The “?” Help icon (show me) is the most useful way to access help on an icon or topic. Chart printing is simple and effective. The share scanner contains six predefined scan types, all with internal parameters to adjust the scans. Share data can be exported to a CSV file. The usual paraphernalia of news and dubious research is available to befuddle the novice trader. The data feed from eSignal is real-time.
The three aspects of eSignal that stood out were the studies, line tools and the broker/paper-trade interface. Technical indicators available are excellent and include the Advanced GET suite, Bollinger Bands and Mesa suites. The formula section includes a large range of predefined indicators and a formula editor/creator. The formula language is very C++ like, so programming skills are required.
The line tools, especially the Fibonacci retracements, extensions and time lines, are elegant and easy to use – very nice indeed. The broker interface is good, providing the user with three choices of trade execution (eSignal as your broker, a range of third-party brokers with eSignal plug-ins, or your own broker’s screen in a separate browser window) and an excellent paper trading facility. eSignal is a no-frills, simple and effective web-based charting/trading platform.
