26/05/2024

The CTO

The Best Chief Technology Officer

Advantages and Disadvantages of Free Forex Charting Software

Advantages and Disadvantages of Free Forex Charting Software

There is a lot of software out there which is free, but there is also software which you can try for a period of time without having to pay for it. Of course the vendor is hoping that you enjoy using the software enough that you would want to upgrade to the paid version.

Advantages of Free Forex Charting Software.

  • You don’t have to pay for it, but just because something is free doesn’t mean it is worth your time and effort, after all if you want to do currency trading as either part time or a full time business then you have to put some value on your time. Too often I see people spending hours on something, which would have cost them very little to get professionally done.
  • You can switch to another provider or other software without losing any money you may have invested. This is a major plus point because it allows you to try out different software and find the one that suits your style. After all if we all liked the same software then there would only be one on the market.
  • You could run several different sets of software from different vendors and compare the results, thus allowing you to compare how the software performs, how quickly it updates and how easily you get on with the software.
  • Once you have trialed the software and you are happy with it then you can normally upgrade to premium software, very often the seller will give you a discount based on your trial membership.

Disadvantages of Free Forex Chart Software

  • You don’t always get the full features of the premium version, and as is nearly always the case, the one item you really want to try is only available in the premium version.
  • You will probably get nagged constantly by the software to upgrade. So every time you open, close or try a trade you may well get a pop up asking you to upgrade.
  • The data may be slightly behind the market and this can be a real problem if you are using live data from other sources to place your trades. Trying to imagine you are five or ten minutes behind the market is the only way to run this type of software.
  • The data may be restricted and not tell you all the information you need in that full sets of results may not be available
  • The premium software will normally have extras like newsletters, training and tips which you would miss out on. These can be invaluable to understand how the market is moving and to increase your knowledge
  • You would probably not get any support. However if it is a trial membership software then you will more than likely get excellent support during your trial period. Hopefully this will extend to your full membership should you take it up.