Answer: The more serious you are about trading, the more serious you need to be about charting. For active traders, charts are everything, as a good charting package can offer traders all they need to successfully participate in the market:
- View and save multiple charts and their layouts.
- Access a wide range of technical indicators to gauge direction and momentum.
- Have programmable alerts notify you of key market moves.
- Export data to MS Excel to conduct statistical analyses.
Charts Are Not a Purchase. They Are An Investment.
- Consider it as an investment to improve your returns in trading.
- A cost of 10 pips per month -- or even as little as 2 pips on a 5 lot trade -- is a tiny fraction of a profitable trade that can be easily recouped.
Given that the most sophisticated and robust charting applications only cost about $100 per month -- 10 pips on a standard account -- a purchase of charts should not be viewed as a purchase, but rather as an investment: the 10 pips you spend per month on a charting package can easily be recouped and profited from by just a single winning trade that you place based on the analysis you have done via your charts.