Data is the key component and the most important part of charting. Once you have chosen your charting software you will need a data provider. If you are using MetaStock for your charting, like Justine Pollard, then read on.
There are a lot of data providers available for MetaStock, but not all of these are good quality. To be able to make accurate trading decisions in the market, you must ensure that you have a quality data supplier. If your data includes gaps, incorrect prices and does not adjust share prices when shares split in price, then you have bad data. Find a data supplier that has a good history of error-free data, will guarantee clean and accurate data on a daily basis and also provides custom folders. Custom folders are very important and not all data providers offer them. The benefit of having custom folders is that you can actually run a scan on a set selection of stocks (such as the S&P/ASX 200 or 300), or a selected market sector, and so on.
Justine spent years trailing different data services before coming across one that she can highly recommend.
The two data suppliers Justine recommends are Oracle Trader or DataHQ. Both offer data from Norgate, which is a superior record of error free data and has a large range of custom folders.
Oracle Trader not only sell MetaStock, they also offer data packages to go with it. I send my clients to Oracle Trader to buy MetaStock as there service goes above and beyond and I have had fantastic feedback from my clients about their service.
They currently have a special deal set-up for my clients, including data and a free upgrade to snapshots data. To get set-up give them a call and make sure you mention Smart Trading to get the special deal I have organised. There contact details are:
Phone: 1300 299 603
The main difference with DataHQ is that they are the only data supplier Justine is aware of that offers monthly subscriptions and you can upgrade and downgrade your subscription as required. Most suppliers offer annual packages.
You can find out more information about this supplier by visiting www.smarttradingdata.com.au.
Be aware that your data provider will most likely offer you a range of data packages. You will be asked which stock exchange you want to receive data for and how often you want to receive that data - intraday, end-of-day or next day.
Having intraday data usually means that you can download the data hourly. End-of-day data is delivered at the end of each trading day and next-day data arrives the following day. Obviously, next-day data is much cheaper than intraday data, but your choice will depend on what style of trader you are. I use intraday data because I make all my trading decisions at 3.30 pm, half an hour before the market closes. If you work full-time and only get a chance to check the market in the evening, then end-of-day data may suffice. If you are a long-term investor and are only interested in checking the charts every few days, then next-day data would be suitable.
|What you need to do after you set up a Data Provider
When you set yourself up with a data provider you actually have to download the data provider's downloader program and each day you open this program to download your data. Your charting program will then read this data and convert it into charts.
You will also need to purchase the 10 year data history file (which is a one off cost) and download it.
Then once you have the data history and downloader program set-up. Open the downloader program and update the data to the most current date.
Then open your charting program and locate the data by opening a chart. If you have DataHQ data all the data is located under your local C drive in a folder called 'Trading Data'.
Watch the videos below to assist you with the data set-up process.
This video will show you how to set-up your DataHQ account and use the updater program.
This video will show you how to use the data updater program and set-up custom folders so you can run a Metastock scan over a specific list of shares such as the ASX 300.