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Here we keep you updated with company news and provide commentary on relevant topics. We cover technical analysis, self-managed super funds, the stock market and what's making headlines in the financial world.

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5 DOS & DON'TS OF A FREE TRIAL

     

You don't need to be a trading guru to benefit from technical analysis software. However, you do need to have - or be willing to develop - a certain set of knowledge, skills and even lifestyle habits to better your prospects. Whether you're a novice or an old-hand on the stock exchange, a free trial of trading software presents a fantastic opportunity to learn a program and see if it's right for your strategy before committing. However, since most trials are 2-4 weeks in length (all JustData trials are 30 days for example), you have a limited amount of time to explore the software. You therefore want to make sure you are in the best position to be trialling before the countdown starts.

So here are some trialling DOs and DON'Ts we recommend to help you get the most out of your trading software trial.

DON'T - Trial Without a Strategy
It doesn't have to be a fine-tuned strategy, but having some sort of trading strategy in place puts your trading in context, provides you with a starting point and goals to work towards. Without a strategy in mind, you won't have the ability to measure whether the software meets your needs or not. Strategies do evolve over time, but you don't want to start off hoping the trial itself will help build your strategy. So if you don't have one already in place, you still have a lot to consider before you a ready to begin your trial. There are plenty of books and online materials that discuss trading strategies but ultimately a strategy is highly personalised because it has to work for you. You'll need to consider, among other things:

  1. An overall goal - how much do you want your trading to earn you and why?
  2. Capital - how much money will you allocate for buying and selling securities?
  3. Trading style - full time versus part time. How much time are you realistically able to commit to trading (and associated administration) per week?
  4. Approach - what exchanges (foreign, local, stock, currency) interest you? Which tools and indicators will you use to gather the evidence needed before entering trades, and on that note, what signals will you wait for? And which data (intraday, midnight etc) will you use, as each is priced differently but arrives at different times.

DO - Be Open to Continued Learning
We get asked quite frequently, 'how do we use your programs to make money'? The truth is, those asking questions like this in the first place are perhaps not quite ready to trial. That's the honest truth - we don't want to be discouraging or put out that flame because share trading - when taken seriously - can be a very rewarding and self-satisfying vocation. There are plenty of excellent books and courses out there to help people understand the stock market, devise a strategy and use technical analysis software. Trading and profiting on the stock market does require an unavoidable but exciting learning curb - which in itself is an investment of time and, yes, money.

While we are stock market enthusiasts and have channelled this passion into functional technology for home-based traders, we are not investment advisors or a broker's service. If you require direct, educational information on how to incorporate technical analysis software into your wealth-building goal, you'll need to engage with an individual or company that specializes in technical analysis or has an Australian Financial Services (AFS) licence. As we are technology specialists, we are not licensed to give trading advice - but that is why we have partnered with top Australian experts at the forefront of stock market and technical analysis education.

(L-R) Daryl Guppy, Alan Hull and Peter Mathers; each deal with different facets of trading and the share market,
but all are excellent and trusted educators we can recommend.

Alan Hull is a well-respected fund manager, best-selling author and popular public speaker on the seminar circuit. His books, articles and newsletters are published and widely read throughout Australia and overseas. Alan's book 'Trade My Way' for example, is a resourceful book for newcomers and a very affordable reference guide for more experienced traders. Daryl Guppy is the founder and director of the renowned Guppytraders.com and is an appointed foundation member of the Australian Government Shareholders and Investors Advisory Council. He publishes several weekly newsletters and runs public trading workshops throughout Australia and Asia.

Additionally, we know how useful one-on-one instruction can be in this industry, especially if you are new to technical analysis software. If this is what you are after, check out Trading Lounge. Peter Mathers, the director of Trading Lounge, is a licensed trading professional based in Sydney and specialises in teaching high value technical analysis and trade signals in a private setting.

Tip: If you are trialling a JustData program, we have put together extensive support materials to help guide you through using the software. We cannot recommend these enough for continued learning, but especially during a trial when you're unfamiliar with how a program looks and operates. Visit the Knowledge Centre on our website, or the JustData Media Channel on YouTube for quick and easy-to-follow tutorials and video demonstrations.

DON'T - Trial Too Much at Once
In the case of a JustData trial, you are allowed to trial any JustData program at the same time for 30 days. That means it is possible for you to trial all three facets - charting, data, and market scanning - at once. However, just because this is possible does not mean it is necessarily the right option. If you're a seasoned trader i.e. you've used these types of programs before and are just looking to switch programs or step up your game, then an EzyProfessional trial (the full software suite) would most likely work for you. You would already have an established strategy after all, and really only need to familiarise yourself with the new software.

However, if you're relatively new to trading and still finding your feet, trialling 3 programs at once can be overwhelming. With each program there is a layout to familiarise yourself with and various tools and functionalities. If you are balancing this learning curb at the same time as building your skill set in trading and technical analysis, you want to avoid taking on too much at once. Our advice is don't rush it. Trying to hyper-learn in the stock market world is like cramming overnight for a big exam - it's stressful, off-putting and in the end the information isn't truly absorbed. Take your time and trial one, maximum two programs at once i.e. Pair EzyChart for charting with Bodhi6 for data. You can always trial another program later on, such as introducing the market scanner EzyAnalyser, and that way get much more out of it.

DON'T - Get Caught Out with Dated Technology
This might sound like an obvious one, but we see a lot of DIY traders hindered by their technology, sometimes without them even knowing it. Truly, an upgrade may be in order if you are serious about share trading. A slow or outdated system will only compromise your experience and likely discourage you from taking your trading further.

JustData's software trials are downloadable from a web link. You would therefore need as fast an internet connection as possible and a relatively new, virus-free computer - not a dusty processor from the 90s. What we recommend is a laptop or desktop computer (tablets don't typically have enough processing speed or space), a comfortable workspace and a Microsoft processing system*.

Just watch out for Microsoft's over-zealous firewalls preventing you from trialling. All antivirus/firewall programs are designed to block programs loading onto your computer, that's their job. However, they cannot distinguish between the programs you want to use and those you don't without you telling them so. For a JustData trial, tell your antivirus software to "allow the program files from an unknown publisher" to download. Otherwise you'll be locked out!

*All JustData software requires the Windows environment to operate. This can be achieved on a Mac by installing Windows onto a Virtual PC. You can read about Virtual PCs here. Examples of Virtual PC software are Boot Camp and Parallels (Boot Camp is standard on post 2011 Macs, but requires you to 'boot' into Windows when the Mac starts).

DO - Keep up the Communication
Run into trouble, got a question, feedback? Let the provider know rather than giving up on the software. It's always better to ask for help than to let a problem detract from your trial experience, because a trialling period is not just a purchasing decision, but part of your overall knowledge and skill-building journey.

At JustData, don't feel like you can't get in touch for whatever reason. Most issues we deal with are solved in a phone call lasting less than 5 minutes! And when you contact JustData - whether you prefer to call, email or live chat from the website - you'll always speak to a real person.

Office hours are 9:00am - 5:30pm Monday to Friday.

Got a technical question? Email support@justdata.com.au or call +61 (07) 3286 7440

Got a question about trialling or pricing? Email sales@justdata.com.au or call +61 (07) 3821 5177

Or, go here to chat live on our website - click on the green box in the bottom right-hand corner!

 

First Published: 27 September 2018 - Copyright © Electronic Information Solutions Pty Ltd 1990 - . All Rights Reserved.

DISCLAIMER AND COPYRIGHT
Electronic Information Solutions Pty Ltd (ACN 011 060 012) T/A JustData is not a licensed investment advisor. This publication, which is generally available to the public, falls under the ASIC Media Advice provisions. The information provided is for educational purposes only and does not constitute financial product advice. These analysis notes are based on our experience of applying technical analysis to the market and are designed to be used as a tutorial showing how technical analysis can be applied to a chart example based on recent trading data. This article is a tool to assist you in your personal judgment. It is not designed to replace your Licensed Financial Consultant or your Stockbroker. It has been prepared without regard to any particular person's investment objectives, financial situation and particular needs because readers come from diverse backgrounds, with diverse objectives and financial situations. This information is of a general nature only so you should seek independent advice from your broker or other investment advisors as appropriate before taking any action. The decision to trade and the method of trading is for the reader alone to decide. The author and publisher expressly disclaim all and any liability to any person, whether the purchase of this publication or not, in respect of anything and of the consequences of any thing done or omitted to be done by any such person in reliance, whether whole or partial, upon the whole or any part of the contents of this publication. Neither Electronic Information Solutions Pty Limited nor its officers, employees and agents, will be liable for any loss or damage incurred by any person directly or indirectly as a result of reliance on the information contained in this publication.