Tue 10th Jun '14
Sharescope is a stock trading platform with vast analysis and data-mining capabilities. It offers many indicators designed to help the private trader make educated trading decisions, with the subscription-based stock data import service providing the market data every day. Sharescope's range of analytical tools is not very impressive. It offers just 31 statistical indicators, 11 market indicators, tabular data and obscure line studies such as Fibonacci arcs and Gann angles. The help section gives you short but clear descriptions of what each indicator and study does and how to interpret them.
One clear advantage of Sharescope is its powerful data mining facility that allows you to select shares for further analysis based on multiple configurable settings. For example, you may want to search for shares achieving new highs or lows, or those with the highest change in price over a specified period. This can save you hours of searching through the entire database of over 9,000 items. The system's training mode gives the stock market guru a way to put his or her theories and analytical skills to the test. With the training mode enabled, the system chooses a random share and allows you to set markers to show the share's price gradually over time. Utilising this technique, you can test your strategy to see if you have successfully compiled a formula for accurately predicting price rises. To get the most out of this package, and to justify the monthly cost of the data feed, you need to be a regular trader or someone learning technical analysis.
The extensive range of tools is impressive, but a visit to amazon for books on trading will be required to get your head around the full capabilities of the platform. Those with some experience of technical analysis, though, will find Sharescope instantly familiar. For inexperienced traders interested in having a crack in the stock market, who wish to start trading and making an income right away, there are better, much more powerful systems available that you may want to consider using instead. For those who have been and learning how to trade, for some time, Sharescope is a great option to challenge your trading knowledge and skills.