Hi cool_kk
I will give you a personal answer to that.
Your question surely depends on your trading style ( Simple Trader mentioned swing trading ), on the time frame you like to trade, on what kind of indicators you like, want or are used to trade and on what kind of derivative you like to trade.
As I am not using GCI meta trader 4, I am not sure what this software can do.
My answer will less depend on that question.
At the moment you trade big, big money, it will be a muss and normal to have all that tools.
IMO opinion, it is not necessary for normal retail traders to run the most expensive tools to trade. IMO it is best to make a mix of this tool.
As an example :
The platform from my broker gives me real live charts and ad hock information. It gives me live future data and live option prices with real traded volumes and real traded strikes and strike prices.
I use there very simple indicators. I only use them to see support and resistance or some reversal confirmations on the short run in the market.
As next, I use the free charts in the net to have a quick look about what ever market I want. The free charts are more an overlook tool, to see quickly what is going on there and there.
Beside that, I use paid EOD for my professional charting software. I do not get free data for the market I trade and so I also asked myself in the past the same question like you do in your post. I use Metastock pro as charting software and the possibility's in the program are huge.
The EOD are enough for my trading style and for intra day implementation's I use the platform from the broker.
As I only trade options on futures and hedged futures with in advance defined and analyzed strategies, I am ok with that and at the moment I do not spend any more money for data, like I would have to do, when using live intra day data from any exchange for the input for my charting software. Even two years ago, I spent much more money for data then I do today.
But as I say: As retail trader it will do and as a trader with millions, it mostly not will do.
And what I wrote here is my experience and it doe's not touch any other meanings other traders have in there own trading styles.
Finally, it is your trading style, your knowledge about strategies, the time frames and the amount of money you can trade with, witch defines the tools you want or have to use and which you can effort to pay for it ! As bigger as you are, as less you care about spending money on data and research.
Have a nice weekend
DanPickUp
