Help! Chart while knitting in the round

[cookworm]

If I wanted to make my own pattern of something knitted in the round...say I wanted to knit a name on something that was knitted in the round...how would I follow the chart? I've never knitted from a chart before, and I'd probably be using this program to design the name.

Would I just knit the chart as it says without worrying about reversing the chart every other row? I don't know how to do this knitting flat, so knitting in the round is going to be harder for me to figure out I think.