Trading has always been about balancing risk with reward, and while even the best can’t predict the market without fail, good information kept in good order can make all the difference. TradingView has been around since 2010, but in recent years, it has become the go-to software for traders looking for a comprehensive, customizable charting tool that integrates well with major brokers.
TradingView 101: The Basics
In days gone by, traders who wanted to keep a vast amount of information to hand either needed a phenomenal memory or a method of manually charting price changes, spikes, drops, and market trends, as well as an eye for the kinds of world events that would impact the market. A subscription to the Financial Times never hurt, either.
Charting software takes the legwork out of staying informed, but not all charting tools are created equal.
TradingView uses a proprietary algorithm to provide real-time data from international financial markets, allowing users to collate and analyze the data that is relevant to them in customizable charts. With four menus offering customization, editing, social, and learning features, the software manages to be compact but versatile.
How to Use TradingView well
The best tools in the world are no good if you don’t use them effectively. Charting software is no different. Here are three tips to help you use TradingView well.
Choose a compatible broker
These days cross-platform compatibility is incredibly common, and TradingView has become popular among forex brokers in particular. Many brokers and trading platforms now integrate TradingView with their sites, making it much easier for traders to track and chart their portfolios on-site. Choosing a broker that allows this streamlines the process of analyzing your portfolio and planning new strategies.
Connect with other traders
TradingView has a built-in community feature that acts as a specialized social media platform. New traders in particular should make good use of this feature. Learning from other traders is one of the best ways to expand your knowledge base and discover new strategies, and get tailored advice.
Test new strategies
A lesser-known but incredibly useful TradingView feature is their paper trading option. Think of paper trading as a test track that lets you play around with the platform’s features and get an idea of how trades work in real time without risking capital. You don’t have to forget about this feature once you have experience, however; it’s perfect for testing new trading strategies.
It’s a good idea to start with a free membership and familiarize yourself with the basic features before you consider upgrading to more robust memberships, too. However, if you’re already an experienced trader, paid memberships can be beneficial, as they allow you to create more charts and even multi-chart layouts that allow for direct comparison.