With the advent of the internet, investing has undergone a massive transformation, allowing people to access and deliver information almost instantly from the comfort of their homes. Trading platforms, such as TradingView, have emerged as a result of this new technology. In this post, we provide a TradingView tutorial that will guide you through the process of using TradingView for your stock trading needs.
Table of Contents
- Introduction: What is TradingView?
- The Advantages of TradingView
- How to Use TradingView
- Trading Strategies on TradingView
Introduction: What is TradingView?
TradingView is a web-based charting and social networking platform that caters to both novice and experienced investors. It offers a free account that provides basic charting, research, and analysis tools to its users. With over 30 million users, TradingView boasts a large social network that allows traders to share their charts and ideas with others. Users can view and analyze other traders’ charts and ideas, providing a unique learning experience. This post will explore the benefits and drawbacks of using TradingView and discuss some basic strategies for utilizing the platform effectively.
The Advantages of TradingView
TradingView is a social networking and cloud-based charting software that caters to both novice and experienced investors. It offers a free account that provides basic research, analysis, and charting information to its users. TradingView has over 30 million users worldwide, which allows traders to share their ideas and learn from others, making trading less isolating.
One of the main benefits of TradingView is the opportunity to interact with other traders and share charts and analysis. This social interaction can also lead to professional development, where traders can improve their trading skills by learning from other experienced traders.
TradingView provides some of the best HTML5 charts available, which are intuitive and designed for traders of all levels. Additionally, the software allows traders to use the Pine programming language to create custom studies and signals, meaning that any custom indicator a trader could want can be created, and any study’s code can be modified. TradingView also sends real-time notifications to users when the market meets their custom criteria.
However, TradingView does have some drawbacks. For example, their chat policies do not allow for profanity or insults, but they have not taken an active approach in removing trolls or those who promote penny stocks. Additionally, some users have reported that TradingView’s customer service teams are slow to respond, which can be problematic if a trader is experiencing an issue preventing them from trading.
In conclusion, TradingView’s social network and innovative charting features make it a useful tool for traders of all levels, although it is not without its limitations.
How to Use TradingView
Starting a TradingView account is a simple process that can be completed by visiting the website and selecting “sign-in” and providing the necessary information. TradingView offers a wide range of markets to choose from, and once a market and stock have been selected, users can begin using indicators to analyze the stock’s performance. Indicators can be found by opening a stock chart and selecting the indicators section, where users can access both TradingView’s built-in indicators and those uploaded by third-party contributors to the “Public Library”.
Trading Strategies on TradingView
Traders have a wide range of strategies available to them when using TradingView. Some of the most popular ones include the Pivot Point Strategy, which involves taking bounce trades off the Pivot Point to determine optimal trade times; the Momentum Strategy, which is based on the price movements of a stock over a specified period of time; the Consecutive Up/Down Strategy, which is largely focused on trend trading; and the Greedy Strategy, which takes advantage of gaps in either direction of the market. While each strategy has its own strengths and weaknesses, traders should be aware of the risks involved and adjust their approach accordingly.
TradingView seems to be a valuable resource for investors of all levels, whether you’re interested in day trading or want to stay up-to-date on market happenings. The platform offers a range of useful tools, such as stock screeners, research, and charting. While many of these tools are accessible to users at no cost, TradingView also provides a platform for sharing and collaborating on investment ideas.