TradingView: why 50+ million traders and investors use it
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Skilling Writers Team
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- Trading
- Education
TradingView: the charting platform used by 50M+ traders and investors
Do you remember the days when traders and investors used to wait for newspapers to update financial pages or relied on phones or email to make trading decisions? It’s been quite some time since those days. In the modern world of finance, technology has given traders and investors a much better tool to analyse global instruments such as stocks, cryptocurrencies, commodities, and more. And that tool is none other than: TradingView.
This platform has revolutionised the way traders and investors analyse data to make informed decisions. With over 50 million registered users, it provides both beginners and experienced traders traders with real-time data and powerful technical analysis tools, along with community features that allow users to connect and discuss their trades with other investors.
Read on to find out why it has become so popular amongst traders and investors alike - and how to use it.
Important notice: During December 2023 and in coordination with our colleagues from TradingView, we have decided that we will be temporarily disabling the entire TradingView/Skilling integration for the foreseeable future so that we can take steps to strengthen our collaboration in the year ahead.
What is TradingView and why traders choose it
TradingView is a charting platform that provides technical and fundamental analysis to traders, day traders, investors, and other market participants. It offers an array of options and features that make it stand out from the competition.
For technical analysis, the platform boasts top-notch drawing tools, over 100 technical indicators, multiple time frames and much more. In addition to technical support, users can access Fundamental Analysis of stocks such as Financials & Ratios, Earnings & Guidance and Securities Filings.
Moreover, TradingView also has a robust scripting language which allows users to develop their own technical indicators as well as automated trading robots. The program's market sentiment section is also particularly useful for finding ideas and data on trends in the markets.
Overall, TradingView stands out for its comprehensive technical capabilities and its ability to provide traders with actionable ideas about differentials in the markets.
Key features of TradingView
- Real-time data and charting tools
- TradingView provides real-time market data and a wide range of charting tools to help traders analyse the markets effectively.
- Market screener
- The platform offers a market screener tool that allows users to filter and view lists of securities based on specific parameters or ready-made algorithms. This helps in identifying potential trading opportunities.
- Heatmaps
- TradingView's heatmaps provide a visual representation of data, allowing traders to quickly assess market information and make informed decisions.
- Stock control
- TradingView offers comprehensive technical and financial analysis tools such as RSI - Relative Strength Index, moving averages and more that enable traders to delve deep into the analysis of individual stocks.
- Strategy tester
- Traders can simulate trading on their charts using historical data to test different strategies and evaluate their effectiveness.
- Pine script
- TradingView's proprietary coding language, Pine Script, allows users to create and share their own custom indicators and strategies with just a few lines of code.
- Trade panel
- The platform allows for seamless integration with brokerage accounts, enabling traders to connect their accounts directly to TradingView.
- Responsive order dialogue
- TradingView's order dialogue analyses the market to identify optimal entry and exit points, helping traders manage their risks effectively.
- Depth of Market (DOM)
- DOM provides in-depth market analysis and measures supply and demand, giving traders deeper insights into market liquidity.
- Trade warnings
- TradingView keeps users updated with trade alerts and notifications about potential trading opportunities.
- Live news stream
- Traders can stay informed about important updates from leading media providers without leaving the charts, thanks to TradingView's live news stream feature.
- Economic calendars
- TradingView offers integrated economic calendars, allowing traders to keep track of key financial and business reports alongside their charts.
How can you benefit from TradingView
Market insights, technical analysis and more
TradingView provides powerful analytics and market insights to help traders get the edge they need. Through sophisticated analytical tools, historical data analysis and technical analysis, it can quickly identify trends and take complex market information, making it easier for all traders to better understand markets and develop the strategy most likely to improve their positions.
TradingView not only offers analysis, it also allows users to test or confirm their ideas with their social trading network before executing trades in real time.
Additionally, with 24/7 professional support, traders can maintain control of their investments with greater confidence day or night. Overall, TradingView offers a comprehensive set of features from analysis and strategy building to confirmation that can benefit any trader looking to gain a competitive edge.
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How to get started with TradingView
To get started with TradingView, follow these steps:
- Visit the TradingView website at www.tradingview.com.
- Create an account: Click on the "Get Started" button to create a new account. You can choose to sign up with your email address or use your Google or Facebook account for convenience.
- Explore the markets: Once you're logged in, use the search function or your personalised watchlist to find the market you're interested in. Click on the market's name to navigate to its price chart.
- Customise the chart: On the price chart, you can adjust the time frame of the candles by selecting from the available options ranging from one second to one year. To add indicators such as moving averages, Bollinger Bands etc., click on the drop-down list in the top toolbar and choose the desired indicators. You can also find over 90 drawing tools on the left-hand side toolbar for annotations, measuring tools, and trendlines.
- Choose a chart type: TradingView offers different chart types. You can select between candlestick charts, which display the high, low, opening, and closing prices of a security, baseline charts that show price moves relative to a baseline, or Heikin-Ashi charts, which use modified candles for potentially easier trend spotting.
- Customise your layout: TradingView allows you to customise your dashboard and screen colours to suit your preferences. You can make adjustments to create a personalised trading environment.
- Access TradingView on different devices: TradingView can be accessed through a web browser on desktop or mobile devices. The functionality remains the same, regardless of the device you choose to use.
- Explore additional features: To unlock the full potential of the TradingView platform, explore the drop-down list of default indicators. You can incorporate key metrics such as volume, average price, and historical volatility into your stock analysis. Additionally, the sidebar of annotation tools can help you visually interpret price trends and monitor them effectively.
Tips on making the most out of this powerful platform
TradingView is an essential tool for those who want to make the most of the markets. It has a powerful platform and an active community, both of which can teach new traders valuable lessons.
- To get the most out of TradingView, research is important. Understand the fundamentals of the market and create a consistent strategy that you can stick with, even when times are tough.
- Make optimal use of its tools, such as alerts and drawing tools; by leveraging these features, users will be able to optimise their trades and keep track of potential opportunities.
- Remember, there is no shortcut when it comes to trading; However, with proper preparation and use of the many useful resources provided by TradingView – such as real-time data analysis and strategy reviews – anyone can become a successful trader.
- All in all, TradingView is a powerful platform that can give investors and traders the tools they need to succeed. With easy-to-use charting tools, real-time data and powerful market insights, it's no surprise that it has become one of the best platforms for many traders out there.
Plus, with different levels of subscription available, users can customise their experience based on their individual needs and budget. There are tons of tips and resources out there to help you get the most out of TradingView so be sure to take advantage of them!
Pros & cons of TradingView
| Pros | Cons |
|---|---|
| Wide range of analysis tools: It provides a comprehensive set of tools for technical analysis, including various indicators, drawing tools, and charting options. It also offers fundamental analysis tools to help traders make informed decisions. | Limitations of free version: While it offers a free version, it has some limitations. Users of free version may experience restricted access to certain features and data. Upgrading to a paid subscription is necessary for full access to all features and data. |
| Diverse markets and assets: It supports a broad range of markets and asset types, including stocks, cryptocurrencies, forex, commodities, and more. This allows traders to analyse and track multiple markets on a single platform. | Limited customer support: Its customer support is not as extensive as some other trading platforms. Users may face challenges in getting prompt assistance or resolving issues. However, it does have a community forum where users can seek help from other traders. |
| Easy comparison of instruments: Traders can easily compare different instruments on the same chart using TradingView. This feature enables users to identify correlations, trends, and patterns across multiple assets, facilitating better trading strategies. | Not included with all brokers: Although it is a popular platform, it is not automatically included with all brokers. Traders need to check if their chosen broker integrates with TradingView or if they need to use a separate trading platform provided by the broker. |
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Conclusion
As you've learnt, traders choose TradingView for its powerful charting capabilities, vast array of analysis tools, and the ability to connect with a vibrant trading community. It provides them with the necessary resources and insights to make informed trading decisions.
If you're interested in learning more about trading and investing, from how to trade CFDs in Forex & Cryptocurrencies to trading psychology, visit the Skilling Educational Hub, where you'll find valuable resources to enhance your trading knowledge.
FAQs
- What is TradingView?
- It is a web-based platform that provides advanced charting tools, technical analysis indicators, and a social community for traders and investors. It offers real-time market data for various asset classes, including stocks, cryptocurrencies, Forex, and more.
- Can I access TradingView on mobile devices?
- Yes, it's accessible on mobile devices through its mobile app, available for both iOS and Android. The app provides a seamless trading and charting experience on smartphones and tablets.
- Does TradingView offer real-time market data?
- Yes, it provides real-time market data for various asset classes, including stocks, Forex, commodities, indices, and cryptocurrencies. This ensures that traders have access to up-to-date information for accurate analysis and decision-making.
- Are there additional fees for using TradingView?
- It offers both free and paid subscription plans. The free version provides access to basic charting features and limited data. Paid subscription plans offer more advanced features, additional data, and integrations with brokers. The pricing depends on the chosen plan and the region you are located in.
- How do I connect my broker account to TradingView?
- TradingView offers integration with multiple brokers. To connect your broker account, log in to your TradingView account, go to the Trading Panel or Brokerage Integration settings, and follow the instructions specific to your broker. This typically involves providing your broker login credentials and authorising the connection.
- Can I trade directly from TradingView?
- Yes, if your broker is integrated with TradingView, you can execute trades directly from the platform. This allows for a seamless trading experience without needing to switch between different applications.
- Where can I find tutorials and educational resources about using TradingView?
- It offers a comprehensive Help Center on their website, which includes tutorials, guides, and FAQs on using the platform effectively. Additionally, the TradingView community forum and blog are excellent sources of information and insights from other traders.
Past performance does not guarantee or predict future performance. This article is offered for general information and does not constitute investment advice. Please be informed that currently, Skilling is only offering CFDs.
