TradingView Tutorial

Ever wondered how to navigate the world of trading seamlessly using TradingView? Dive into the comprehensive world of markets with TradingView, the all-in-one platform for traders.  From understanding MACD to mastering volume analysis and leveraging the power of Ichimoku Cloud, this article will guide you through essential steps, ensuring you unlock the full potential of TradingView. So, let’s embark on this journey together! 

What is TradingView?

TradingView is a powerful and versatile online platform designed for traders of all levels, offering a comprehensive suite of tools for market analysis  and trading. It serves as a hub where traders can access real-time data, advanced charting capabilities, and a wide array of technical indicators. At its core, TradingView provides an intuitive interface for visualizing financial markets, enabling users to analyze stocks, forex, cryptocurrencies, and other assets through customizable charts. This platform stands out for its user-friendly approach, allowing traders to create, share, and discuss trading ideas within a vibrant community. Moreover, TradingView facilitates seamless integration with brokerage accounts, enabling users to execute trades directly from the platform. Overall, it’s a dynamic ecosystem that empowers traders with insights, collaboration, and tools essential for informed decision-making in the world of finance.

How to create a TradingView account

To start your journey with TradingView, follow these simple steps. Firstly, head over to the TradingView website and click on the “Sign-Up” option. Enter your email address, create a password, and voilà! You’re now a member of the platform.

TradingView offers various account types, including a free version with limited features and paid subscriptions offering advanced tools and indicators. Explore the platform’s intuitive interface and features like volume analysis, MACD, Ichimoku Cloud, and numerous charting tools that aid in comprehensive stock market analysis.

Upon signing in, customize your dashboard, create watchlists, and access a wide range of technical indicators and trading strategies. For a deeper dive into trading, consider integrating your TradingView account with a compatible broker. Always remember to secure your account with a strong password and explore the platform’s mobile app for convenient access on the go.

Get ready to unleash your trading potential with TradingView’s user-friendly charting software and comprehensive tools, empowering you to craft informed trading strategies and make insightful market decisions.

How do you read charts in TradingView?

  1. Price Chart Components:

  • Candlesticks or Bars: These represent price movement within a specific timeframe. Each candle or bar displays the open, close, high, and low prices.
  • Timeframe Selection: Choose different timeframes (e.g., 1-minute, 1-hour, daily) to observe price action variations.

   2. Understanding Indicators:

  • Moving Averages (MA): These show the average price over a defined period, aiding in trend identification.
  • Relative Strength Index (RSI): Measures the magnitude of recent price changes to evaluate overbought or oversold conditions.
  • MACD (Moving Average Convergence Divergence): Utilized to identify changes in a trend’s strength, direction, momentum, and duration.

     3. Utilizing Drawing Tools:

  • Trendlines: Drawn to identify support and resistance levels, illustrating potential price movement.
  • Fibonacci Retracement: Helps identify potential reversal levels based on the Fibonacci sequence
  1. Volume Analysis:
  • Volume Bars: Display trading volume, indicating the intensity of market activity during specific price movements.
  1. Interpreting Chart Patterns:
  • Head and Shoulders: A reversal pattern signaling a potential trend change.
  • Double Tops and Bottoms: Indicate a potential reversal in the current trend.
  1. Chart Types:
  • Candlestick Charts: Illustrate open, high, low, and close prices, providing comprehensive information.
  • Line Charts: Display closing prices, simplifying trends but offering limited information.

Mastering chart reading involves understanding these components and how they interrelate. Analyzing price movements, indicators, drawing tools, volume, and chart patterns collectively assists in making informed trading decisions. Continuous practice and learning about these chart elements contribute to developing effective trading strategies.

How to trade on TradingView for beginners

Getting Started: Account Setup

Begin by signing up on TradingView, a user-friendly platform designed for traders. Upon registration, explore the platform’s features and consider choosing between the free version or premium subscriptions offering additional tools and functionalities.

Navigating the Charts: Understanding Tools and Indicators

Familiarize yourself with the platform’s charting tools and technical indicators. Experiment with different chart types (candlestick, line, etc.) and timeframes (1-minute, 1-hour, daily) to understand how price movements vary.

Understanding Indicators for Analysis

Learn about key indicators such as Moving Averages (MA), Relative Strength Index (RSI), and Moving Average Convergence Divergence (MACD). These tools assist in technical analysis, providing insights into market trends and potential trading opportunities.

Placing Trades via Integrated Brokers

TradingView doesn’t directly execute trades but integrates with various brokers. Choose a compatible broker and follow their procedures to execute trades based on your analysis.

Practice with Demo Accounts

Utilize TradingView’s demo accounts to practice trading without risking real money. This enables newcomers to experiment with different strategies and gain confidence before venturing into live trading.

Analyzing Charts and Implementing Strategies

Study price trends, volume, and chart patterns to develop effective trading strategies. Understand technical analysis and apply strategies suited to your risk tolerance and goals.

Leveraging the TradingView Mobile App

Access TradingView’s mobile app for convenient access to charts, indicators, and account management while on the move.

Accessing Learning Resources

Take advantage of TradingView’s educational content, forums, and social network. Engage with experienced traders, learn from their insights, and gain valuable knowledge about successful trading approaches.

Trading on TradingView is an educational and analytical process that demands continuous learning and practice. By utilizing the platform’s features, resources, and community, beginners can gradually build their expertise and confidence in the world of trading.

What broker accounts can I use with TradingView?

TradingView offers integration with several brokers, providing traders with diverse options to execute trades seamlessly. Some popular brokers compatible with TradingView include but are not limited to:

  1. OANDA: Known for forex trading, OANDO’s integration allows traders to execute forex trades directly from TradingView’s platform.
  2. FXCM: Offering forex and CFD trading, FXCM’s integration with TradingView enables traders to access global markets.
  3. Interactive Brokers: With a wide range of assets, Interactive Brokers allows users to execute trades across various financial instruments via TradingView.
  4. TD Ameritrade: Suitable for stock traders, TD Ameritrade’s integration facilitates stock trades through TradingView’s platform.
  5. IG Group: Offering multiple asset classes, IG Group’s integration allows traders to access diverse markets within TradingView.
  6. Bitfinex: Catering to cryptocurrency traders, Bitfinex integration enables seamless execution of crypto trades on TradingView.

To link a broker account to TradingView, users can select the “Broker Accounts” tab, choose their preferred broker, and follow the integration instructions provided by the respective broker.

Selecting the right broker depends on the trader’s preferences, preferred asset classes, fees, and trading needs. With the various broker options integrated with TradingView, traders have the flexibility to execute trades across multiple financial markets directly from the platform.

How do you get paid from TradingView?

TradingView does not directly compensate users for trading activities or analysis on the platform. However, TradingView offers a platform for charting, analysis, and social networking among traders.

Traders can utilize TradingView for technical analysis, sharing trading ideas, and charting without payment from the platform itself. TradingView provides different subscription plans offering various features, and users pay for access to premium tools, additional data, and advanced functionalities.

For instance, users can opt for subscription plans such as Pro, Pro+, Premium, and more, paying a monthly or yearly fee to access enhanced charting tools, more indicators, and broader data coverage. The fees for these subscriptions go to TradingView for providing and maintaining the platform’s services rather than paying users directly for their trading or analysis activities. TradingView does not function as a brokerage service or offer direct payments to users for trading or sharing content.

Is TradingView good for beginners?

Yes, TradingView can be beneficial for beginners due to its user-friendly interface, comprehensive charting tools, and a vast community offering educational content and trading ideas. Its intuitive platform provides real-time market data, technical analysis indicators, and customizable charting features, aiding beginners in understanding market trends and making informed trading decisions. Additionally, its social networking aspect allows users to interact with experienced traders, fostering learning opportunities and gaining insights, making it a valuable resource for those starting their trading journey.

Come on, don’t be left out. Get access to top class information in the world of trading and join our reputable community here on TradingView Vestinda.

Updated on: January 12, 2024