What is TradingView, and What Are the Basic Steps to Use It?

What is TradingView, and What Are The Basic Steps To Use It? - As a trader, you will definitely be engaged with price charts. Platforms that provide accurate information are required to obtain precise price chart data. Nowadays, traders often use TradingView, which is a platform that includes price chart data. This article discusses what TradingView is and the basic steps to use it.

What's TradingView?

TradingView first appeared in 2011 with the aim of offering easy-to-use trading and technical analysis tools.

It's a top-rated online platform for financial market trading and technical analysis. He allows you to analyze assets such as stocks, currencies, cryptocurrencies and others with graphs, indicators, and real-time tools.

TradingView is used by the best traders and investors to perform technical analysis, share trading ideas, and access a variety of financial data. For those involved in trading and financial market analysis, this is a valuable resource.

Knowing TradingView is the first step towards becoming a good and successful trader. With extensive data coverage, this TradingView platform can display almost all price charts, including stock prices, foreign currencies, indices, commodities, and even cryptocurrencies.

In addition, it has a wide range of tools and features, such as drawing tools that traders can use to draw lines or curves for analysis, various types of trading indicators, and price reminders.

TradingView is not just a charting platform; it is also a community platform where traders can communicate with each other and share their analytical ideas.

Tradingview Usage

TradingView serves as a trading platform in financial markets and technical analysis. Traders can also use its features as a tool for creating technical research and getting trading insights from the community.

Determining Entry and Exit: A trader can perform analysis to open an entry position and set an exit target by combining various trading indicators.

To know the entry and exit points in trading using TradingView, you must understand the following general steps:

1. Technical Analysis

Analysis of the price movements of the assets you trade using the TradingView chart. You can get clues about market trends and momentum by using technical indicators such as Moving Average, RSI, and MACD, among others.

2. Determine a Trading Strategy

It would be best if you had a trading strategy that has been created before. This can include technical Analysis, fundamental Analysis, or both. Using this strategy, you will be able to determine the right conditions for entering and exiting a trade. (exit).

3. Determine the entry point

This is a potential entry point when the price of an asset reaches a condition that matches your strategy (for example, crossing the Moving Average line or showing another signal). Depending on your method, you can enter a trade at a specific price or enter directly.

4. Identify the exit point

Besides, you have to determine when the trade will end. Take profit (exit profit) or reduce losses (stop loss). Exit points can be found using technical indicators, support and resistance levels, or any other strategic attributes.

5. Maintaining and Maintenance

Always pay attention to your trading positions and adjust if necessary based on data from the TradingView chart. Remember to perform wise risk controls, such as setting appropriate position sizes and adhering to established risk control rules.

Learn Trading Strategies with TradingView

With a bit of coding ability, traders can create their indicators and try strategies (backtesting). Thus, they don't have to risk trying their method directly on the actual market.

If you want to try trading strategies using TradingView, follow the following basic steps:

1. Open TradingView. If you still need an account on this platform, you must register or log in with your account. If available, you can use a trial account.

2. Select Markets and Assets. Select the markets and assets you want to trade, such as stocks, forex, crypto, commodities, etc.

3. Open Chart. You can open the chart of the asset you have selected by looking for an asset symbol at the top of the page or by using the "Watchlist" or "Market Overview" menu.

4. Add Technical Indicators. Use the "Indicators" menu above the chart to add technical indicators that match your strategy. You can search for indicators such as Average Averages, RSI, MACD, etc. Set the indicator settings according to your strategy needs.

5. Do an analysis. Watch the chart using the pointer you added. The effect is an excellent time to enter the trade and exit the business.

6. Order. Once you specify an entry and exit point, you can use a broker supported by TradingView to create a trading order. You can do this by clicking on the chart at the appropriate entry point and selecting the type of order you want to use, such as market, limit, stop, etc.

7. Monitor and Eastern. Review your trade carefully. If necessary, adjust orders if there are changes in strategy or market during the business.

8. Test and Optimize. Remember to test your strategy using historical data. You can do this by using the "Strategy Checker" tool in TradingView to understand how your plan worked in previous market conditions.

9. Risk control. It would be best if you always controlled the risk well. Set a stop loss to reduce losses and make sure that the size of your position matches the risk you can afford.

10. Learn from your trade and upgrade yourself. Continue to improve and optimize your strategy using actual trade data and experience.

Trading Reference Access from TradingView

TradingView is the best platform for market and technical chart analysis. However, it is not a common place to get trading advice or reference directly.

More precisely, TradingView is a tool used by analysts and traders to conduct analysis and share trade ideas. Therefore, you should take the following basic steps if you want to get a trading recommendation or reference from this platform:

1. Keep up with traders and analysts.

You can follow traders and analysts who are active on TradingView. They often share their trading ideas through the ideas they publish in their profiles, so you can see the trading ideas they share.

2. Find Trading Ideas

The TradingView search box can be used to search for trading ideas based on a particular asset or strategy. It will display other user graphics and analysis.

3. Use Filter

In addition, TradingView offers a screener tool that allows you to find specific qualifying assets, such as technical or fundamental indicators, which can help you find possible trading ideas.

4. Follow the TradingView Community

TradingView has an active community that is integrated into various channels and groups. You can follow groups that focus on specific strategies or assets to get more in-depth trading ideas.

5. Individual Analysis Although you may get trading ideas from other traders, it is essential to do your analysis before making a trading decision. Knowing why a trade is proposed is crucial to minimizing the risk.

Conclusion

TradingView is very popular with traders and financial market analysts as a technical analysis and trading platform. However, it is essential to remember that TradingView is not a source of trading recommendations or references.

It is a tool used by traders and analysts to carry out their analysis and share their views. The final trading decisions are the responsibility of the individual, and users must carry out appropriate research and risk control.

So, TradingView is an excellent platform for financial market analysts and traders who want to do technical analysis, create trading strategies, and join a large trading community.

However, it should be used carefully as a tool to support your own trading decisions. For that, it is essential to keep learning and adapting to changes in the market.