TradingView is a leading global cloud-based charting platform for novice and seasoned traders and investors. The platform is available across all devices and offers charting and analysis tools, smart alerts, and comprehensive financial analyses. It entails a robust social network of over 30 million users; these users can discuss, share, and identify trading opportunities across the global markets.
5 Strategies For Beginners To Use This Platform Like A Pro
#1 – Establishing a Trade Plan
It is a good idea to have a trading plan in place before starting your trading journey on the platform. A well-established plan ensures you are guided by core trading concepts and not swayed by pure emotions and sentiments. A trading plan will also help you implement a proper exit strategy. For instance, if the share market is characterized by rampant volatility, impacting your stock price, an exit strategy would help you determine the right exit time and minimize your losses.
#2 – Undertaking Charting and Technical Analysis
The platform has various features like charts, indicators, and so on. As a beginner, you should understand how to use these charts, as they help to analyze the graphs and the indicators. Advanced chart features are also available across the equity, futures/options, commodity, and currency domains. For instance, 12 chart types are available on the platform that you can easily customize for updates on current stock price, price patterns, etc. Likewise, you can select the right stop-loss amount for your stock based on your risk profile. Also, the best bet is to understand long-term trends and simulate real-trading strategies for your assets based on detailed fundamental data and analysis available.
#3 – Using Screeners
You can use the Screener option on the platform to track the stocks of your choice. The screeners tool is available for filtering many assets based on the defined criteria. The platform offers 3 types of screeners across stocks, cryptos, and forex. Besides the conventional filters for standard data, technical indicator-based filters are also available. For example, when expecting a potential market rally, we could filter stocks with oversold stochastic oscillator indicators (range <20).
#4 – Using Alerts
It helps to pay heed to the cloud-based informative server-side alerts offered on the platform. These alerts are powered by the Pine ScriptTM and are available on every device. The platform has 12 alert conditions, together with push and webhook notifications for information regarding price, indicators, and strategies.
#5 – Networking Extensively
The platform offers robust social networking where even beginners can engage in online trading or interact with top global brokers, other traders, and investors. Genuine reviews from verified customers will help you analyze any stock performance. You can also access trading ideas from seasoned traders; such ideas can help you make sound investing choices.
Tradingview Charts Live is a one-stop trading and social networking platform for beginners and pro traders/investors to manage seamless trading.
Disclaimer: This blog is not to be construed as investment advice. Trading and investing in the securities market carries risk. Please do your own due diligence or consult a trained financial professional before investing.