If you’re a beginner stock trader, you may be wondering how to use TradingView. TradingView is a web-based charting platform that allows you to view real-time stock data and create your own custom charts. In this blog post, we’ll show you how to use TradingView and offer some tips for beginner stock traders.
What is TradingView?
TradingView is a powerful financial visualization platform that allows traders to see real-time data for various markets and assets. It can be used to track stocks, futures, forex, and cryptocurrency markets. TradingView also offers a variety of analytical tools that can be used to perform technical analysis on the data. In addition, users can create and share their own custom charts and indicators.
For beginner stock traders, TradingView can be a valuable tool for doing research and staying up-to-date on the market. It can also help you develop and test trading strategies before putting any money at risk. In this section, we will take a look at how to use TradingView for beginner stock traders.
How to Use TradingView.
To create a chart on TradingView, go to the “Charts” tab and select “New Chart”. Then, select the asset you want to view. For this example, we will use Apple stock.
Once you have selected your asset, you can choose from a variety of chart types. For this example, we will use a candlestick chart.
You can also customize the time frame of your chart. For this example, we will use a 1-day time frame.
Indicators are tools that can help you analyze a financial asset. To add an indicator to your chart, go to the “Indicators” tab and select the indicator you want to add. For this example, we will add the moving average convergence divergence (MACD) indicator.
Once you have added an indicator to your chart, you can customize it further by clicking on the settings icon next to the indicator name. For this example, we will leave the default settings for MACD unchanged.
Drawing tools can be used to annotate your chart. To add a drawing tool to your chart, go to the “Drawings” tab and select the drawing tool you want to add. For this example, we will add a trendline.
Once you have added a drawing tool to your chart, you can customize it further by clicking on the settings icon next to the drawing tool name. For this example, we will leave the default settings for trendlines unchanged for demat account charges online.
Saving and Sharing Your Chart.
Once you have finished creating your chart, you can save it for future reference or share it with others. To save your chart, go to the “File” menu and select “Save As”. Then, give your chart a name and select a location where you want to save it.
To share your chart, go to the “File” menu and select “Share”. Then, choose how you want to share your chart (e.g., via email).
Tips for Beginner Stock Traders.
When you’re just starting out as a stock trader, it’s important to keep things simple. You don’t need to use all of the bells and whistles that TradingView has to offer – just stick to the basics. Use a simple chart setup with a few basic indicators, and focus on learning how the market works. As you become more experienced, you can start adding more complexity to your charts and strategies.
Do Your Own Research.
Don’t rely on others to do your research for you – it’s important that you learn how to do it yourself. TradingView is a great resource for finding information on stocks, but there’s no substitute for doing your own due diligence. Read up on companies that you’re interested in, and pay attention to news and earnings reports. The more you know about a company, the better equipped you’ll be to make informed trading decisions.
Create a Plan.
Before you start trading, it’s essential that you have a plan in place. Decide what your goals are, and make sure that your trading strategies are aligned with those goals. It’s also important to have an exit strategy mapped out before you enter any trade – know when you’re going to sell if things go well, or cut your losses if they don’t. Having a plan will help keep you disciplined and focused when trading stocks.
Once you have a plan in place, it’s important that you stick to it. Don’t let emotions get in the way of your trading decisions – if something doesn’t feel right, don’t do it! It’s also important not to get too greedy – take profits when they’re available, and don’t hold onto losing positions for too long hoping that they’ll turn around eventually. Staying disciplined will help you stay profitable in the long run.
If you’re a beginner stock trader, TradingView can be a valuable resource. You can use it to create charts, add indicators, and draw conclusions from your data. Stick to the basics, do your own research, and create a plan before making any decisions. And finally, stay disciplined and don’t let emotions get in the way of your trading.