How to use TradingView for beginners (2022) -The Best Stock Charting Tool

How to use TradingView for beginners (2022) -The Best Stock Charting Tool

In the world of investing, TradingView is an indispensable tool. TradingView is a powerful charting system for traders and investors of all skill levels. Today, TradingView is considered one of the best platforms for financial markets, both traditional and decentralized, thanks to its robust charting system and features, Additionally, it has a social network where people share ideas, create custom scripts to improve charts, and set up topic-based chats to discuss their views. In this article, I will introduce you to TradingView along with its many features. Let us begin!

What is TradingView?

TradingView is a charting platform that provides price data for almost all financial markets like stocks, commodities, cryptocurrencies, forex, etc. With its user-friendly interface and simple UX, TradingView has received thousands of rave reviews from traders, investors, and even large organizations.

Traders and investors can discuss and share market knowledge through the TradingView platform, as it is also a social network for traders.

TradingView is also offering a premium version which includes a more robust set of features. I'm going to tell you a little bit about this toolkit in this article so that you can make an informed decision about whether to buy this advanced version or not.

TradingView, What is it used for?

TradingView is generally used to track multiple asset prices, trade, socialize in the financial market, and do other notable things.

TradingView can bring you the following benefits as a user:

• A strong charting system.


• A comprehensive filter of stocks and cryptocurrencies.


• A server slide alert system to notify you of price changes.


• A thriving community where traders and investors can share trading and investing ideas.Scripts that can be modified to generate unique indicators.


• Corridor integration for at least ten corridors.


• access to a broad range of global marketplaces.

TradingView Review 2022: Why Should You Use the TradingView platform?

Previously, traders had to access price charts through software provided by the exchanges themselves. This graphics software was mostly outdated and lacked advanced tools.

If you've ever traded markets like stocks or forex, you'll notice it right away. Stock investors often use Amibroker as intermediary software to analyze stock prices. However, Amibroker is difficult to use and traders have to add more technical indicators manually.

The cost issue is one of the reasons exchanges rarely invest in price charts. Creating professional graphics toolkits is an expensive endeavor. On the other hand, since each trader has their own trading style and investment thesis, it is difficult for exchanges to provide all the tools for everyone.

TradingView was created to solve the above problems. In addition, TradingView gives you access to many types of markets that exchanges have not yet provided. At the same time, you can discuss your favorite specific market with traders who specialize in it.

You can use the TradingView platform on any device to learn new concepts and research market fluctuations, collaborate with others, chat, ask questions, and practice trading.

How does TradingView work?

TradingView's home page has a wealth of market data to use before you even open an account.

There are many ways to search for stock including by ticker symbol, trading ideas, educational ideas, scripts, or people on TradingView.

This section also features new stories from top authors, up-to-date summaries of indices, forex, crypto, and futures markets, as well as an economic calendar and trend charts from TradingView's social media space. Beginners in the trading path to profit from the internet will find a wealth of educational information and lessons on the tradingview platform to help them learn the principles of the financial market.

TradingView Account Types

TradingView has four account levels which are:

• Free Basic Account.


• TradingView Pro.


• TradingView Pro+.


• premium from TradingView.

The first of these is completely free, the other three plans start at $14.$95 to $59.95 per month. Every paid plan on TradingView comes with a 30-day free trial for customers to decide whether to buy or not. TradingView's fees are significantly lower than other competitors.

For more detailed information on all four plans, you can click on this link to view a comparison table of TradingView versions here: TradingView Plans.

TradingView Tutorial: How to use TradingView?

Download TradingView & creating an account on the TradingView platform

TradingView presently provides three versions, which are:

• Web App,


• Desktop App,


• and Tablet Mobile App.

You can begin using TradingView directly after downloading. Our next easy step is creating an account on the TradingView platform.

After the user account is ready. Let's go on to how to use the charts on this TradingView platform.

How to read TradingView Charts?

We'll review each of the toolbars on the TradingView platform.

1. The Top Toolbar:

The top toolbar contains some basic options, like

• trading pairs,


• time intervals (month, day, minutes, etc.),


• indicators,


• layouts, etc.

Begin from here to set up your chart and get ready for analysis.

If you zoom in on the top toolbar, you should notice the locations I've labeled. I will go into the function of each element in detail.

[1] This is the Time-Frame. The daily price chart is symbolized by the letter D. If you click on it, you can change the timeframe.

• To trade in shorter timeframes like 4 hours, 1 hour, 5 minutes, or even 1 minute, just click on the relevant buttons.


• An asterisk appears to the right of each period. When you click on the star, it will be highlighted, indicating that you have bookmarked that period. It will appear at the top of your chart.

[2] The number 2 button allows you to change the type of chart you want to see, such as the Japanese candlestick pattern or the line chart, etc.

[3] All available flags are listed here. You will be able to find the most known or specific indicators you want! Just enter the indicator name to see all indicators with that name.

[4] This includes a list of indicator strategies developed in advance along with some appropriate indicators.

[5] Set the market price you want to be alerted about using the alert button marked with the number 5.

[6] Number 6 is an advanced feature available only in the Pro version and above. With this feature, you can split the chart into multiple time periods or view multiple types of charts at the same time on the same screen.

[7] The Save Layout button is used to save the graphs you are analyzing. It is important that everyone saves the chart they have already set up for future analysis.

[8] In the chart properties, you can adjust all possible customization options.

[9] This is the full-screen button that allows you to extend the chart view to fill the whole screen.

[10] The snapshot button includes options to save/copy the chart image, copy the link, or even tweet the chart image on Twitter.

2. The Left Toolbar

The left toolbar contains all the tools you can place on your chart such as:

• Rectangles,


• Lines,


• and Fib Retracements.

As you can see, there are many tools here, and each has a drop-down list that contains even more.

This is the main section of TradingView where you will find a wealth of tools to help you analyze market price charts. Just click on any function field.TradingView helps display small lists of features on each chart. You will most likely use the drawing tools multiple times to plot the asset's price.

Another feature I like about TradingView is the long and short positions. Experiment with this function several times. It is attractive because it allows you to calculate the appropriate take profit and stop loss ratio. At the same time, it helps you determine a reasonable price based on the method you implement.

3. The Main Chart Area

currency rates are displayed in the "Chart Area" of the chart, which is in the center of the chart. If you add a tool or indicator to the chart, it will appear here; Some indicators also open in a chart below the chart. You can change chart settings by right-clicking and selecting "Settings".

Trading or investing is still very much a matter of personal preference, so I always recommend that you adjust the price chart yourself. You should consider this important element if you want to trade successfully.

Add notification is another fascinating feature that you should be aware of. I often use this feature to set up alerts for important price levels on the chart. When the market price reaches this level, you will be notified via email or via the TradingView app on your phone.

4. The right toolbar

The right toolbar shows the different social options that Tradingview offers and the top half of the menu contains some useful trading tools like your currency pairs and watchlists as well as some useful tools like notifications. and an economic calendar.

The top half of the right toolbar displays your list of previously created pairs. In the lower half, the price and market news are displayed. By dragging your mouse down you can remove the bottom section and make more room for your watch list. The "+" button is utilized to add symbols. It will be easier to find the pairs you want.

Find for example BTCUSD, XRPUSD, BNBUSDT, and other cryptocurrencies.

Tradingview not only shows a single market chart but also many charts from different exchanges.

5. The Bottom Toolbar

The bottom toolbar is mainly used for notes and strategy testing. This is also where you can link your brokerage account to TradingView so you can trade directly from TradingView.

The first row of the bottom toolbar quickly displays the price chart periods. If you don't want to use the toggle timeframe feature in the toolbar above, the following tool is a good substitute.

There are three options at the bottom of this section: %, log, and auto. You can experiment by clicking each icon to see how the changes in the price chart.

Unlike other online charting sites that require users to save their analysis manually, TradingView is way better. As you go through your analysis, everything is automatically saved to the cloud. So when you return to the site, your graphics will be exactly the same as when you left.

Some of the best Tradingview indicators for you

There are a plethora of open-source indicators out there. Most of these free indicators, such as MACD, RSI, accumulation/distribution, and the 50, 100, and 200-day moving averages are also remarkably effective and easy to set up and use. These are just the most basic indicators to get you started!

TradingView Frequently Asked Questions

Is TradingView legit?

Yes, TradingView is the premier charting system in the financial industry, trusted by novice and experienced investors and traders alike.

Is Tradingview free?

TradingView offers a free plan that permits users to explore the platform and learn more about its feature. However, the free version is not suitable for technical analysis due to its functional limitations.

Is TradingView real-time?

Yes, TradingView gives you direct access to the major exchanges, currency pairs, and more available on.

TradingView.com is available anywhere, anytime, and on any device.

Is Tradingview a broker?

Tradingview is not a broker, it's a charting tool. However, broker integration is supported. Simply select "Trade Dashboard" at the bottom of the "Trade" tab and a list of brokers will appear for you to choose from.

Trade directly from the Tradingview chart without having to go to your broker's website.

Conclusion

All traders, no matter how experienced or novice will find TradingView a useful and handy tool. TradingView is an excellent tool not only for the stock market and forex market but also for the cryptocurrency market.

I hope this article has helped you learn more about how to trade currencies with TradingView. Until next time!