If you need to improve your technical analysis skills, TradingView for Beginnersis one of the best places to start. TradingView is the best web charting platform, and millions of traders use it. It provides users with detailed stock charting tools, provides real-time data, and allows you to join a community to collaborate with others, all without installing large software onto your computer.
In this guide, we’ll share all the aspects of TradingView functions, and you will be able to learn how to chart with TradingView chartsand trading charts. Lastly, we will mention the TradingView mistakesyou need to avoid. By the time we finish this guide, you will be able to use the platform without any mistakes.
What is TradingView
TradingView is a stock charting platform for stocks, forex, cryptocurrencies, commodities, and indices. It is a charting platform that has been in existence for a decade. It has achieved a lot of great features like social trading, a good interface, and unique charting tools.
New users can utilise the free tools while the paid tools offer more advanced features such as alerts and multiple charts. The most attractive aspect of it is that it is intuitive, educational, and browser-based. No matter what level you're at, TradingView can help you learn from other users or analyse your own price action.
Main TradingView Features
1. Supercharts and Customisation
The Supercharts engine is the heart of TradingView. There is a wide range of customisation features available to the user, including colours, layouts, and themes. Beginners can stick to a basic candlestick view, and later on, can change to a log or a percentage scale.
2. Annotations and Drawing Tools
On trade charts, users can utilise more than 110 smart drawing tools, such as Fibonacci retracements, trend lines, and pitchforks, to help define areas of price action.
3. Strategies and Indicators
Users can access over 400 indicators, such as the MACD and RSI, and community tools that are created in the Pine Script coding language. Indicators are user-friendly and can be added and adjusted by the user without requiring any additional coding.
4. Layout Options on Multiple Charts
Free users only get basic layouts. Paid users can get additional layout options that allow up to 16 charts, all with synchronised drawings, symbols, and time frames ideal for multi-timeframe analysis.
5. Alerts and Notifications
Create alerts based on prices, indicators, or drawings. Paid plans give you hundreds of customisable alerts. This feature helps you avoid being glued to your screen while getting updates.
6. Calendars, Heatmaps and Screeners
Use Forex, stock, and crypto screeners to find assets that meet your parameters. Economic calendars display future events, while heatmaps show how well various parts of the market are performing.
7. Social Community Tools
Publish and read various trading ideas, trade journals, follow and interact with other traders. This feature is especially useful for TradingView for beginners because it allows them to understand things through multiple lenses.
8. Paper Trading and Broker Integration
Directly trade from your charts when connected to brokerage accounts that support the feature. It’s often used for paper trading, which allows users to trade “on paper” without any potential losses.
These TradingView features provide the versatility for day trading and swing trading while guiding long-term investments.
TradingView Charts and Trading Charts Mastering
TradingView chartsare what the platform is primarily used for. Here is a simple and concise rundown for beginners.
Types of Charts
TradingView has over 15 varieties. Some of the more common ones include Candlestick (often the preferred for gauging movement and price action), Bar, Line, Heikin Ashi, Renko, Kagi, and others. Candlestick charts are a great first choice; they show the range of different prices with transparency. Candles show open, high, low, close prices, and indicate with green (bulls) and red (bears) for the periods.
Timeframes
You can choose from 1 minute to monthly charts to work with. Start with daily for analysing the trend and 1-hour or lower for pinpointing entries when doing multiple time-frame analysis to be well-prepared.
Functionality
- Symbols and Watchlists
You can search and add any ticker (i.e. AAPL, EURUSD, BTCUSD) to your watchlists. You can create several watchlists for stocks, forex, etc.
- Simple Use
The left side of the screen has drawing tools. The top has timeframes, chart styles, and indicators. The bottom has the data window and replay mode for visual backtesting.
- Charting
You can use volume profile for support/resistance, compare 2 securities (i.e. stock vs. index), and add news/events to your charts.
Pro Tip: If you accidentally zoom out too far, double-click the price scale to reset. You can use shortcuts (Alt + I for indicators) to streamline your workflow.
Trading charts on TradingView are your best friends. You can track and analyse charting patterns and make profitable trend predictions.
TradingView Mistakes
Here are the most common mistakes TradingView beginners make:
1. Too Many Indicators
Charts become cluttered and you can get confused. Stick to 2 or 3 max indicators (i.e. EMA + RSI + Volume) and learn how to use those.
2. Stop-Loss Ignorance
In the zoomed-in charts, you can see really nice patterns, but you often forget to set stop-losses. Always remember to set a stop-loss to mitigate your risk (1-2% of your account) and set exit alerts.
3. No Trading Plan or Journal
Without a clear plan, moving between strategies can make you inconsistent. Set your rules (which include when you will enter and exit a trade and over what timescale you will trade), and record your trades to analyse your errors.
4. Emotional Trading and Revenge Trades
Many beginners impulsively trade to recoup losses. You should take a break, analyse the charts rationally, and avoid trades when you are being emotional.
5. Overtrading or Chasing Every Setup
Do you see signals everywhere? Try to be selective. Focus on low-probability setups.
6. Not Using Multiple Timeframes
Using only one timeframe won’t give you a complete view. Always look to the higher timeframes to confirm your trend.
7. Skipping Education and Community
Neglecting tutorial sections and the ideas tab will make your learning journey longer. Make sure to read more educational posts.
8. Poor Chart Setup and Organisation
Time is wasted with disorganised templates. Set and save your templates, utilise your multi-chart view, and categorise your watchlists.
9. Treating Demo/Paper Trading Lightly
Before you trade live, make sure you practice enough. Many traders get eager to use real money.
10. Not Updating with Platform Changes
TradingView is an evolving platform. Look out for new features for things like enhanced alerts or more advanced scripting like Pine Script.
Steering clear of these TradingView errors can save you money and time.
Final Thoughts: Utilise TradingView Beginning Today
Getting started with TradingView likely means unlocking the best selection of highly customisable TradingView features, TradingView charts, and community support. Create a free account and learn the basic stock chart tools, some simple indicators, and build your way up.
Success is driven more by consistent practice and less by visually enticing setups. Master price action, risk management, and patience. As you develop your skills, consider upgrading your plan to access more tools.
Visit TradingView.com. Create an account to access your chart. Conquer your trading analysis.
