Lots of people are learning about the new web-based trading tool known as TradingView. TradingView is a web-based social network that enables traders of all skill levels to come together in a community-like fashion and share trading secrets and ideas, along with analyzing trades from TradingView’s dedicated charting capabilities.
Lots of people are utilizing the many features of TradingView, giving themselves the edge over other participants in the market. Here are some of the best ways you can use TradingView to create new and improved strategies and trading techniques.
When using TradingView you are given the advantage of being a part of the largest investment community available on the web. What is better than just your own ideas? The ideas of 15.5 million active investors who can all give you a helping hand in making the right trading decisions. Having such a large community is perfect for traders with less experience. You can take complete advantage of the 6 million trading ideas and 34 million user-created charts that are established within the community by the community.
Take a look at other users’ ideas and track how they unfold to see whether they could be incorporated into your own ideas. You can also create your own ideas and gain followers of your own who can also give their input. Discussing the market in real time is great, as you can see exactly the fluidity of an investment right before your eyes. All of this is available when you’re a part of the TradingView community.
By creating watchlists that monitor your favored markets, you will never miss when a trading opportunity becomes available. You can set custom alerts for any type of market situation, such as price movements, technical indicators, strategies, and drawings. By using the integrated economic calendar, you can stay on top of any market-moving data releases.
Identify & test strategies
With TradingView, you can check out indicator summaries, such as aggregating signals retrieved from dozens of indicators that deliver a simple buy or sell signal strength. You are given the ability to screen trading instruments and define your custom filters. You can also backtest any previously used trading strategies or copy strategies that have been used by your community. Any strategies that you write can be visualized on your charts. Here are some of the possible strategies you might employ in your forex trading style:
These types of trading strategies are very short-lived, with some holds only lasting a few minutes. Those who employ a scalping method want to beat the bid/offer spread and gain just a few extra pips of profit before exiting. This method is widely considered one of the more advanced strategies available on the market. Typically, this type of strategy uses a lower time frame chart. Using a trading tool such as TradingView can offer users on the market the very best forex indicators for scalping. A great example of the scalping trading style is the forex one-minute trading strategy.
If you hold a position for several days with the objective and aim of profiting from a short-term price pattern, you are performing a swing trading strategy. A swing trader generally might look at bars every half an hour or every hour.
Day trades are the ones that can be the most exciting at the end of the day. Day trading removes the chances of falling to adverse effects by large movements overnight. Day strategies are some of the most common for those who have only just started their trading journey. Trades may only last a few hours, and price bars on charts may typically be set to one or two hours.
Positional trading follows a long-term trend of bidding to seek maximum profit from major shifts in price. Any long-term trader would usually look at end-of-day charts. To correctly employ the best positional trading strategies takes considerable patience and discipline, which for many traders, is extremely hard. This type of strategy isn’t best suited for those with limited experience as it requires a considerable level of knowledge regarding market fundamentals.
Trade entry and exit locations can be dragged and dropped into position. If you want to perform top-down technical analysis, you can open multiple charts in TradingView, where you’re given access to hundreds of chart variations and indicators, which enable you to gain a headstart from only building your own. If you have enough knowledge and experience, you can build your own indicators using the extremely powerful Pine Script language or try the custom-built variations created by your fellow community members.
You can automatically detect and draw candlestick patterns using TradingView, as well as Fibonacci retracements. You can also use volume profiles, create indicators on indicators, or overlay and compare varying instruments. There is a vast array of instruments available to every trader helping to measure Fibonacci retracements and patterns, Elliot waves, or price ranges.