If you are a trader, then you must have come across TradingView’s real-time price charts. These diagrams are often a regular thing on your computer screen. At the onset of trading, these diagrams look incredibly complicated, especially to the untrained eye. However, traders must overcome this outward show of complexity and work to understand how it all works.
Why Trading Charts Are Essential To Forex Trading
Trading charts are a valuable resource for any trader. The lines cutting across any trading display indicate trends that are essential when it comes to making trading decisions. You see, with charts, you can visualize the market dynamics and pick out investment positions.
Without charts, traders would be hard-pressed to point out where to put their money. The data received from markets is immense and visual aids like trading charts help to decode it all into investment decisions.
Moreover, the visual appeal charts offer to make trading enjoyable. Just imagine having to trade with raw data; the information would be overwhelming and most people would instead do without the numbers.
Several websites offer charting capabilities, and as a trader, you are spoilt for choice. These chart offers are endowed differently with varying timeframes as well.
As a newbie in the trading world, deciding on which chart to aid your trading can be confusing with all the options available. However, TradingView stands out as one of the best real-time chart providers out there, and here is why.
What Is Tradingview
For starters, TradingView, like other charting options, offer real-time charts that span several trading options. With TradingView, you can chart stocks, bonds, forex, cryptocurrencies, Contract for Differences (CFDs), global data et cetera.
If you are on TradingView, you won’t have to pay anything to use their services. This makes it suitable for beginners in the trading scene. As a newbie getting on TradingView, your primary concern would be to learn all the different features, steps and tricks to use when trading and the platform contains plenty of those.
Why You Should Choose Tradingview As Your Charting Platform
There are several different charting applications available, but TradingView’s offering stands out from the rest more so for newbie traders. Here are a couple of reasons why.
1. Real-Time Charts
Having access to real-time information is a big boost for traders. Knowledge is power, especially in the trading line of business. Such data enables you to track price movements while trading currencies. That said, if you are using the TradingView app, then your feed will be populated by current stock and forex market charts.
Moreover, charts on the TradingView app are appealing to the eye. Trading is notorious for its seemingly complex point of view, and nowhere is this clearer than on the charts. As a layman in this field, you will struggle to make heads or tails from the data presented. However, whatever charts you will design on the app, processing the information will be easier than on most other sites.
2. In-Built Strategy Tester
Newbie traders are encouraged to study different trading strategies and see what works best for their needs. The TradingView forex app is best suited for this with its in-house strategy tester.
As you try out alternative trading strategies, some of which you will find on the TradingView app, be sure to use the strategy tester first and see how that approach works. Fine-tune the tester to assess a stock for a specified duration of time first.
Furthermore, TradingView also hosts Pine Editor. This added feature allows you to create unique strategies that you can test out as well. Testing is crucial so that you can use the approach with confidence the next time you trade.
3. It Also Doubles Up As A Social Media Site
TradingView is also a social media website. With this addition, the TradingView forex chart maker allows you to interact with other traders drawn from all parts of the globe. Besides making small-talk, you could learn a thing or two from other seasoned traders on the platform.
While on the TradingView app, you can share your ideas and even charts that you use while trading. You can just as equally access other charts and trading strategies from fellow traders online. These offer vital lessons and experiences that often prove crucial as you aim for success in the field.
However, as with other social media sites, you ought to be cautious with the kind of information you share and consume. The internet is a vast space with millions of people having access. Even on TradingView, be slow to trust other people’s ideas and opinions until you can verify their profitability in trading.
4. Hosts A Broad Range Of Market Data
One of the major selling points for TradingView is the availability of a wide array of market data for you to chart. You will access different currency markets, stocks, crypto, CFDs, bonds futures, et cetera.
With such a collection of data, you are spoilt for choice on which option to trade. While you should ideally have a settled plan, all this data points to the comprehensive manner TradingView app covers trading as an industry.
To note, however, data for futures is sometimes not real-time. Nevertheless, TradingView allows you to pay for upgrades to your package. On payment, additional features are available, as well as instantaneous data for the global futures and stock markets.
The cost of charting is sometimes tolerable due to the wealth of features that these platforms have in store for traders. However, free charting platforms such as TradingView are a welcome alternative to those who are learning the ropes in stocks and forex trading.
Learners have a pretty decent application on which they can routinely practice trading stocks, test strategies, and even gather different ideas on trading from experienced traders on the same stage. Furthermore, TradingView allows you to make trades when you link up with a broker.
Unfortunately, not all brokers are linked with the tradingview. You can as well use the tradingview and MT4 hand in hand just as I do. I use tradingview for chart analysis and them my broker Mt4 for trading.You can do that as well.
Therefore, for real-time price charts, head on to TradingView, and create your account. Get a feel of how the platform looks and works by navigating the different sections. Also, you can even customize your newly created charts with the available ‘Chart Settings’ option. Now you know why TradingView offers the best free real-time trading charts.
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“I Wish You Well In Your Journey & In Your Trading.”-