Even if you are new to the trading game, you’ve probably heard of TradingView, one of the largest market analysis platforms available online. It functions not just as a charting and trading tool, but also as a social network connecting traders and investors from all over the world.
Trading on TradingView can be automated through the use of a TradingView trading bot which tracks the data for you according to previously defined settings (more on that below) and executes trading orders by deploying them to another platform such as WunderTrading.
Let’s go over some of the basics of trading with TradingView.
TradingView is often described as one of the best data analysis platforms online, with its user-friendly interface and a variety of subscription plans. The platform boasts many practical functionalities that help users pinpoint opportunities across different markets and assets.
TradingView can also safely be used for trading, as it supports a number of trusted brokers that you can connect to directly via the platform to execute your trades.
Traders are able to define different sets of criteria for their trading systems and be alerted accordingly via a pop-up screen, text message or email about new developments that are of interest to their strategies.
When used correctly, all these features combined can greatly help to maximize trading outcomes you have attempted, especially with the help of a trading bot.
Let’s say you want to amplify the results of your crypto trades quickly and effectively. That is where a TradingView crypto bot could come in to execute trades of one or multiple cryptocurrencies based on your customizations.
Indeed, the best TradingView crypto bot could not only maximize your trading outcomes, but also generate more profit than you would have if you simply held onto your coins.
If technical analysis is your forte, charts can help you interpret past and present value trajectories, estimate future price movements, and even decide on your market entry and exit points.
TradingView has 12 different types of charts to choose from, and the number of charts you can display on your screen simultaneously depends on the type of subscription plan you have.
Given that the most successful strategies for trading involve both technical and fundamental analysis, TradingView also offers fundamental data related to the asset in question underneath their charts.
Indicators are financial visualization tools that help traders interpret charts and price data. They can be used to confirm a trend or predict how the price of an asset will move next.
TradingView offers around 100 pre-made indicators, as well as over 100,000 community-made ones which you can use at your leisure.
PineScript, TradingView’s programming language, allows traders to easily create their own indicators or trading systems that can later be applied to any future charts.
Analysis relies heavily on drawing tools that can assist you in better understanding the technical features of markets, regardless of market direction. All subscription plans have access to over 50 smart drawing tools, such as lines, curves, patterns, geometric shapes and annotations. These tools are useful when it comes to identifying price volatility or general movement.
TradingView’s abundance of tools might be intimidating to an inexperienced trader. If you are one, you can begin by experimenting with a lower number of indicators on a single chart, as well as a lower number of charts on a single screen.
In short, take the time to study the theory underlying analysis and the most prominent trade strategies.
Good luck with your trades!