If you’re starting out in the world of trading or investing, chances are you’ve already heard of TradingView. It’s one of the most popular charting platforms used by both beginners and experienced traders alike. I remember when I first stumbled upon TradingView. I was a bit overwhelmed by all the charts, indicators, and tools, but once I figured out how to use it, it quickly became my go-to platform.
In this article, I’m going to show you how to use TradingView for beginners in a way that will make you feel like a pro, even if you’re just getting started. I’ll walk you through the basics and offer some personal tips I’ve picked up along the way, so you can navigate the platform with confidence and start making smarter trading decisions.
Why TradingView?
Before we dive into the specifics of how to use TradingView for beginners, let’s take a moment to appreciate why it’s such a valuable tool for traders. TradingView offers:
- Real-time market data: Get live updates on prices and charts for stocks, forex, crypto, and more.
- Powerful charting tools: Create custom charts with indicators, drawing tools, and customizable settings.
- Community insights: Share your ideas with other traders and see what others are saying about specific markets.
- Ease of use: Even though it offers powerful features, TradingView is pretty user-friendly.
- For someone like me who was just starting out, TradingView made it easy to understand what was happening in the market and what actions I needed to take.
Getting Started with TradingView: Setting Up Your Account
The first step is obviously creating an account. If you’re just starting, you can use TradingView for free, but there are paid plans that offer additional features (like more indicators per chart or more alert options). I started with the free version and found it was more than enough for my needs when I first got started.
Step-by-Step Guide to Setting Up Your Account:
Go to TradingView’s website: Visit TradingView and click on “Sign Up.”
Create an account: You can sign up with your email, or use your Google or Facebook account for faster access.
Choose a plan: As mentioned, there’s a free version, but if you’re really serious about trading, you can upgrade later.
Set up your profile: You can personalize your profile with a profile picture and description if you plan to share your ideas with the TradingView community.
Navigating the TradingView Interface
Once you’re logged in, you’ll be greeted with the TradingView charting screen. The layout can be a bit intimidating at first, but once you know where everything is, it’s pretty simple to use.
Here’s an overview of the main areas of the interface:
1. The Chart
This is where the magic happens! The chart shows the price movements of the asset you’re analyzing. By default, TradingView opens up a candlestick chart (which is great for analyzing price action).
Candlestick Chart: Each candle represents a period of time (e.g., 1 minute, 1 hour, 1 day), and the candlestick tells you the opening, closing, high, and low prices for that time period.
Change the Time Frame: You can adjust the time frame to view price movements over minutes, hours, days, weeks, etc.
2. The Toolbar
On the left side of the screen, you’ll see the toolbar. This is where you can access all of the drawing tools and indicators that TradingView offers. Some key tools here include:
Trend lines: Great for marking support and resistance levels.
Fibonacci retracement: A tool for spotting potential price retracement levels.
Text: Add notes and annotations to the chart to help you remember key insights or strategies.
3. Indicators
At the top of the chart, you’ll see an option for indicators. TradingView has hundreds of built-in indicators, such as Moving Averages (MA), Relative Strength Index (RSI), and MACD. I use indicators all the time to help confirm my trading decisions.
To add an indicator: Click on the “Indicators” button at the top, type in the name of the indicator you want to use, and select it.
Customizing indicators: Once you’ve added an indicator, you can click on its settings to customize how it looks on the chart (e.g., change the period for a moving average).
4. The Watchlist
On the right side of your screen, you’ll see the watchlist, where you can keep track of the assets you’re interested in. I love this feature because it allows me to monitor multiple stocks, forex pairs, or cryptocurrencies in real-time without having to search for them every time.
Adding assets: Just type in the asset (like “AAPL” for Apple stock or “BTCUSD” for Bitcoin) and add it to your watchlist.
Real-time updates: Your watchlist will update with the latest price movements for each asset.
Customizing Your Chart
One of the best things about TradingView is the level of customization available. When I first started using TradingView, I spent some time tweaking the settings to create a chart that worked for me.
Tips for Customizing Your Chart:
- Change the chart type: By default, TradingView uses candlesticks, but you can also use line charts, bar charts, or Heikin Ashi charts.
- Adjust the colors: You can change the colors of your candles, gridlines, background, and more. This helps me make the chart easier on my eyes and better suited to my personal preferences.
- Set up price alerts: This is a game-changer. You can set alerts to notify you when the price reaches a certain level. This means you don’t have to constantly stare at the screen—TradingView will alert you when it’s time to act.
Creating Your First Trade Idea
Once you’ve spent some time looking at charts and analyzing indicators, it’s time to make your first trade idea. TradingView lets you share your analysis with others, which is awesome because you can get feedback from experienced traders and learn from them.
How to Share Your Trading Idea:
- Create a new chart with the asset you’re analyzing.
- Draw your analysis: Add trend lines, support/resistance levels, or any indicators you’re using.
- Click on the “Publish Idea” button at the top. You can write a description of your analysis, add some tags, and make it public or private.
- Learn from others: Browse the public ideas section on TradingView to see what other traders are doing. It’s a great way to learn and gain insights.
Practice Makes Perfect
Now, I know that diving into real trades right away might feel intimidating, especially if you’re a beginner. But here’s the good news: TradingView offers a paper trading feature. This allows you to simulate trades without using real money. It’s a great way to practice your strategy and get comfortable with the platform.
How to Use Paper Trading:
- On your TradingView dashboard, click on Paper Trading at the bottom.
- Set up your account with virtual funds (TradingView gives you $100,000 to start).
- Start placing simulated trades on the charts just like you would with real money.
- I spent several weeks paper trading before jumping into real trades. This helped me gain confidence and understand how different indicators and strategies worked in a live environment.
Wrapping Up: How to Use TradingView for Beginners
By now, you should have a solid foundation on how to use TradingView for beginners. Here’s a quick recap of the key steps to getting started:
- Create an account: Sign up and explore the platform.
- Understand the layout: Familiarize yourself with the chart, toolbar, indicators, and watchlist.
- Customize your charts: Change chart types, colors, and add indicators to suit your preferences.
- Practice with paper trading: Test your skills with virtual money before risking real funds.
- Share and learn: Publish your trading ideas and learn from the TradingView community.
TradingView is an amazing tool that can make you feel like a pro even as a beginner. The more you use it, the more intuitive it becomes. So go ahead—dive in, experiment with charts and tools, and enjoy the journey toward becoming a better trader!
Next Article To Read: Why Paper Trading Could Be the Best Way to Start