What is TradingView?
TradingView is a web-based charting platform used to track the prices of different assets.
You can track and analyze the prices of currency pairs, stocks, indices, commodities, crypto, and many other assets.
Traders can also place trades directly on TradingView if they log in to Trading View using credentials from brokers supported by the platform.
Having known that, you must really be wondering how to start trading Forex on this platform.
In this post, I will show you exactly, how to start trading Forex on one of the best platforms – TradingView.
Here is what you need to do:
Sign Up on TradingView.
Registering on TradiongView is simple.
Go to the trading view website to register.
Click on the prominent button labeled ‘Start free trial’.
You will be redirected to a ‘Plans for every level of ambition’ interfere.
There, you will find three plans through which you can join TradingView.
The Basic plan for new traders has ads but is free to join.
The Pro plan, on the other hand, offers distraction-free trading, has more charts and indicators, and costs $14.95 per month.
The Pro+ plan which offers intraday technical analysis for day traders costs $29.95 per month.
Finally, the Premium plan which has the highest precision and maximum data for the best trading costs $59.95 per month.
The good news is, you can try each of the paid plans free for 30 days.
Click on the ‘Start now’ button on the basic plan or ‘Try free for 30 days’ button if you wish to try any paid plan free for 30 days.
Alternatively, you can click on the ‘Pay now’ button on the paid plans to pay immediately.
Any of the buttons will lead you to the next stage of registration on TradingView – signing up.
There are several sign up options such as one’s Google account, Facebook account, Twitter account, Yahoo account, Apple account and Linked in account.
Alternatively, you can use your email address to sign up.
Choose any signup method you prefer and enter the details required.
It will take minutes and your TradingView account will be ready for use.
Also Read: – MT4 or TradingView? Which Platform is Best?
Open a Trading Account with a Broker Supported on TradingView.
Do your due diligence and find out brokers supported on TradingView. After settling on a broker supported on TradingView, open an account with it.
Brokers supported on TradingView include FXCM, Oanda and Forex.com, and many more.
You will get login credentials as well as an access token for when you want to connect to your account on TradingView.
If all that is done, then you are ready to proceed.
Sign In on TradingView.
Do you now have your TradinView account ready?
It’s time to sign in and proceed until you can start trading Forex on the platform.
Use the same method you used to sign up on TradingView to access the platform.
Click on the menu button and choose ‘Chart’ on the drawdown.
On the chart, click on the ‘Trading Panel’ button at the bottom of the chart.
If you cannot locate the button, locate and click on three dots at the bottom of the chart next to the ‘Pine Editor’ button.
‘Strategy tester’ and ‘Trading Panel’ options will pop up.
Choose the ‘Trading Panel’ option and a list of brokers will appear.
Choose the broker with which you have an account with and further instructions will follow.
Connect to your Broker Account on TradingView.
Further instructions which follow after choosing your broker include the choice of whether to connect to a Demo or Live account.
Choose whichever you prefer and enter the access token provided by your broker.
After doing so, click on ‘Connect’ and within seconds, you will be connected to your broker trading account on TradingView.
Start Trading Forex on TradingView.
Have you done everything right until you were logged in to your trading account on TradingView?
Then you can now start trading Forex on TradingView.
Here’s how to get started.
At the bottom of your chart, locate three tabs – Positions, Orders, and Account Summary.
Those are tabs that help filter all order statuses and can give you a quick summary of your trading account.
The top-right of the Trading Panel has a menu with the following:
- Main settings for trading.
- A button for disconnecting trading.
- A button for choosing a different broker.
- Your account ID and a dropdown for switching between sub-accounts.
Onto Forex trading on TradingView now. You can place your order through the following options:
- The chart context menu.
- The chart ‘+’ menu.
- The floating Buy/Sell panel.
Whichever route you take, the order ticket will finally pop up, for you to set up your trade specifications. Some of the specifications you will set up on the order ticket include:
- Stop Loss.
- Take Profit.
- Order in Pips.
- The type of trade execution.
- Whether to Buy or to Sell.
After setting up all those specifications, click on the Buy or Sell button according to your analysis.
Your trade will be executed immediately.
You will just have placed your first Forex trade on TradingView.