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Demo trading on Tradingview is a quick way to ensure you will have an all-in-one trading experience without feeling all over the place. Let me explain.
What Is Trading View?
Tradingview is an excellent web analyzer where you can analyze any financial market price chart such as Forex, Stocks, Reits, Bonds, Commodities, Futures, etc. It also provides you financial reports such as earnings and dividend payouts if you invest in stocks. In addition, you can receive fundamental analysis and economic data as it releases. Best of all, it's in one central location, so you do not have to search all over the place for information.
Why Choose Tradingview to Demo Trade
If you are a new trader who prefers to trade from your computer without using MT4/5, Tradingview is an excellent option to start with before switching live. Here are a few reasons why:
Reason 1: As you analyze your charts, once you place a trade, you can see it running in real-time and easily manage it without swiping through multiple screens or tabs as you would from a cell phone.
Reason 2: It is easier to execute a trade, move your take profit, stop loss, or take partial payments.
Watch This Video: How To Calculate Your Take Profit, Stop Loss, And Lot Size
Reason 3: You can use multiple tools at the click of a button and use screeners to screen for the best setups. I'll make another blog post on that soon.
How To Demo Trade Using Tradingview
I find it easier to demo trade once you have a strategy you know how to follow. I mean, let's be honest, how would you know if you're backtesting correctly without a set of rules to follow?
If you have a strategy and a written trading plan that details the following:
When do you show up to analyze your charts and to execute trades?
What timeframes do you study, and what is the purpose of each timeframe?
What timeframe(s) do you enter your trades on and why?
What type of structure do you use, and the meaning of each structure plotted?
Where do you exit trades(take profit and stop loss)
How much do you risk per trade?
How do you manage each position( rules for letting the trade run to take profit, stop loss, or manually exit the trade early?
If you can answer these seven starter questions, you will have a more successful backtesting session.
Check out SLFX Trading Plan Builder
FInding Time Execute Trades
While I don't think you need to be glued to your screen 24/7, I do believe in having a reason to come to your price chart.
A schedule is needed. Primarily if you work a full-time job, but you don't want trading to intervene with your primary source of income.
Here is what a simple schedule looks like when entering trades on the 4-hour timeframe if you're an early bird:
4:45 am: Come to the charts to find trading opportunities
5:00 am: Execute trades if opportunities present themselves
It would help if you didn't babysit the trades you execute.
If there are other opportunities, you will check these times to execute trades:
9:00 am 1:00 pm, and 5: 00 pm.
The reason these times are essential is that the 4-hour candles close every 4 hours. Please keep in mind that when you execute a trade, it only takes a few minutes.
You are only looking at opportunities at these times if your rules are met for entry. If not, sit on your hands.
If a trade completes the same day, observe the completed trade instead, you won or lost to explore if you need to improve in any trading area.
All you're doing is setting time in increments to check for opportunities so you're not wasting your precious time at your computer.
Setting Up Demo Account
Tradingview has made setting up an account so easy that it takes less than a few seconds.
Firstly, you sign up or be signed in to demo trade. Signing up is free, so you're all good.
Secondly, once you are on the chart screen, click on Trading Panel on the bottom panel.
Once you are there, click on Paper Trading. Paper trading is another name for demo trading.
You'll be asked to connect, and once you click on the blue button link, you now have a demo account with Tradingview.
Pretty simple, right?
What Amount To Begin Demo Trading With
It is essential to begin demo trading with the amount you will live trade with as a new trader.
The reason being is because you want to mimic the realism of what your account growth or loss will look like once you begin trading with real money.
Trust me, don't kid yourself as a new trader. You'll become humbled quickly if you get false results due to ego, pride, and greediness.
You can reset the amount you trade within your demo account as illustrated below:
Simply Put
Demo trading using Tradingview is not hard to set up and is easier to use. Oh! Did you know you can now demo trade through the Trading View mobile app?
I created an Instagram reel showing you how.
Remember to have a strategy you've learned first, so you don't become frustrated once you begin executing trades.
Do you have any demo trading questions? Leave them in the comment section below.
