Why Is TradingView The Best Charting Platform For Day Traders?
by Abdul Aziz Mondal Finance Published on: 21 September 2022 Last Updated on: 22 September 2022
In India, with trading getting digitalized, a lot of charting platforms have come up.
Online share trading through charts is gaining a lot of popularity due to its efficiency. The most popular charting platform that is winning the hearts of day traders across the globe is TradingView.
It has simplified the process of understanding the stock market and trading by using charts efficiently.
What Is The TradingView Platform?
The trading view is an online portal where you can see all about day traders
trading ideas and building up a network process. The first thing you must know is this trading view is to build up a social and trading network. You can publish any of your trading ideas.
The trading view is a platform or a social trading platform. You can publish any trading-related information and documents. As the trading view is an online virtual portal. So anyone can access the portal from anywhere and at any time.
Accessing the trading view platform is much easier. This is more like any other virtual platform. You just have to put the usernames and the password after opening any of the browsers. So you only have to follow an easy three-step process to access your software.
The trading view is one of the best leading browser-based charting platforms. You will get many unexpected customizing options along with the software features. Many brokers are offering their own platforms or own set of tools. But very few of them have customization options. This tool has it all.
Why Is TradingView The Best Charting Platform For Day Traders?
Many of the new traders are asking how much day traders make. The facts are simple. If you already know the trading, you do not actually require any agent.
Sometimes online brokerage platform implementations become a little bit complicated. But once you are habituated with the trading view, we can guarantee you do not want to change your selection.
Although TradingView has a lot of features to offer for all kinds of traders, some of the features that attract day traders and make it one of the best charting platforms are:
1. Drawing Tools
For beginners and amateurs, TradingView has simplified charts with basic tools like horizontal lines, trend lines, etc.
These help day traders seamlessly study the movement of the stocks. Since it is extremely easy to use and also explains how to use each feature, it is a wonderful platform for beginners.
If someone wants to draw something for their own reference or wants to teach someone about charts, they can use TradingView’s drawing tools.
2. Automatic Stock Indicator
This feature helps traders save time as there is no need to study each indicator in depth.
Instant indicators like technical analysis indicators and moving averages are shared automatically, without much effort from the trader.
3. Advanced Charts
Seasoned day traders use unique charts like Fibonacci, Candlestick Patterns, Pitchfork, and many more to perform an in-depth analysis of the market before investing. They can also get real-time quotes and customized charts with a single click.
Do you know how much tax day traders pay? This is almost 15% of their income. So when you already have an advanced chart, the calculation will be much easier.
4. Traders Network
Anyone can publish their views and ideas on trading strategies through the social segment of TradingView. This provides a peer-to-peer platform for traders looking for guidance or an external view.
TradingView also covers the latest day traders’ news through which traders can assess the market sentiments and plan their investments in news-driven stocks.
5. Backtesting
Traders can rely on the backtesting reports created by the internal team of TradingView or experts through the TradingView social platform for strategies which includes buy and hold strategies, trade volume metrics, and strategic risk profile of a stock.
6. Multiframe Settings
All types of day traders have different styles of trading. Some need to look at multiple time frames at the same time before entering a trade to assess the historical performance of a stock.
This can be quite challenging and time-consuming if you have to go back and forth to view the performance of the stock through various indicators and in different time frames. TradingView’s multi-frame settings make it easy for traders to view multiple frames on one screen for easy analysis.
Key Takeaways
TradingView offers a fully integrated tool for technical stock analysis curated to suit the needs of beginners as well as seasoned traders.
Day traders can use all of the features together to create an effective process of analyzing processes for day traders to leverage.
Please make sure that you understand the risks and rewards of day trading completely before indulging in it.
Additionals:
Related
