What Makes TradingView Perfect For Novice Traders?
TradingView is currently the talk of the town, and why shouldn’t it be – it has such great features that we will explore in this article shortly. But before that, let me briefly introduce what this trading platform is mainly known for – its trading charts. Since its founding in 2011, it has surpassed all the major players in the industry and placed itself as no. 1. It is a research powerhouse and very powerful stock screener, too, but the question we will deal with in this article today is whether the platform is well suited for novice traders.
How Good is TradingView?
Well, the first question that must be doing rounds in the minds of any beginner trader, whether you are into stock trading or any other type of trading, is whether TradingView, as a platform, is good or not. In one word – this platform is a great tool. Rarely do you find a platform that provides you with everything you need under one roof? But here, you can monitor as many as eight charts simultaneously and choose them from entirely different markets if you want – forex, stocks, futures, and so on. Here, the sky’s the only limit, and the best thing about this platform that attracts beginners is its intuitiveness.
Now, let’s briefly have a look at the benefits of TradingView that are solely meant for beginners –
- Best stock screener – When you are starting international trading, you need a good stock screener by your side, as it can be your greatest ally. TradingView will not be a disappointment in this category; most traders refer to it as one of the best stock screeners you will get.
- Access to real-time news – If you want to protect your money from inflation, simply putting it in a savings account is not the way to go. You need to enter the stock market, which also means staying on top of the day-to-day news. Now, with our busy lifestyles, how many of us actually have the time to learn a new skill like trading, figure out where to put the money, and study the news? That seems a lot, doesn’t it? Well, that’s where TradingView comes in, as it monitors the information for you and will send you only what’s relevant for you so that you don’t have to scourge through everything and find the ones that apply to you.
- Enhanced watchlists – Of course, other trading platforms have watchlists, but the enhanced watchlists on TradingView are something else altogether. They also have hotlists, which are the top 10 lists of hot stocks. There is also a separate tool with this known as the text note tool, and you can use it to jot down your thoughts about a particular stock on the list so that you don’t forget about it later on.
- Alerts – This is another benefit of TradingView that can help beginners. Keep in mind that more often than not, beginners are not full-time traders, and hence, they are not sitting in front of the screen 24/7. They might have a day job, they can be students, or they can simply have other things to do. So, the alert feature allows you to set up certain alert notifications once you have identified the stocks you want to monitor. There are multiple conditions that you can apply. So, for example, if you have set an alert that you should be notified once a stock hits a specific price, you will immediately receive a notification. Thus, you won’t be missing out on that opportunity.
Apart from the major benefits that have already been mentioned above, one last point that I want to note is that TradingView also comes with over 100 pre-built studies on technical analysis. This is extremely handy for beginners who are still dipping their toes into the analysis part of trading. Hence, the wide range of educational tools a beginner can access on this platform makes it one of the best for them. On top of all this, you can also access paper trading accounts here to test your strategies in a virtual space before trading with any real money.