Becoming a profitable trader requires years and years of practice and commitment to analyzing price charts. So the types of charts you look at every day and charting software you use probably makes a big difference.
You’ll need practice drawing your support and resistance zones, trend lines, ascending and descending channels, chart patterns, etc.
There are so many ways to trade using technical analysis that it takes a trial and error approach to really find what works for you. Some styles of trading might not align with your innate abilities or even your daily life. This is why spending your time on the charts is crucial. Analyzing and entering your trades, seeing what you did right and what you did wrong is all apart of the process to profitability.
In our last article, we urged new traders to make an account with MetaTrader 4 (MT4) and TradingView. In this article, we will explain why you should use TradingView for charting.
So you might be wondering, why use TradingView if MetaTrader 4 (MT4) has its own charting capabilities. The simple answer is TradingView is better. Not only is it more clean, it’s more user-friendly.
TradingView is one of the best, (if not the best) charting tool a financial day trader can utilize, and best of all, you can get access to it for FREE! There may be some benefits to upgrading to a PRO account however, but we’ll talk about that another time.
Here are a few reasons why we recommend TradingView for charting analysis as oppose to MetaTrader 4 (MT4):
- The charts are much more cleaner. Long time users of MetaTrader 4 can appreciate this and see the the difference in user experience almost immediately after opening their first TradingView chart.
- You aren’t restricted to any financial instruments that your broker provides you with. TradingView offers access to Stocks, Currencies, Cryptos (Cryptocurrencies), CFD, Futures and more.
- The social aspect – one of our favourites. TradingView allows you to screenshot your chart analysis and share you trade ideas by publishing them. This allows you to build a reputation within the community and connect you with other financial traders with similar trading styles as you.
- Lastly, TradingView can act as a financial portfolio. Your profile will show a history of your past trade analysis that allow other TradingView users to see if your analysis panned out the way you predicted. This can be very beneficial to those who are looking to pursue a career in forex trading. Showcasing the accuracy of your trading analysis will definitely impress a hiring manager.
Some Unique TradingView Features:
- You can do Elliot Wave and Harmonic Analysis without installing any third party software (like in MetaTrader 4)
- You can draw chart patterns such as double top and head & shoulders with ease.
- You can code your own trading strategy within TradingView. For those who are interested in algo trading, TradingView is a great spot to start, You can make use of TradingView’s 100+ indicators and 50+ charting tools to create a trading strategy to use in various markets. Oh and you can test your strategy on TradingView too, neat huh?
- Create alerts and watchlists. You can set alerts for when any financial instrumental crosses up or below a certain price. These alerts can be sent to your web-browser, email or smartphone. A great feature to ensure you never miss a trade and that you get the best entry possible.
We highly recommend giving TradingView a try!
We’ve seen many of our Forex Lens members increase their profitability from using TradingView charts to analyze their trade setups. Maybe you could too! If you would like to subscribe to TradingView Pro, you can click here.
We also put out daily trade analysis on our TradingView account, if you want clean and accurate technical and fundamental analysis, give us a follow: