Are you planning to set up your first chart in TradingView but don’t know where to start? Although TradingView has become more popular among traders, it can still be overwhelming, especially to beginners.
However, if you don’t try setting up your first-ever chart in TradingView, you might miss out on a lot of trading opportunities, including the special features that this rising trading platform has to offer.
TradingView was founded in 2011 by the team that also created MultiCharts, which aims to incorporate social features, so that professional traders can improve their trading experience and profiles. If you think that the social aspects of the trading platform are interesting, you should first explore the charts.
In this article, we’ll discuss some tips on how to set up your first chart on TradingView.
1. Create a Free Account
Before you can access the charts and social features of TradingView, start by creating a free account. It allows you to have access to the basic features of the platform, including customising one chart per layout and community ideas.
As a beginner, this is a great start because there’s no pressure to get back the amount you paid for. So, once you check out the available features and you think it’s time to upgrade, that is the time when you’ll look for a reliable broker and avail of the premium access to TradingView.
2. Choose Your Asset
After creating your free account, you can now explore the charting tools. First, search for the asset you’re interested in trading. You can use the search bar at the top to easily find what you’re looking for.
Once you’re done selecting the default setting will be implemented on your chart. You can later edit the settings of the chat. Additionally, you can also select another instrument that you would like to compare your chosen asset with for additional references.
3. Select Your Ideal Chart Type
Usually, the default setting for charts in TradingView is the red and green candlesticks. However, you can easily customise it based on your preferences. First, you should pick your ideal chart type. Some of the available types include the candlestick, bar, line, Renko, Heikin Ashi, and Kagi.
TradingView offers a lot of chart types, so you should check them out and see which best suits your taste.
4. Set the Time Frame
After choosing the chart type, the next thing you should decide on is the time frame. For instance, if you choose the candlestick, you need to set how much data a candlestick represents. It can be a minute to a month. Usually, the time frame depends on what type of trader you are. If you’re a day trader, you can use shorter time frames for up to 15 minutes per candlestick. On the other hand, if you’re a long-term trader, you can set a candlestick for an hour, day, or month time frame.
5. Add Indicators and Tools
Once the time frame is set, you can now add some indicators. These indicators can maximise the full potential of your charts, but it’s ideal to add a maximum of two if you’re a beginner. The indicator button is accessible at the upper left part of the screen. When choosing the indicators, some of the popular ones include the MACD, Bollinger bands, and Moving Averages.
6. Customise Your Layout
Aside from the chart, you can also customise the layout according to your trading style. You can add up to 8 charts per layout, but it also varies depending on your subscription. Meanwhile, keep in mind that a layout only contains the charts, drawing tools, settings, and indicators. If you’re looking for the alerts and watchlists, they can’t be stored in your layouts.
7. Utilise Watchlists
Watchlist is a widget with a list of assets a trader keeps track of. You can organise it according to categories. Additionally, it’s a significant tool for traders since they can keep track of the latest news, value, and other essential information they need to know about the instruments they’re interested in.
8. Save Your Layout
Once you’re done customising your layout, don’t forget to save it. This ensures that the settings, indicators, and drawings are still accessible for the next sessions.
9. Explore TradingView’s Social Features
As mentioned, one of the most popular features of TradingView is its social aspect. You can access the community through streams and ideas, and use the things you learn from there and incorporate them into your strategies and theories.
10. Practice and Be Patient
Lastly, as a beginner, you should be patient about developing your skills in customising your charts, and learn other essential tips that you can use for trading. As you gradually develop these skills, you can have a better trading experience and portfolio.
Final Thoughts
Understanding how to set up your first chart in TradingView is the first step towards becoming a confident trader. However, during your first trials, keep things simple and add more indicators once you can manage the two initial additions.
Do you want to share your experience in setting up your first TradingView chart? Don’t hesitate to comment below!
ABOUT THE AUTHOR
Aliana Baraquio has over 5 years of experience as a writer and market analyst. She specialises in developing beginner-friendly trading techniques and tutorials. Additionally, she suggests FP Markets as the top broker for trading CFDs and Forex.
