The world of trading is fast-paced, so it’s crucial to equip yourself with the right tools to succeed and make informed decisions. You need some essential tools to manage your trading process and experience effectively. TradingView is a leading web-based platform that provides a wide range of tools and real-time data for traders and investors. The charting tool and social media network have a mobile app, allowing users to trade directly, interact, and share ideas. You need essential tools like charting, backtesting, copy trading, and more to manage your trades effectively. All of these are available on TradingView. In this article, we cover critical tools for trade management that you can find on TradingView.
Technical Tools
Technical tools are vital to traders because they can visualize price movements and predict potential trading opportunities. These tools include trend lines, Gann and Fibonacci, and measuring tools.
TradingView also provides charting capabilities with a wide range of charts and indicators from which users can benefit. For traders who like varieties, there are many chart options, including bars, hollow candles, lines, step lines, candles, columns, lines with markers, and areas.
The TradingView app has technical and fundamental indicators to add to the charts along with the easy-to-use and integrated technical tool. These include Volume Profile, Moving Average Convergence/Divergence, Median Proximity Percentile, Bollinger Bands, Chart Pattern recognition, and Relative Volatility.
Backtesting Software
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Another tool that is crucial to managing your trading activities is backtesting. This involves testing a trading strategy with historical data before trading with real money. TradingView provides manual and automated backtesting options, allowing users to calculate strategy on a chart’s historical data. You can also backtest custom strategies with Pine Script.
If you want to backtest on TradingView, you can code entry and exit rules, execute indicators, implement specific conditions, and make a custom code with Pine Script. Their bar replay function makes manual backtesting easier, while the Pine Script editor allows automated testing.
News Feed
Staying current on the latest events and news allows traders to take more calculated risks. People can be more effective with trade management when they work with a good news feed that provides market events and economic data as they happen. Fortunately, TradingView has a news feed made possible by over 100 news providers, covering every asset class.
The platform has real-time news updates from global sources, which you can access by clicking the News icon. It updates instantly when a significant event happens and reflects the ticker on your chart if it affects your current assets.
Economic Calendar
An economic calendar is a must-have tool for investors, especially if they want to stay ahead of the curve. It will provide a schedule of important economic events so traders can prepare for potential market volatility and adjust their strategy. TradingView has an inbuilt economic calendar.
The economic calendar covers essential economic events and announcements that can affect the financial market. It’s an element that is important for fundamental and technical traders, and the economic calendar widget is live and regularly updated.
Copy Trading
Copy trading tools are crucial to investors, as they help them automatically replicate the trades of experienced and successful traders, improving their performance. TradingView’s copy trading feature is called Make It Mine, which allows users to copy the details of another person’s public chart for analysis.
You can also copy trades from MetaTrader 4 and 5 accounts. Their trade copier tool can automatically copy trades to other prop firm accounts. This makes it easier for new investors to carry out their trades.
Risk Management Tools
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Risk management is an integral part of any trading strategy, as it helps investors limit their losses and protect their capital. With these tools, you can stop losses and manage your risk. There are different risk management tools available on TradingView.
For instance, the portfolio heat feature is an indicator that offers a visual representation of the risk exposure for a portfolio. You can also add the value at risk indicator to your chart, quantifying the potential financial loss within a portfolio or company. Users can use Pine Script to make and customize their risk management tools.
Trading/Visual Journal
An invaluable tool for every investor is the trading journal, which allows them to track their trades, identify areas of improvement, and analyze performance. You can include the entry and exit points of your trades, why you made that trade, and the outcome of the trade.
Fortunately, TradingView also comes with a trading journal, which makes it easy to record your trades. This trading journal allows users to upload their trading history and create reports. You can also filter through the journal to find critical historical details and make decisions based on them.
Improve Your Trading Results With Helpful Tools
These tools should make up an essential part of your equipment, along with a reliable trading platform, to carry out trades. Compiling these elements from separate platforms can get quite expensive, so why not get all of them on web-based platforms that support your trading goals? With these valuable tools, you can enhance your trading experience and gain more successes than losses in your investments. These will also help you manage risk better and improve your trading performance.
