Trading View is a platform that offers a suite of tools designed for traders and investors to analyze, discuss, and trade markets. One of the standout features of this platform is its social networking aspect. Trading View hosts a vibrant community where you can share your trading ideas and strategies, comment on others' posts, and even publish your own analyses.
If you are using this Tradingview India for the first time, here is what you must consider.
Step by Step Guide to Using TradingView
To use Trading View in India, use the following tips.
1. Use of Multiple Time Frames
Multiple time frame analysis allows you to observe an asset's price action from different perspectives. It helps you identify the overall trend, pinpoint potential reversals, and find better entry and exit points.
Here is how to do it.
- Begin your analysis with a higher time frame to understand the long-term trend. This could be a weekly or daily chart.
- Once you have established the general trend, move down to lower time frames, such as 4-hour or 1-hour charts. This step helps you observe the finer details of price movements and identify short-term trends within the larger trend.
- Mark key support and resistance levels on each time frame. These levels are more significant in higher time frames and can influence price action in lower time frames.
- Seek areas where signals from different time frames align.
2. Customisation Options
Place the charts and tools you use most often in easily accessible locations. This might mean having your main chart in the center of the screen, with smaller panels for watchlists or news feeds around.
You may also optimize grouping related assets into tabs. Use color coding for quick recognition and set up secondary monitors if you have them. This helps reduce the need to switch between tabs and windows, saving time and maintaining focus.
3. Utilize Screener Function
The screener serves as a powerful filter. It allows you to move through thousands of stocks, forex pairs, or cryptocurrencies to find those that meet specific criteria.
Start by choosing the appropriate screener for your market of interest. Next, adjust filters according to your investment or trading strategy. This could include parameters like moving averages, RSI levels, or market capitalization.
Lastly, review the filtered results to identify trends or opportunities. Look for patterns or indicators that suggest a potential move.
4. Use Alerts
As a beginner, you might not have the experience to monitor the markets continuously. Alerts can notify you via email, SMS, or even the app, allowing you to act swiftly on potential trading opportunities.
You can also customize alerts based on your trading plan. Whether it is a price level you are watching or an indicator threshold, you can set the criteria that matter most to you.
5. Use Drawing Tools
Drawing tools allow you to mark up your charts with lines, shapes, and annotations highlighting trends, support, and resistance levels, and other significant price movements. This visual aid is crucial for a beginner to understand the market's language.
These tools are also quite easy to use. With just a few clicks, you can draw trend lines or plot Fibonacci retracements.
Drawing tools can also help identify chart patterns. Whether a head and shoulders formation or a bullish flag, these patterns can signal potential market moves.
Conclusion
Trading View is a platform that offers you a wide range of charting tools and indicators. If you are new to trading, you can incorporate the above tips. To use TradingView for free, open an account with Dhan. Dhan has TradingView broker integration that allows its users to access this platform without any additional cost.
