Imagine two farmers; they both have large farmlands of equal square miles to farm on.
Their both farmlands are filled up with wild grasses and weeds which they must clear so that they can plant on their respective farm lands when the planting season comes.
One farmer hires a bulldozer that clears the land easier, faster and makes the land surface soft for planting.
He also hires a tractor that enables him plant faster and complete the plantation.
The second farmer carries out his operations the traditional way. He hires farm workers and distributes farm tools (hoes, machetes, rakes etc) to them.
They clear the fields and plant on them.
Of course, their output is slow. They won’t cover more ground.
Who do you think will gain more during/after harvesting?
From the scenario above, we both know the farmer that utilized mechanized farming techniques is more productive and will realize better profits far better than the farmer that implemented traditional farming techniques.
These farmers are no different from traders/investors that use the right tools or the wrong tools in their analysis.
The tool you use for investing plays a big role in your profitability.
Beginner traders and investors usually face challenges from bad brokerage charting platforms. These brokers are limited with the availability of good tools and indicators which gives traders and investors bad experiences.
Bad trading and investing experiences causes frustration and leads to poor decision making.
Some of these brokers care less about your experience as a trader or investor.
Their chatting platforms are less efficient to use.
What are the setbacks of these brokerage platforms?
- You lose all data to your work when you close the platform or if your computer memory becomes faulty. There are no back-up options for your data.
- You are limited to trading alert options. You can’t be on your charting platform every minute of the day. When a profitable move is about to happen, you miss it because there are no good alert options.
- You have no customer support. Whenever you encounter difficulties using an application, you will turn to customer services. Unfortunately these charting platforms have poor/no customer support.
- The trend-lines are not steady (Meta trader 4). They are always shifting when you switch from one timeframe to another. Trend-lines are suitable for traders and long term investors that love to ride the trend.
- You are limited to various financial instruments. Many of these brokerage platforms don’t have access to some instruments you are interested in, certain stocks, crypto currencies, ETFs etc you may want to analyze
As a trader or/and investor you want to avoid these challenges rather you want solutions that will improve your returns.
How can these problems listed above be countered? What you need is a platform with the right tools that can be customized to your taste.
A platform with good qualities that will help you earn is Tradingview.
WHAT IS TRADING VIEW?
Trading view is an advanced financial charting platform which is easy to use.
It gives you the right experience or feeling you need to progress from beginner to pro.
It has an active social network of engaged traders and investors where you get opinions and learn new ideas, strategies to carry out better analysis.
Trading view spans various financial markets such as stocks, currencies, commodities, forex, crypto currency, indices, futures, bonds.
You get to make your choices. You get latest news updates all around the world.
What you will benefit from using Tradingview.
- Advanced charts
These charts are neat and easily customizable to what you want. You like green candlesticks or blue candlesticks, it is your choice. You can zoom in and out according to what you want.
Their charts are user friendly. Your working environment influences you to be proactive. When you are proactive, you trade/invest better and smarter.
- Adequate tools & indicators
Your trading/investing strategy will require you to use tools or indicators.
Tradingview makes their tools and indicators easy to use and understand.
Trend indicators such as Moving averages, Moving Average Convergence and Divergence (MACD), Parabolic Stop And Reverse (SAR) etc.
Momentum indicators like Stochastic Oscillator, Commodity Channel Index (CCI), Relative Strength Index (RSI) etc
Volume indicators like Chaikin Oscillator, Rate of Change (ROC).
There are different kinds of tools to also aid your analysis.
Examples of tools are trend-lines which can be straight or curved. You can change the style, make it thick, light or change the color.
They can be used to draw trend-lines.
There are also shape tools like the rectangle, ellipse, circles etc You can use them to mark/draw key levels and analyze your charts.
These tools and indicators help you become profitable in the marketplace.
- An active social network
The best way to motivate and improve yourself and skills is to make friends and interact with like-minded people. As the popular quote says ‘Iron sharpens Iron’. You learn profitable strategies from other people. You get ideas and opinion from experts. You rub minds with intelligent traders and investors which will improve your analysis exponentially.
- Trading view alerts
Have you ever missed a trade because you are not available on your charting screen? If you haven’t, I have myself. It can be frustrating to miss a profitable trend especially when you are starting out.
With trading view alerts you are notified immediately. These notifications can be sent as emails, audio alerts, text messages and visual pop-ups.
You can set alerts on drawing tools, indicators or price levels. In doing so, you do not need to miss a profitable move again.
- Stock screener
Tradingview offers you data on both local & foreign stocks. These advanced stock screeners allow both traders and investors to filter stocks according to their requirements.
You can make trading/investment decisions around company’s earnings or company’s value, returns, debts, liquidity and management.
- News and economic data coverage
Trading view provides you with current economic and earnings calendar of a company which tells you how the economy is performing and about a company’s earnings.
You get updates on latest business news. You get to know what is going on in a certain company or a country’s economy.
- Paper trading simulator
Paper trading is a simulator that mimics real time trading . Traders trade with virtual money. This simulator gives new traders and investors the feeling/experience in the financial market.
Trading strategies and risk management techniques can be practiced on a paper trading simulator.
- Pine scripts
Do you have an idea of building an indicator or a tool of your own?
With tradingview pine-script, you can code what you the tool or indicator you want.
Even if you don’t know how to code, you can still look for a coder to help you. You can also alter the code of built in trading concepts like chart, tools or technical indicators. But always test the profitability of your new idea on a paper trading simulator.
Tradingview is fast and fun to use. It makes life easy for you as a trader and investor. The app is available on Google play store and Apple store. You can also use the website version.
See what people are saying about Tradingview:
Tradingview solves your problems to poor customer support, insufficient financial instruments, the risk of losing all your data, inadequate tools and indicators.