TradingView is a popular charting platform that’s known for its technical indicators, advanced charts, drawing tools, and market analysis features. But one of the most common questions from beginners is whether they can use TradingView to trade directly.
Although you can use TradingView to place or manage trades, you still need to connect it to a broker, so there’s no need to switch between the charting platform and the broker when trading. So, if you want to use TradingView as your charting platform, look for a broker that offers it.
In this article, we’ll guide you through trading directly through TradingView.
What Does Trading Directly Through TradingView Mean?
As mentioned, trading directly on TradingView means that you can connect it to a supported broker or exchange. Once connected, you can easily access your trades through TradingView, instead of opening another app or software to manage your trades.
Is TradingView a Broker?
TradingView isn’t a broker. As a charting platform, its main function is to provide a trading and charting interface. Once you have connected it to a broker, that’s when you can trade live, since the broker will handle all the fund-related matters.
How to Trade Through TradingView
If you already have a TradingView account and a broker, the steps are relatively easy.
1. Open TradingView Supercharts
Once you’re familiar with navigating TradingView, you can start your trading journey. First, open the Supercharts, where you can access drawing tools, technical indicators, multiple chart layouts, and other features.
2. Click the Trade Button
Next, click the Trade button. It’s currently located in the upper-right area of the chart, and this can still change once there has been an update to the interface. But after clicking “Trade”, you’ll have access to a list of brokers available to you.
3. Select Your Broker
Once you can see the list of all available brokers, choose the one you prefer. But before you are able to choose the broker you want, you should have an existing account with them. So, make sure to register first.
4. Connect Your Account
Once you are able to select the broker you want to use with TradingView, connect your account by entering the login details. There can be different connection processes, depending on your chosen broker
5. Place and Manage Orders
After connecting your account, you can now start placing trades through an order ticker or the chart. When placing your first trade, make sure that you already know how to use order types and risk management features.
Can You Trade Without a Broker?
Trading directly on TradingView, without connecting a broker’s account, won’t let you trade real money. Of course, you can also try demo or paper trading, but when it comes to live trading, you need a broker to connect with your TradingView account.
What Is TradingView Paper Trading?
Paper trading, also known as demo trading, is a simulation where you can trade without using real money. However, the good thing about paper trading is that you can practise your trading strategy or plans without losing your capital.
What Can You Trade Through TradingView?
When it comes to live trading, the assets you can trade on TradingView depend on the broker or exchange you connect to. It’s recommended to look for a broker or exchange that offers a wide range of assets, so that you won’t have to switch if you decide to trade other assets.
What Are the Benefits of Trading Through TradingView?
The use of TradingView with your chosen broker or exchange comes with various benefits. Some of which include:
1. Everything in One Interface
As mentioned, once you’ve connected your broker’s account to TradingView, it’s convenient since you’re just going to use one interface for your trading needs. No need to switch to a different application.
2. Chart-Based Trading
Instead of submitting an order, you can also place and manage trades through the chart. That way, it’s easier to visualise the entry and exit before submitting the order.
3. Advanced Analysis Tools
You must be able to use various advanced analysis tools to achieve a successful trading experience. Fortunately, TradingView offers drawing tools, indicators, chart types, and other technical analysis features. The combination of the trading interface and reliable tools can help you make informed decisions.
4. Easier Position Management
Traders can manage orders and monitor positions on TradingView, but it still depends on the broker. But it’s a good thing that you’re able to monitor price movements while adjusting trades.
5. Paper Trading for Practice
As mentioned, TradingView offers paper trading, which allows traders to practise their trading strategy without using real money. At the same time, it offers real-time market movements, so you can make the necessary adjustments to prepare for live trading.
Are There Any Limitations?
Although TradingView comes with benefits, there are also limitations.
1. Not Every Broker Is Supported
Some brokers may not be connected to TradingView, so you’ll have to choose whether you want to use the broker more than TradingView and vice versa. There are also instances when a broker that was previously tied to TradingView may no longer be offering the same partnership, so you might still need to make some changes.
2. Trading Features Can Vary
Not all features that TradingView offers are supported by all brokers. In some cases, brokers may not support certain assets, order types, and other account features.
3. Real-Time Data May Require Additional Access
Although TradingView offers relatively real-time data, there are cases when a broker would have additional requirements so that traders can access the real-time information they need.
4. TradingView Does Not Control Execution
As you may know, TradingView serves as the interface, while the broker handles the financial side of the trading experience. Because of this, there can be differences in commissions, spreads, liquidity, and slippage, depending on your chosen broker.
Final Thoughts
Finally, it’s true that you can directly trade on TradingView, but it also comes with a lot of elements. One of which is that you should first connect it with a broker, unless you want to stick with paper trading.
