How to Build a Solid Trading Foundation with Live TradingView Charts?

In today’s world, where the trading landscape is highly dynamic, and money management is the key, staying well ahead of the curve is critical to ensure success. With the rising digital trading platforms, the ladder to financial success is smoother than ever, with access to an array of tools for making informed decisions.

Tradingview is one platform that has become extremely popular among traders for its incredible charting capabilities. The Tradingview chart live platform allows users to seamlessly trade any financial instruments directly through the chart. If you wish to strengthen your trading foundation using this platform, this article will help you. 

Build a Solid Foundation with TradingView

Tradingview provides multiple features for traders to make informed decisions. No matter if you are a beginner or a seasoned trader, the features of Tradingview can help build a solid trading foundation.

1. Customization of Charts

The customization tools available on the Tradingview platform can help you in enhancing your trading strategy. You can customize the charts to set alerts for different price levels.

Moreover, with the features like trend lines, you can analyze an asset better. There are no major limitations for you when it comes to the customization of the charts according to your needs.

2. Comparing Securities

It is critical to compare different trading securities for making an informed decision. You can do a comprehensive comparison of various securities by simply using the plus icon present on the top left corner of the live charts. Moreover, you can also compare different charts to develop a personalized strategy. 

3. Track Price Movements

TradingView is a great tool that allows you to monitor the price movements of any security. If you are a new trader, tracking price movements can be highly beneficial to understand how the market works. 

For example, you can identify crucial support and resistance points by analyzing the price movements. It will facilitate you to make better decisions while mitigating losses and increasing profitability.

4. Backtest Strategies

A critical resource that can help you in testing and refining all of your strategies for trading is backtesting. It can help you identify the shortfalls in your trading plan while ensuring that you make improvements for gaining the required outcome. 

Backtesting will allow you to verify the effectiveness of your strategy while ensuring risk mitigation. 

5.  Use Trading Indicators

The combination of multiple indicators available on the TradingView charts can help you in enhancing your strategies. You can combine various indicators and create unique alerts or signals to find the right time that is suitable to trade. 

You can also experiment with a combination of different indicators while creating a customized strategy that will go well with your trading style. For example, You can make use of the momentum indicator along with the average crossover to identify trend reversals. You can also Connect TradingView to Dhan as integration and level up your trading. 

Conclusion

To conclude, TradingView is a solid option for you if you are looking for a platform that will help you in creating some awesome strategies that will be unique and effective. Furthermore, you can customize and work on your strategy as per your trading style, making it highly robust. 

The platform has several charting and trading tools along with a free membership option making it a solid choice for building a strong foundation in trading securities. However, if you wish to utilise advanced trading features on TradingView, you can open an account with Dhan.