How to Set Up Trading view for Free Trading Practice
In today’s day and age, it’s near-impossible to go through life without coming across the ever-growing industry of online trading. With the internet taking the world by storm and crushing the barriers of communication across countries in the late ’80s, it’s now easier than ever to take a dive into the stock market or forex trading platforms and try your hand at making a cool profit for yourself. That is unless you’re a day trader in which case this is your livelihood. Not only can you get involved in trading various markets at the click of a button, but you can also practice trading without ever having to use any real income until such time as you feel comfortable doing so.
Platforms like TradingView allow their users to survey global markets and chart rises and falls across these global markets while engaging with other traders and making decisions about what to invest in and what to pass on – all online. As the digital-age trend goes, they also have an app, the TradingView app to be exact, and it’s available to Apple and Android users alike. There’s also a desktop version! The TradingView app allows the user to do all of this from the comfort of a couch, and without having to lift a finger or make any calls. Welcome to the 21st century!
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How Can You Trade for Free on TradingView?
While the rewards for successful trading are lucrative, it’s usually best to avoid jumping straight into full-on trading before you know exactly what you’re doing. This is where TradingView has helped its users by offering a couple of options for free trading for beginners on their platform.
Paper trading, also known as simulated trading (because it’s simulated), gives you the opportunity to trade using “fake” money to practice your buying and selling skills. This is really helpful, especially for those who are just starting out because this way of trading gives you the exact same experience as if you were using real money. It benefits the user and teaches them how to trade like a pro.
To begin using paper trading and learning the art, just open a new chart on TradingView, then open ‘Trading Panel’, and then select ‘Paper Trading’ among the brokers. This feature epitomizes TradingView’s popular maxim “Look first/Then leap.”, as it gives you unlimited time to get familiar with the different processes and test your knowledge and skill in the online trading markets.
Broker’s Demo Account
Most brokers who are supported on TradingView have demo accounts that are free to use for trading. In order to make use of this great feature, you’ll need to create the demo account on the broker’s website, then you can select the broker in the bottom ‘Trading Panel’ of your chart and log in using the details of your broker’s demo account. Once again, this provides users with an opportunity to trade freely without using their actual money.
Should You Practice Free Trading?
The short answer would be yes, you should. It’s important to know what you’re stepping into before you financially commit to anything. Paper trading and demo account trading are all about testing methods and means of trade and trying out different strategies on broker’s platforms, with the ultimate goal of getting there yourself. One could call this type of trading a ‘testing the waters’ kind of trading. While this may not be as intense when not using actual money, it’s still the exact same experience and the exact same market, which means the quotes are real regardless of whether your money is real or not!
This kind of trading can be a really great stepping stone to the vast world of online trading because through this kind of free trading practice you can begin to get a feel for how things work and what to do versus what not to do.
The Bottom Line
It’s definitely a good idea to start your trading journey with a few practice rounds before you officially start using real funds. It’s important to note that the emotions and intensity that will undoubtedly come with the use of your own money will be very different from the practice experience, but that by no means diminishes the importance of finding your feet and learning the ropes as you practice paper trading and demo account trading.