When you use the right tools and implement your technical analysis well , Forex trading can be one of the most profitable endeavors. There are different charting platforms that you can use to access the real market data of any forex broker and analyze your forex pairs, and tradingview is one of the best.
Tradingview provides you with excellent charting tools, up-to-date market news, real-time data from your broker, and, most importantly, give you the ability to connect your broker to the platform and place live orders.
This post will give you a step-by-step guide on how to trade Forex on TradingView, enabling you to explore every facet of Forex trading without having to leave your browser.
So let’s get started.
Table of Contents
What is Forex trading?
Forex trading is the act of buying and selling a currency against another currency. This is done by predicting when one currency will be valued more or less against another currency and leveraging it.
The forex market has been around for over five hundred years and has grown very big. Currently, the forex market has a daily trading volume of about $6 trillion. With this amount of trading volume and many other factors that move the market, I think the forex market has come to stay.
How Much Is Needed to Start Forex Trading?
The amount you need to start forex trading is dependent on your pocket. You can start with as little as a $100 account and upgrade to a $1,000 account when you have recorded a good trading profile.
You can even start with a demo account if you do not have initial capital or don’t have the necessary knowledge to trade with a live account. There are many brokers that offer demo accounts to their users; just find one and sign up.
Whatever amount you invest in forex trading, you must understand that the market is volatile and that you could lose your money at any time.
Understanding the TradingView UI
The tradingview UI can be very hard to use if you are not familiar to normal charting tools.
In this section of this post, I will show you what each part of the tradingview interface is used for. We will be referencing to the tool bars with black rectangles shown in the picture below.
Toolbar 1:
This toolbar houses the drawing tools. Here, you can find the trendline, add text to the chart, zoom the chart, and perform most other functions. When you hover over any of the tools, you will see a tooltip on what the particular tool is used for.
Toolbar 2:
In this toolbar, you can change the candle type, set an alarm, or switch to your preferred timeframe. From this toolbar, you can add an indicator to the chart. Remember that if you are using the free account, you can add a maximum of 3 indicators to the chart.
Toolbar 3:
With the options on this toolbar, you can connect your broker to tradingview, test your trading strategy, and do many other functions. The “trading panel” tab is where you need to click to connect your broker to the platform and begin placing an order live on tradingview, while the “strategy tester” tab allows you to test your trading strategy by backtesting.
Recommended: How to connect broker to Tradingview
Toolbar 4:
This section is where you find market news and also associate with other investors. From this section, you can customize your watchlist, connect, and explore ideas.
Toolbar 5:
This toolbar area is where you see the candlestick chart of any pair you select from the market watchlist. Once you start using any of those drawing tools, it will take effect on this toolbar area.
How to Trade Forex On Tradingview(steps)
Before you can trade forex on Tradingview, there are a few things you need to do to set yourself up for success. First Sign up with a broker, connect it to the platform, learn about the market, and begin trading. Let’s go through this one-by-one.
Step 1: Register with a broker.
For you to trade forex live on Tradingview. You will need to register with a broker that can be connected to tradingview.
A forex broker is a company that allows forex traders to buy and sell currency pairs. When choosing your broker, you need to make sure it is one that is trusted and legal in your country. Also, make sure you register with a broker that can be linked to tradingview.
Step 2: Connect your Broker to Tradingview
After registering an account with a broker, you need to connect that account to Tradinngview to be able to place a live order from the platform.
To do this, you need to click on the “trading panel” tab on the toolbar 3, as shown in the picture above, and you will be prompted to select a broker and login to the broker to complete the connection. If you are stuck with the process, you can check out our guide on how to connect your broker to TradingView.
Step 3: Import Your Broker’s Watchlist
After you have connected your broker to Tradingview, you need to get your broker’s watchlist imported into Tradingview so that you will be trading the real-time market data of your broker. Just navigate to watchlist> import watchlist as shown in the mage below, and you will see the option to upload a watchlist to tradingview.
Also, you can access your broker’s watchlist by tapping on the “add symbol” button and entering the name of your broker. For the example in the image below, I have tried to access FXCM Watchlist.
Step 4: Implement your technical analysis and place order.
After connecting to your broker and importing your broker’s watchlist, you are set to trade forex on TradingView. Prior to this, you need to have acquired the necessary knowledge to carry out technical analysis. Technical analysis will help you to understand the market and know what drives prices up and down. You can find tips on technical analysis here.
After implementing your technical analysis, you can go ahead and place your order with your broker. If your broker isn’t listed on Tradingview, you can visit their official site, login to your account and place an order based on your technical analysis on Tradingview.
Conclusion
Tradingview is the best option for any trader looking for a good charting tool. On the platform, you have access to drawing tools, social elements, and real-time market data from your broker.
Tradingview is relatively cheap and simple to use. With $15, you can get the pro-account that will serve you for one month.
Also, the tradingview networking feature is there for you to share trading ideas with other traders without having to face the barrier of distance or having to leave your browser.