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TradingView is a trading and social networking platform centred on market trading. It aims to bring traders together to demonstrate their skills, methods, and trading ideas in order to assist one another and create a more interactive community. TradingView markets itself as a service for both experienced and inexperienced traders, owing to the technological analysis, advice, and expertise that make it accessible, usable, and understandable for even the most inexperienced traders.
TradingView offers charts and other economic information on a variety of financial instruments, allowing users to inspect these charts and make decisions based on the data they are viewing. The quality and detail of this information improves with the various plans they offer; by paying for a better plan, the user gains more flexibility and options for their TradingView experience.
TradingView also provides a social media platform, which allows users to interact, share opinions, and discuss where they believe the market will go. This enables traders to make more informed decisions when researching markets. This is especially beneficial to newer traders because they can hear from experienced traders and economists, benefiting from their years of trading experience and wisdom.
How Does TradingView Work?
TradingView works by allowing traders to interact with one another rather than studying charts alone. This creates an environment in which ideas can be shared, the outcomes of these ideas can be evaluated, and traders can reflect on their accuracy. This system results in a community that feeds off each other's ideas and analyses trends collaboratively rather than alone, removing the need for hours and hours of agonising technical analysis.
This system has been so successful that users on the platform have created over 31 million charts!
TradingView Pricing vs. Competition
Although the Premium version of TradingView is quite expensive, at $59.95 per month, the tools it includes are well worth it. The extensive set of indicators, drawing and analysis tools, and silky-smooth graphs are all worthwhile investments. With the premium version, you can enjoy a plethora of advantages such as 8 charts on one layout, 25 indicators on one chart, 4x more data, and much more. Although the Pro editions are much cheaper, they are still worth the money and provide tools that make them a worthwhile purchase.
StockCharts is one of TradingView's competitors; it has good features but falls short when compared to TradeView's arsenal of indicators and tools; it costs $39.95 for their most expensive edition.
TrendSpider is another TradingView competitor; despite having high-level charting, it only provides US data and lacks brokers; aside from its charts, it is difficult to compare it to TradingView; it costs $22.75 per month.
Coinigy is the main Tradingview competitor in the crypto space, beating TV in terms of integrations with crypto exchanges and definitely providing more bang for your buck if you are only interested in crypto trading.
3 Reasons Why TradingView is Worth the Money
✅The Charts and their Capabilities:
One outstanding feature that distinguishes TradingView from its competitors is the high quality of the graphs and charts, as well as the extent to which you can interact with them. Most trading platforms have a clumsy, slow graph that allows you to draw a few straight lines. With TradingView, you can draw whatever you want using a variety of creative tools and implements to give yourself and others a better illustration of a market's movements, without worrying about the graph limiting this visualisation.
✅Accountability by those who comprehend:
Holding themselves accountable for their results in front of their peers is one way that traders and others in performance-based careers push themselves. Some will talk to their family, partners, colleagues, and so on about their results throughout the period in order to motivate themselves to work harder, as no one wants to admit to their confidence that they have been slacking off for the last few weeks. TradingView's social platform allows you to share your monthly stats with people who can not only hold you accountable, but also understand the situation and can help you succeed.
✅TradingView's social aspect is a big part of its success, despite the fact that it is mostly free. This social aspect, combined with its excellent charting and opportunities for detailed analysis, makes it an excellent platform for gaining a much more comprehensive understanding of the markets in which you trade.
3 Reasons Not to Use TradingView
❌ The first of these reasons is TradingView's price point. Although the price is reasonable for what you get, you may want to reconsider if you do not have a large account. A year's subscription for premium is just shy of $600; if you have a $1000 account, that's 60% of your account gone and must be paid every year. This will make things much more difficult.
❌ Another reason is the scarcity of level 2 data. Even in the premium plans, it does not include any level 2 data, which some consider to be critical when day trading.
❌ Finally, the news system is a third reason why TradingView should not be used by everyone. It's a fairly ineffective system that doesn't sort news by importance very well. It struggles to prioritise the news that is most important to traders over other, less important news.
TradingView Review Conclusion
To summarise, TradingView is an excellent platform. It has some of the best and smoothest charts available, making your experience jitter-free and allowing you to concentrate on what matters. They also have some of the best, if not the most, drawing and analysis tools available. Their indicators are also extremely extensive and difficult to compete with. When combined with their incredibly helpful social networking side, they have created a site and service that most trading services envy. It is a true market competitor of high calibre.
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