Paper trading allows you to get experience real-time trading conditions without risking any real capital. In this article, we will explore How To Do Paper Trading In TradingView, a popular online platform for charting and technical analysis.
How To Do Paper Trading In TradingView: Getting Started.
What is Paper Trading?
Paper trading, also called as virtual trading or simulated trading, mostly beginner traders use a paper trading simulated trading account to make trades. Rather than utilizing genuine cash, merchants utilize virtual assets to trade protections. Before entering live trading, paper trading provides traders with a risk-free environment in which they can evaluate their performance, test their strategies, and build confidence.
Why Choose Paper Trading TradingView?
TradingView is a broadly used web-based platform that provides the best charting tools, technical analysis indicators, and a vibrant trading community. It gives a natural and easy-to-understand interface, which is all time best choice for beginners and experienced traders. Moreover, TradingView provides a Paper Trading feature for users to practice trading strategies in a simulated environment.
Signing Up for a TradingView Account.
To start Paper Trading in TradingView, you first need to create a TradingView account. Follow the below steps to sign up for TradingView:
- Visit the TradingView website at www.tradingview.com.
- Click the “Sign Up” button right corner on the upper side of the homepage.
- Fill in the necessary details like your email address and password.
- Click on the verification link issued to your email address to confirm your email address.
- Once your email is verified, you can log in to your TradingView account.
Exploring the Paper Trading Features in TradingView.
TradingView Overview.
Upon logging in to your TradingView account, you will be greeted with a powerful and feature-rich interface. Here are some essential elements of the TradingView platform:
- Price Chart: TradingView provides realtime based live price charts and options to add technical analysis tools and indicators. To analyze the price change on a chart and predict future price movement, you can set the time frame of the price chart as 5 minutes, 15 minutes, or 1 hour, also you can apply the indicators and create trend lines as per your strategies.
- Watchlists: Create and manage watchlists of your favorite stocks, cryptocurrencies, or other securities. Watchlists allow you to monitor multiple assets at once.
- Paper Trading Account: TradingView provides a dedicated paper trading account. Through the paper trading account, you can practice your knowledge, and strategies without using real money. The Paper Trading account is separate and not like a live trading account with real money.
- Trading Panel: At the bottom of the page there is a trading panel where you can execute virtual trades (Buy & Sell) in the paper trading account. This Trading Panel also shows you the real-time market data, order entry fields, position, profit-loss, and account information.
Paper Trading in TradingView.
To use paper trading in TradingView, let’s first set up a paper trading account in TradingView with the help of the below simple instructions, also refer to the below screen captures for demonstrations of how to access paper trading in TradingView.
- Go to any of the stock price charts.
- At the bottom of the Price chart, you will see the arrow to expand the Trading panel options, click on it.
- Under the Trading panel, you will see the first option is Paper Trading, once you move the mouse cursor on it, you will get the option to Connect, click on it to connect to Paper Trading.
- After Connect to Paper Trading, you will see your Paper Trading Account with virtual $100,000 which you can reset anytime.
- You will see a drop-down at Paper Trading, click on it you will get more trading options and also a reset option to reset your account which will refill virtual $100,000.
Conclusion.
Paper trading in TradingView is a valuable tool for both beginners and experienced traders. It offers a risk-free environment to practice and refine trading strategies, analyze markets, and evaluate performance. By leveraging TradingView’s charting tools and virtual trading capabilities, traders can gain valuable insights and enhance their trading skills. So, if you want to start your trading journey or improve your existing skills, try paper trading in TradingView and take your trading prowess to new heights.
Frequently Asked Questions About Paper Trading in TradingView.
Is TradingView good for paper trading?
Yes, TradingView is good for paper trading because TradingView provides the best charting tools, technical analysis indicators, and a vibrant trading community. It gives a natural and easy-to-understand interface, which is all time best choice for beginners and experienced traders for paper trading.
Is paper trading good for beginners?
Yes, paper trading is always good for beginners because you learn and gain real market experience and understand how your strategies and studies are working before investing real money.
Is paper trading risk-free?
Yes, paper trading is absolutely risk-free because you are not using your own real money.
Can I do paper trading in Zerodha?
No, you can not do paper trading in Zerodha because Zerodha doesn’t have a paper trading feature.
Does paper trading make money?
No, with paper trading you can not make real money because paper trading works on virtual money / fake money. In paper trading if you make a profit still that will be virtual money / fake money.
Is paper trading good for day trading?
Yes, paper trading is also good for day trading because you learn and understand whether your strategies and studies are making good returns in Intraday trading.
Where should I do paper trading?
You can choose TradingView for Paper trading because TradingView is a good platform for paper trading because TradingView provides the best charting tools, technical analysis indicators, and a vibrant trading community. It gives a natural and easy-to-understand interface, which is all time best choice for beginners and experienced traders for paper trading.
What is the difference between paper trading and physical trading?
In paper trading, you trade with virtual money, all your orders are executed in system/software/simulator only and they do not go to actual exchanges. In physical trading, you trade with real money and your orders are executed in actual exchanges.
How can I practice stock market without real money?
To practice stock market without real money, you can use Paper Trading in which you can trade with virtual money which helps you to understand and test your strategies and study whether they are making good returns.
How to use paper trading in tradingview?
– Go to any of the stock price charts.
– At the bottom of the Price chart, you will see the arrow to expand the Trading panel options, click on it.
– Under the Trading panel, you will see the first option is Paper Trading, once you move the mouse cursor on it, you will get the option to Connect, click on it to connect to Paper Trading.
– After connecting to Paper Trading, you will see your Paper Trading Account with virtual $100,000 which you can reset anytime.
– You will see a drop-down at Paper Trading, click on it to get more trading options and a reset option to reset your account, which will refill virtual $100,000.
Can you paper trade options on tradingview?
There is no option to add options in the watchlist on tradingview, hence we can’t paper trade options on tradingview.
Can you paper trade features on tradingview?
Yes, you can paper trade features on tradingview. Add applicable features to the watchlist on tradingview.