Paper Trading on TradingView: a full review

Paper trading simulators, as the name suggests, are not full trading accounts but rather virtual environments with trades and balances that only exist ‘on paper’.

Also known as demo accounts, paper trading simulators usually give you full or partial access to a broker’s technology and platform, allowing you to access live market prices (or close to live prices, it’s not uncommon to see about a 15-minute delay) and hone your trading strategies in an environment that doesn’t involve real money. You’re usually given a set amount of virtual currency alongside a 30-day trial. 

In this review, we’re exploring TradingView’s, one of the best free paper trading simulator, providing an in-depth look at its platform. This article will include:

  • An introduction and how to get started
  • Dashboard navigation 
  • TradingView’s key features
  • How to open a position and execute a trade
  • Exploring its tools and features to monitor trades
  • Overall rating and review

WARNING

Trading exposes you to the risk of losing more than your initial investment and incurring financial liability. Trading is suitable only for well-informed, sophisticated clients able to understand how the products being traded work and having the financial ability to bear the aforementioned risk.

Transactions involving foreign exchange instruments (FOREX) and contracts for difference (CFD) are highly speculative and extremely complex. As such, they are subject to a high level of risk due to leverage. Please keep in mind that CDF trading is banned in the US.

Information published on the NewTrading.io website is for educational purposes only and should not be construed as offering investment advice or as an enticement to trade financial instruments.

Getting started with TradingView

TradingView is a social media platform, charting package, and mobile app for traders and investors. It boasts a community of 50 million monthly users and has partnered with major brokers, including City Index, FOREX.com, and Oanda, which use TradingView’s charting software on their proprietary platform. 

With an emphasis on technical analysis and sophisticated chart types and tools, you’re able to access all major stock exchanges, global currency pairs, worldwide indices, 30+ crypto exchanges, and more.

To sign up for TradingView’s paper simulator, follow the instructions below:

  1. Visit https://www.tradingview.com/chart/?symbol=NASDAQ%3AAAPL – one if its charts
  2. Click ‘Trading Panel’ at the bottom of the screen 
  3. Select the ‘Paper Trading’ icon from the list of options 
  4. Click ‘sign in for free’ on the pop up 
  5. Sign in using one of the methods provided 
  6. Click ‘Connect’ and you’re ready to go!

Please note that this review, like all others in our series of paper trading simulators, will focus on the web app rather than any mobile app or downloadable software.

Navigating TradingView’s dashboard

At first glance, TradingView’s platform and dashboard may feel slightly cluttered or overloaded with information. However, you’re able to completely customize the dashboard to have as little or as much information as you’d like. 

By default, you’re given a chart on the top-left-hand side of the screen, a watchlist on the right, and your open positions run across the bottom of the screen.

If you’d like to remove any of these elements, simply click through the icons on the right-hand side. That particular window of the dashboard will be removed – for example, clicking the watchlist icon while it’s on-screen removes the watchlist, and the rest of the dashboard automatically resizes. 

Similarly, if you don’t need your open positions on screen and you’d like a bigger view of the chart, select ‘Paper Trading’ at the bottom. That section will automatically collapse, and your chart will adjust each time to increase or decrease in size. 

TradingView’s dashboard has many tools and features throughout the platform to help you access the markets. These include alerts, a stock screener, an ideas stream, hotlists (which consist of the biggest gainers of the day), and a strategy tester whereby you can select pre-loaded strategies or upload your own. It even has a section for your own notes and ideas. 

These are all found on the right side and bottom of the dashboard, while drawing tools and indicators are permanently fixed on the left side of the platform.

Placing a trade with TradingView’s Paper Trading Simulator

The main way to open a trade on TradingView’s platform is through an order ticket, where you can open your position as a market order or as a limit order, adding a take profit or stop loss level if you desire. 

TradingView also offers an Order Book labeled on the platform as DOM (depth of market). Depth of market data is called an order book because it consists of a list of pending orders for an asset, and the data is used to determine which transactions can be processed. Order books are sometimes available through brokers for a small fee, but TradingView gives you access to this free of charge.

Once you’ve selected the market of your choice and opened a deal ticket (you can do this by clicking the buy or sell icons at the top left-hand side of the chart), you then confirm all aspects of your trade, including order type, risk management parameters and take profit levels. You then confirm your trade, and your position can be found in the ‘paper trading’ section at the bottom of the screen.

Monitoring and Analyzing Trades with TradingView

As we previously mentioned, there are a range of different tools to monitor your portfolio, with TradingView offering plenty of analytical tools and features to help keep you close to the markets.

These include things like a stock screener, an alert system, an ideas stream where you can follow and connect with the wider community of traders, a data window, hotlists of biggest gainers and losers – there’s even a strategy tester where you can upload your own strategies if you have any via the pine tester. 

TradingView’s demo account also offers a wide range of drawing tools and indicators that you can apply directly to charts, including trendlines, Fib retracements, pitchforks, and countless others. No matter how you study charts and whether you do so from a technical or fundamental point of view, TradingView seems capable of providing you with the tools and chart setup that you need. 

Our take on TradingView

Overall, TradingView offers an impressive array of technical tools and fundamental indicators throughout its platform to help you stay as close as possible to the markets. The technology is top-tier, and the overall platform is sophisticated, with its heavy emphasis on charting software—something the company is renowned for—but sometimes this can lead to problems navigating around the dashboard and the platform. In comparison to some of its competitors, it does seem slightly less intuitive and can be harder to pick up for beginners. 

Nevertheless, once you’ve spent some time familiarizing yourself with the platform, the capabilities of the platform are highly technical and are of the highest quality. Just don’t expect to be able to use the platform to its true potential straight away.

Best ALTERNATIVE
ProRealTime Paper Trading Simulator

ProRealTime is a trading platform that delivers a comprehensive suite of charting software and technical analysis tools designed to help traders navigate the markets with precision.

With over 22 years of experience in the field, ProRealTime has garnered the trust of more than a million users worldwide. While there may be a bit of a learning curve, ProRealTime is undoubtedly the gold standard for trading platforms.

Pros
Smooth trading experience
Intuitive interface and dashboard
Powerful tools and features
Comprehensive market access
Cons
No glaring weaknesses
author
Maxime Parra

Maxime holds two master’s degrees from the SKEMA Business School and FFBC: a Master of Management and a Master of International Financial Analysis. As founder and editor-in-chief of NewTrading.fr, he writes daily about financial trading.

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