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If you’re looking to practice trading without risking real money, TradingView’s paper trading feature is perfect! It lets you simulate trades and test strategies in a risk-free environment. Here’s a simple guide to help you get started with TradingView’s paper trading.
1. Create Your TradingView Account
First, sign up for a free TradingView account if you don’t have one. Visit TradingView.com and click Sign Up. You can create an account using your email or through your Google/Facebook account.
2. Log In and Set Up Your Chart
Once you’re logged in, head to your chart section by clicking on Chart in the top menu. You’ll be able to see live price action, indicators, and charts from various markets.
3. Activate Paper Trading
To enable paper trading:
- Look for the Trading Panel at the bottom of the screen.
- Click on Paper Trading and then click Connect. This will activate your simulated account.
4. Set Your Paper Trading Account Balance
By default, TradingView gives you a $100,000 balance to start paper trading. You can adjust this balance if you wish:
- Go to the Settings in the Trading Panel.
- Set your preferred balance amount under Paper Trading Settings.
5. Start Placing Trades
Now that your paper trading account is set up, it’s time to start placing trades:
- Select a symbol (stock, crypto, forex, etc.) you want to trade.
- Choose your order type (Market, Limit, Stop).
- Enter the trade size and click Buy or Sell.
6. Track Your Trades
You can see your active and past trades in the Orders section of the Trading Panel. Here, you’ll also be able to see your profit/loss in real-time.
7. Test and Experiment
Paper trading is all about testing strategies and practicing. Experiment with different trading setups, technical indicators, and risk management strategies.
8. Switch to Real Trading (When Ready)
Once you feel comfortable with your strategies, you can transition to real trading with a brokerage account. TradingView integrates with many brokers, so you can easily start trading live once you’re confident.
That’s it! You’ve now set up paper trading on TradingView. It’s a great way to practice and build your confidence before using real money. Keep practicing, and happy trading!