TradingView Review - STILL the best in 2024? (2024)

Is TradingView good for day trading? The platform offers diverse tools that help traders analyze the markets. It also offers data on various assets such as …

• Stocks
• Forex
• Commodities

But is TradingView the right choice for YOUR strategy?

This isn’t a decision to make lightly. When it comes to day trading, you need a platform that’s responsive. Your trading platform is your lifeline to profit opportunities and controlling risk.

Whether it’s TradingView or another system, you must understand how your platform works with your process.

This comprehensive review of TradingView as a platform for day trading covers all angles. From charting tools to broker integrations, pros, cons, and pricing — everything you need to know is right here.

What Is Day Trading?

Day trading is a fast-paced, dynamic form of trading where positions are opened and closed within a single trading day. It’s about spotting opportunities in stocks, indices, commodities, and more.

Day trading is not an investment, it’s trading patterns, charts, and reacting to market data. It requires a platform that offers …

• Speed
• High-quality charts
• A wide range of tools

Day traders need real-time data, technical analysis, and risk management features. Platforms like TradingView, Tradestation, and TD Ameritrade are known for these capabilities.

Whether you’re dealing with stocks or forex, profits and losses are part of the game, and having the right tools, including volume indicators, moving averages, and stop-loss order functionalities can make all the difference.

It’s not just about the trades but about making informed decisions.

Who Is TradingView For?

TradingView serves a diverse audience. Day traders, swing traders, investors, and anyone interested in the financial markets can find value here.

With features ranging from basic charting to social networking with other traders, TradingView offers something for everyone.

For day traders, speed and reliability are key. TradingView’s desktop platform and mobile app ensure accessibility anywhere.

From interactive charts to screeners, it caters to those who want insights, data, and the ability to act quickly on opportunities. But it’s not just for day traders, swing traders and investors may also find its research tools and community appealing.

Is TradingView Good for Day Trading?

TradingView is known for its charting tools, technical analysis capabilities, and flexibility across devices. But is it suitable for day trading?

The short answer is yes. Its chart types, drawing tools, and watchlist functionalities have made it a favorite among day traders.

The interface offers charts, patterns, and indicators such as

• Renko
• Kagi
• Fibonacci
• Candle patterns

All to help traders. Volume profile indicators and server-side alerts add to the functionality. It’s about more than just executing trades, it’s about having the information, analysis, and tools at your fingertips.

However, the question isn’t simply if it’s good, but how it compares to competitors like StocksToTrade, Tradovate, Benzinga, and Optimus Futures.

Every platform has pros and cons, and TradingView is no exception. Analyzing these can give a clearer picture of whether it’s the right choice for your trading strategies.

How To Use TradingView Features for Day Trading

TradingView offers more than just the opportunity to watch the market, it shapes your trading experience. That includes …

• Charting tools that allow you to sketch the most complex patterns
• Screeners that filter opportunities in stocks, commodities, currencies, and more

This platform is a hub for trading resources.

The interface offers different shapes and visualizations, allowing you to analyze trends and make informed decisions. The community aspect allows you to connect, learn, and share with other traders.

TradingView integrates with various brokerage websites, so you can trade directly through the platform. For day traders, it offers a comprehensive package that aligns with various strategies and risk profiles.

It’s not just about having tools at your fingertips, it’s about how you use them to unlock opportunities and make the most of your trading experience.

Whether you’re a seasoned trader or just starting, TradingView offers an adaptable platform to help shape your trading journey.

Charting

TradingView’s charting tools offer comprehensive visualization options. With various chart types, drawing tools, and the ability to customize chart layouts, traders have a robust system at their disposal.

Whether you’re looking at moving averages or using Fibonacci lines, the platform’s charts provide clear insights.

It’s always wise to look at your options. When it comes to charting platforms, StocksToTrade is first on my list. It’s a powerful trading platform that integrates with most major brokers.

I helped to design it, which means it has all the trading indicators, news sources, and stock screening capabilities that traders like me look for in a platform.

Grab your 14-day StocksToTrade trial today — it’s only $7!

Technical Analysis

The platform offers a wide array of technical analysis tools. Volume indicators, oscillators, and charts can be tailored to your trading style.

Whether you’re into stocks, futures, or cryptocurrencies, technical analysis with TradingView can help identify trends and make better trade decisions.

Screeners

Screeners are essential for day traders, and TradingView’s stock screener tools provide this functionality.

From stocks to bonds, commodities, and more, these screeners help you filter opportunities according to the criteria you set. It’s an efficient way to spot the right trades without wasting time.

In addition to traditional stocks and commodities, some traders focus on specific niches like penny stocks. Platforms like Schwab offer specialized tools to track and analyze penny stocks, providing insights that can lead to profitable trades.

If you’re interested in diving into the world of penny stocks and want a platform that supports this unique trading style, you might want to explore Schwab for trading penny stocks.

Server-Side Alerts

Server-side alerts provide real-time notifications for price alerts and other key metrics. This means you don’t have to constantly watch the screen.

Set the criteria, and TradingView alerts you when something matches. It’s not just about convenience, but about catching opportunities as they arise.

TradingView Community

TradingView’s community offers social networking opportunities for traders. Connect, share trading ideas, and gain insights from members around the globe.

It’s a unique feature that allows you to engage with others in the industry, discuss strategies, and stay updated.

The TradingView community offers a unique opportunity for traders to connect and share ideas.

Similarly, online communities like Reddit have become valuable resources for traders, especially those interested in penny stocks. Reddit hosts various forums where traders discuss trends, share insights and provide tips on trading penny stocks.

These online communities can be a valuable addition to your trading toolkit, offering real-time insights and perspectives from fellow traders.

If you’re looking to expand your network and learn from others in the field of penny stocks, you can explore Reddit’s penny stock community.

Enhanced Watchlists

Watchlists are crucial for keeping track of potential trade setups. TradingView’s enhanced watchlists let you monitor multiple assets, from stocks to cryptocurrencies, commodities, and more.

Organize and customize your watchlist to suit your day trading needs.

Broker Integrations

TradingView offers broker integrations with several platforms such as Interactive Brokers, Alpaca, and others.

This enables seamless trading directly from the TradingView interface. For day traders, this integration can make the process more streamlined and efficient.

Pros and Cons of TradingView for Day Trading

TradingView offers a robust set of tools for day trading, but it’s not without its pros and cons.

Pros:

• Extensive charting tools and technical analysis features
• Mobile app compatibility for Android and iOS
• A strong community for networking and sharing insights

Cons:

• Subscription fees for some features
• Limitations in compatibility with all brokers
• A learning curve for some functions

Understanding the pros and cons is vital to make an informed decision. It’s not just about what’s offered, but how it fits into your particular trading style, risk tolerance, and profit goals.

Risk is an important part of trading.

Day trading CAN lead to substantial losses. A 2019 study called “Day Trading for a Living?” looked at the success rates of Brazilian traders over a 2-year window, and found that 97% of traders with more than 300 days of active trading lost money.

Only 1.1% earned more than the Brazilian minimum wage — that’s only $16 per day!

That’s why your platform matters so much.

Many traders are turning to platforms like E-Trade for their day trading needs. E-Trade offers a variety of tools and resources that can help day traders make informed decisions.

From real-time data to technical analysis, E-Trade provides a comprehensive solution for those looking to excel in the fast-paced world of day trading. If you’re interested in exploring more, you can learn about E-Trade for day trading here.

TradingView Plans and Pricing

TradingView’s plans and pricing vary according to the level of features and access required.

From Basic to Pro, Pro+, and Premium, the platform offers different tiers to cater to various needs.

• Basic: Free, limited features
• Pro: Enhanced features, better data, and more customization
• Pro+: Additional features for serious traders
• Premium: Top-tier access with all bells and whistles

The pricing structure caters to different traders, from those just starting with a trial to seasoned professionals. Fees, subscriptions, and value should be considered alongside your trading requirements and budget.

Is TradingView Pro Worth It for Day Traders?

Is TradingView Pro worth the investment for day traders? It depends on your trading volume, strategies, and how you utilize the platform’s features.

Pro offers more charts, indicators, and alerts compared to the Basic plan.

If you’re serious about day trading, and the enhanced functionalities align with your strategies, Pro or even Pro+ might be a valuable investment.

Compare it to other platforms like TD Ameritrade and Interactive Brokers, considering not just the cost but the difference in features, data, and user experience.

For many day traders, the Pro version could prove to be a worthwhile investment. But the decision must be personalized, based on your strategies, volume, and need for advanced tools.

Of course, that’s assuming you know what you need for your trading. If you’re still developing your trading strategy, you’ll get more out of my Daily Income Trader program.

Daily Income Trader gives you access to all of the following:

• Premarket Prep with StocksToTrade lead trainer Tim Bohen
• Bryce Tuohey from Small Cap Rockets giving a market-open webinar each day
• Tim Bohen back at noon with his afternoon Double Down review
• Small Cap Rockets’ Matt Monaco in the after-hours sharing his game plan for the next trading day

You also get access to StocksToTrade, the subscriber-only trading rooms Breaking News and Small Cap Rockets, the Discord chat, 600-plus webinars, and more…

Daily Income Trader is your key to unlocking the market — check out the webinar here!

Have you used TradingView for day trading? Let me know in the comments!

Frequently Asked Questions

Which Platform Is Best for Day Trading?

Choosing the best platform for day trading depends on a host of factors…

• Performance
• Usability
• Security
• Available trading tools

From real-time scanners to educational resources like tutorials, videos, and articles, a well-rounded platform will cater to various trading needs.

It also considers aspects like commissions, brokerage accounts, support for trading in ETFs, currency, securities, CFDS, and more.

TradingView, Oanda, and a few other platforms often receive high ratings and recommendations in reviews, but comparisons and your specific requirements should guide your decision. Always look for a user interface that suits your preferences, and don’t waste money on features that aren’t necessary for your trading style.

Is TradingView Free To Use?

TradingView offers a free basic plan but for access to …

• Advanced trading tools
• In-depth fundamental analysis
• Swing trading support
• Real-time exchanges data
• Enhanced customer support

… Paid subscriptions are available. Many users find value in the platform’s paid plans as they offer more resources like articles, videos, tutorials, and expanded opportunities for connecting with fellow traders.

If you’re a fan of customized trading panels, click through to the paid plans, where you’ll find many modes, buttons, and features that can enhance your experience without a huge charge.

Always consider the balance between cost and your requirements before selecting the best plan for your trading journey.

Can You Trade on TradingView?

Yes, you can trade directly on TradingView. With its interactive trading panel, users can execute trades with partnered brokerage accounts like Oanda.

The platform offers usability and customization through a wide range of trading tools, including paper trading modes, filters, scanners, and opportunities to buy and sell various commodities.

It supports trading in currency, ETFs, securities, and even CFDs.

The development, code, and API integration with brokerage services provide flexibility and security. The interface includes numerous icons, buttons, and popups that enhance usability.

Be sure to check compatibility with your brokerage and review customer support options if you encounter any issues.

Do Professional Traders Use TradingView?

TradingView isn’t just for beginners, many professional traders utilize the platform as well. They appreciate its performance, coverage of hundreds of exchanges, comprehensive trading tools, and the availability of resources like news, education, and trade ideas.

The web platform also provides a community for networking and sharing content. From the user interface with customizable trading panels to programming language flexibility, TradingView offers ample opportunities for both fundamental and technical analysis.

Professionals often value TradingView’s security, usability, and performance in their trading activities.

Reviews and comparisons often place TradingView highly in terms of recommendations and ratings. Whether someone is trading commodities, currency, or other securities, TradingView has features that cater to various trading styles and requirements.

What Does the TradingView Basic Mode Offer, and How Do You Navigate the Menu With a Mouse?

The TradingView Basic mode provides essential charting tools, link sharing, and a variety of software features.

Users can easily navigate the menu with a mouse, and screenshots of the platform can be taken for reference.

How Does TradingView Assist in Analyzing Commodity and Index Performance, and What Amount of Income Can Be Expected?

TradingView offers robust tools to analyze commodity and index performance, providing real-time results, detailed charts, and expert advice.

The platform assists in estimating potential income based on market trends and individual trade strategies. It’s essential to consult with a financial advisor for a more personalized conclusion.

Are There Any Discounts or Special Opportunities Available on TradingView, and How Can One Figure Out the Best Cases To Utilize Them?

TradingView occasionally offers discounts for premium subscriptions, providing opportunities for enhanced features at a reduced price.

To figure out the best cases for utilizing these offers, users can consult the dedicated promotions page on the website or subscribe to their newsletter.

How Does TradingView Foster Team Collaboration Among Employees, and What Assistance Is Available for New Ones?

TradingView emphasizes collaboration among its team of employees by offering various communication and project management tools within the software.

New employees or ones seeking assistance can reach out to their dedicated support team, enhancing productivity and engagement.

TradingView’s software is compatible with Apple devices, offering a seamless experience across various products.

Users can share a link to a screenshot or specific chart directly from the platform’s interface, making collaboration and analysis more efficient.

What Is the Bottom Line When Using TradingView for Day Trading, and Can You Provide Any Advice?

The bottom line when using TradingView for day trading is the platform’s powerful analytical tools, real-time results, and community-driven insights.

The advice for new users would be to explore the platform’s features thoroughly, make use of tutorials, and possibly consider premium features if they fit their trading needs.

Nothing is for free in the market. If you want to succeed, you’ve got to put in the work.