Many beginner traders look for a reliable paper trading software to learn and improve their trading skills without loosing the real money. Whether you are trading in Crypto, Currencies or Indices, Paper Trading is a great way to master the trading skill if you are doing it with complete discipline and dedication.
There are many softwares available for Paper trading but a few people know the fact that they can perform paper trading on their favorite charting Platform Tradingview as well that too directly from charts.
If you are a complete beginner then you can check out How to Start Trading. In this post we will share step by step guide on How to Paper Trade on Tradingview for Free.
Is Paper Trading Worth it for Beginners?
Before diving into the practical steps, let’s understand some quick reasons to why paper trading is essential:
- Risk-Free Learning: Paper trading enables you to gain experience and test strategies without the fear of losing your hard-earned money.
- Platform Familiarity: It helps you become comfortable with the trading platform’s interface, tools, and features.
- Strategy Testing: You can assess the effectiveness of your trading strategies and make necessary adjustments.
- Psychological Preparation: Paper trading prepares you mentally for the emotional rollercoaster of real trading.
If you feel the above reasons justify your need to start the trading learning journey with Paper Trading on tradingview then follow the guide below.
Steps to Paper Trade on Tradingview
If you have never experienced Paper trading on Tradingview before then follow this simple step by step guide to place your first virtual trade:
1. Sign Up on Tradingview Free Plan
Go to Tradingview and signup with your Email or Google Account. You do not need a Tradingview Premium plan to start Paper Trading.
Still, you can check out How to Get Tradingview Premium Account Free to access the premium features of Tradingview like split charts and See Options Chart on Tradingview.
2. Search for the Chart You want to Paper Trade
After Signup, search for any stock, cryptocurrency or pairs and open its chart in a new tab as shown in the screenshot below.
For the demonstration purpose, I have used BTCUSD Chart, you can choose any script as you like to Trade.
3. Connect Tradingview Paper Trading Acccount
To start paper trading, you will have to connect the current chart to a Paper trading Account. Click on “Trading Panel” at the bottom as shown in the picture below.
A new sub window will open showing different broker to connect directly to tradingview Chart. Click on the first option i.e, “Paper Trading” Brokerage simulator by Tradingview.
A new popup will appear, Click on Connect to integrate tradingview Paper Trading with the Tradingview Charts.
Now, you will be able to see the Demo Balance Amount of 100000 USD Added to your Tradingview Papertrading Account for Free. You can use this amount to paper trade on any tradingview chart.
Now, your Tradingview paper trading Account is ready and you can trade directly from chart but let’s see how to place your first trade.
4. Placing an order directly from chart.
To Place your order, go to chart and click on + icon that you will see on your cursor. You can directly adjust the cursor to the place on chart where you want to take entry.
As shown in the demostration picture above, I have planned to take a Buy order in BTCUSD.
Select the lot size, Take Profit, Stop loss and order type as per your analysis and click on Buy. That’s it you have placed your trade successfully.
I placed this trade with 1 lot at the Market price. You can see your PNL at the Bottom and on chart as well. Just click on the open position to manage your SL or Targets or drag them through charts as well. So, this is How to Paper Trade on Tradingview for Free.
Yes, TradingView offers a free paper trading option, but they also have premium plans with additional features.
Yes, you can seamlessly transition between paper trading and real trading on TradingView by connecting the real broker accounts listed on tradingview Panel.
While paper trading helps you practically understand trading and markets, it doesn’t guarantee success in real trading as emotions and real money are involved.
TradingView typically offers 100000 USD amount to its paper trading feature for new users. You can get the same amount for paper trading by signing up with another tradingview Account. rest, there is no limitation as such.
You can go to tradersingh.com and search for Tradingview to read helpful resources on tradingview Platform that will help in your trading journey.
Conclusion
Now that you have a comprehensive step by step guide on how to paper trade on TradingView, take the first step towards improving your trading skills by setting up your virtual portfolio and start practicing today. Happy trading!
If you have any questions or suggestions, please do not hesitate to contact us. Meanwhile read more resources on Tradingview:
