TradingView Paper Trading
ฝัง
- เผยแพร่เมื่อ 5 ส.ค. 2024
- To get the transcript and MP3, go to: www.rockwelltrading.com/coffe...
Why You Should Paper Trade: 0:00
How To Set Up TradingView for paper trading: 1:32
How To Use TradingView Paper Trader With The PXO: 4:28
Why should you use a trading simulator?
1) You want to test your trading strategy.
- What to trade?
- When to enter?
- When to exit?
- Understand the rules.
- That the strategy actually works.
2) To Gain Confidence. You will know:
- Winning percentage.
- Avg Profit/Loss.
- Drawdown.
Here's how you can use TradingView as a paper trader:
1) Connect Paper trading. Inside TradingView you click on the "Trading Panel" tab at the bottom.
You can then choose your brokers, but pick "Paper Trading."
2) Reset your account.
By default, your account starts out with $100k but you want to change this to match the account size you will actually be trading with. Just click on the gear icon, and input the amount you want to start with, and again, use the amount you will be using on your real trading account. I'll input $10K as an example.
3) Adjust settings for the orders.
Right-click anywhere on the screen. Click on "Trade" then "Create New Order." Then click the gear icon at the top right and select these settings:
- Uncheck "Show Order Price In Ticks."
- Check "Show Quantity In US Dollar Risk"
- Uncheck "Show Quantity In Percent Risk."
- Check "Show TP/SL Inputs In USD," (that's Target Profit & Stop Loss).
- Uncheck "Show TP/SL Inputs In %."
These are the basic settings and you can use it with the PowerX Optimizer.
When the stocks come up on the list I quickly go through the list and I'll look for stocks that have no gaps, good upside/downside trend-ability, and I want to see a nice P&L chart.
One of the stocks the PXO pulled up was PLUG so let's use it as an example so that you know how to do this.
Now, remember what I said about how a trading strategy should tell you three things. It should tell you what to trade when to enter, and when to exit. This is exactly what PowerX Optimizer does.
Now let's pull up PLUG in TradingView side-by-side with The PowerX Optimizer software. So as you can see, now we have to fill in the quantity and where exactly we want to enter.
We don't want to buy it at the market price, we want to buy it when it goes up to $18.89 which is the exact price that PowerX Optimizer tells us here.
The PXO shows us the profit target is $26.63 and a stop-loss of $15.26. Just input this information then all you need to do is click on "Buy Nasdaq" after you've entered all this, and remember, this is not being executed as your broker. This is a simulator. So you don't make and you don't lose any money.
Once the order is placed you will now have one position and two orders in the market. Those orders are a sell limit order for our profit target, and a sell stop order for our stop loss.
You can now change the orders that you do have in the market here, so you can change them to a different price by clicking the little edit sign right there on the right.
By the way, the right way to move your stop loss is always closer to your entry price, never away. Never, ever give a trade more room, it usually ends in disaster.
Recommended links & videos:
Learn more about TradingView: www.rockwelltrading.com/tradingview
The Options Wheel Strategy: • The Options Wheel Stra...
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Have you tried paper trading on TradingView? What else would you like me to do videos about? Let me know in the comments below.
Recommended links & videos:
Learn more about TradingView: www.rockwelltrading.com/tradingview
The Options Wheel Strategy: th-cam.com/play/PLBa3sAx-Io2nosgosERUhIZwzvIgD-3Vq.html
As a beginner and to practice as well, this is want to know with tutorials to watch. Thank you Sir Markus ☕️
You are welcome! ;) I am glad this helps.
Thank you, the ONLY video that I've seen so far (I've seen a lot) that has actually shown me some good stuff about paper trading!!
You are welcome! I am glad that this helps! :)
Calm, cool and collected presentation, thank you for sharing your wiz-dom.
😊 You are welcome! I am glad that this helps!
Am I glad I just found this. Really easy and simple. Thank you so much
😊 You are welcome! I am glad that this helps!
This was very helpful. I did not know that TradingView even had a Paper Trading feature. Thanks for the tutorial~!
😊 You are welcome! I am glad that this helps!
Thanks Markus! TradingView is Awesome. Got the 50% off deal. Thanks for the info on paper trading. Very cool.
I'm going to set it up tomorrow...
Great! 😀👍
Thank you Markus very helpful
Hi Ricardo Lopez, thanks for watching. And thanks for your feedback. Much appreciated. "See you" in the next video 👍
Nicely done, just downloaded the app!
Awesome! Thank you for watching! :)
Very useful thanks
I am glad that this helps!
This is very helpful Markus. I am going to start trading on the simulator very soon using the PXO. It would be great if you could also do a video of this step by step using Tasty Works and the PXO. Thank you very much!
Hi Mike, great suggestion! I'll put it on the list 👍
Excellent video as always.
Hi randallewebb, thanks for watching. And thanks for your feedback. Much appreciated. "See you" in the next video 👍
@@rockwelltradingservices Quick question. Can you use options in paper trading on Tradingview?
No. But you can with Tradier. Here's the link: rockwelltrading.com/broker. You don't need to fund an account. Just open it (without money), and they give you up to $100,000 in "paper money" to train.
Nice job!!
Thank you for your support, Michael Brooks! :)
awesome bro. keep it up
Awesome! Thank you for watching! :)
Hey Mr M! Thanks for this video! Great work explaining! It helped a lot ;) I just dont understand why use Stop Loss? The stock will most probably go up again if day trade.. and i wont lose if i dont sell right..Only when i lock inn a lose i lose. Is there something Im missing out on? Is there something i dont understand? Pleas feel free to correct me if my thinking is wrong. Bets regards Sylvia
can you do paper orders on the weekend? I'm getting a rejection error saying off trading session?
Hi Markus great content as always... I was wondering which simulator would you recommend for options trading?
The best simulator for options trading is ThinkOrSwim PaperMoney. Here's the link if you need it: platform.thinkorswim.com/platform/index.html#!/pmregister
Does this help?
ANYONE: can you please guide me how I can get options on futures or index options
chart in Tradingview and how to place order from the order panel. For
example options on ES MINI JUNE futures contract or SPX index options.
Symbol search does not seem to have any thing for options. How do I even
get the option chain in tradingview? I am using Tradestation for data.
Thanks.
Good Good Good :)
Thank you for watching! :)
For some reason after I get into paper trading and I try to put an order it says "Non Tradable symbol" What am I missing?
Sane issue here!
TOS is the only platform I seen that let you replay market on demand ..if there is another one out there please advise...
Correct. TradingView only let's you play "bar by bar" and not "tick by tick". So TOS is your best bet. 👍
Can you do options in the simulator.?
Hi Paul, not on TradingView. But you can use ThinkOrSwim PaperMoney. Here's the link, if you need it: platform.thinkorswim.com/platform/index.html#!/pmregister
Does this help?
Do anyone know of a Broker who has a trading platform similar to Tradingview?
Oanda
Can you do a video about the Santa Claus Rally?
YES! I'm planning to do it next week 😀
@@rockwelltradingservices Thanks Markus! 👍🏼🤠
Looking at UPS, ETSY & PTON...for the Wheel.
Y
Are you Owen Wilson's father?
Your re setting the account and there is a settings button at the bottom of your screen on the right????? My trading view does not look anything like what yours looks like. Frustrating