Beginner’s Guide: 7 Common Mistakes to Avoid When Using TradingView

TradingView is one of the most popular charting and trading platforms. It offers a lot of features that can significantly help traders to improve their trading experience. It includes customised tools, an easy-to-navigate interface, and a community where you can learn a lot about trading, especially in using TradingView.

However, just like any trading platform, a trader won’t instantly become successful solely by using the platform, without having any knowledge about using it or skills in trading. So, aside from the curiosity of using the platform, you should also have some knowledge and skills to become successful.

In this article, we’ll discuss some of the common mistakes beginners make when using TradingView.

1. Using Overload Indicators for Charts

As mentioned, one of the best things about TradingView is that it offers a wide range of technical indicators. However, using a lot of indicators at once can cause problems. Besides, when you use too many indicators, it may result in overloading your charts, which can give mixed signals. In the end, instead of achieving your goals, you may end up losing your capital.

Meanwhile, whether you're a beginner or a seasoned trader, it’s recommended that you use around two to three indicators based on your trading strategy and style. Although it’s okay to look for recommendations from other traders, you should still identify the right trading indicators for your trades.

2. Failing to Use Multiple Timeframes

One of the most common mistakes traders make when using TradingView is that they don’t utilise multiple timeframes. Instead, they focus on one timeframe and give their all to it. On the other hand, if you opt for using multiple timeframes for your trades, you can try trading for short-term and long-term.

For instance, you can try your trading strategy in a short-term timeframe (like a few minutes to a few hours), while the long-term timeframe can take a day, a week, or even more.

3. Not Using Alerts Properly

Whether you’re a full-time trader or a beginner, it may be hard to constantly monitor the market movement. So, enabling the alerts properly can help you have a better trading experience. The alert system in TradingView can be about the key price levels, trendline breaks, and indicator signals. Besides, if you don’t utilise this advantage, you’ll be missing out on a lot.

One of the ways to manage risks is by setting alerts and notifications from TradingView. This allows you to monitor the changes in the market, especially if you’re busy or waiting for a specific change that’s about to happen due to the current news and other factors.

4. Following Random Scripts

With the social features that TradingView offers, you can easily access the community and check the best posts from the ideas. These posts are often based on the experience and analyses of traders who are also members of the TradingView community.

However, even if they’re basing their posts on these factors, you should also take some time to evaluate the custom scripts they provide. Before applying it to your actual trades, you can try it in your demo account first. Once it makes sense, that’s when you can use it as a reference for your future trades.

5. Failing to Save Chart Layouts

Another feature of TradingView is its ability to save multiple chart layouts. Unfortunately, some traders tend to forget to save them. Unfortunately, when you forget to save your setup, you’re wasting your time and energy formulating something you won’t be able to use.

On the other hand, if you can save all the chart layouts that you’ve created, your plan may work out just fine. So, once you’ve edited and selected the drawing tools, indicators, and settings, don’t forget to save your work. You can rename each chart layout for more organised data.

6. Not Keeping a Trading Journal

Did you know that keeping a trading journal can significantly help you improve your trading journey? Whether you’re planning to trade in TradingView or on other platforms, keeping a trading journal is a must.

But first, what is a trading journal? A trading journal is where you keep your screenshots, notes, analyses, spreadsheets, and other trading ideas that can help you organise your trading strategies. Fortunately, you can use the built-in TradingView journal so that you won’t have to open another app, website, or software to access your journal. However, if you opt to use a third-party application, TradingView also accepts them.

7. Neglecting News and Fundamentals

Another common mistake traders make is neglecting the fundamentals of trading and the current news. Although the use of technical analysis can help improve your trading experience, you shouldn’t neglect the news and the fundamental data when trading. Instead, check the schedule of the announcements that can affect your position, incorporate technical and fundamental analysis in your strategy, and utilise the news feed and economic calendar in TradingView.

Final Thoughts

TradingView supports a lot of advantages that new and professional traders can use for their trades. However, you can still make mistakes even when using the best trading platforms at work. So, don’t forget to consider the list in this article whenever you’re trading.

Have you made mistakes in your trades before? Don’t hesitate to share your stories by commenting below!

ABOUT THE AUTHOR

Aliana Baraquio has over 5 years of experience as a writer and market analyst. She specialises in developing beginner-friendly trading techniques and tutorials. Additionally, she suggests FP Markets as the top broker for trading CFDs and Forex.