Trading can feel like a full-time job when you take it seriously. Tracking market trends, considering spread, and calculating the fees (and risks) associated with trades requires time, dedication, and a lot of raw data. Keeping track of all this on paper is no small task – even spreadsheets don’t make it easy.
This is where TradingView comes in. This revolutionary charting technology makes it far easier to gather and analyze raw data in real time. You can create personalized charts, compare them, and connect with other traders to share information and discuss strategies.
TradingView isn’t just for trading stocks, cryptocurrencies, and commodities, however. It can be used to track and analyze Forex pairs and CFD (or contract for difference) options. This is a game-changer.
FX And CFD Trading: The Basics
When we think of trading, most of us think of stocks, shares, and commodities like precious metals or even cryptocurrencies such as bitcoin. However, new traders might be surprised to hear that there are more specialized forms of trading.
FX or Forex trading is the process of trading foreign currencies, usually in pairs, with the aim of making profit by capitalizing on the changes in the relative values of these currencies.
CFD or Contract for Difference trading is essentially a bet; based on an agreement between an investor and broker to pay the difference between the value of a product when the contract begins and ends.
These are more complex forms of trading than simply buying and selling stock options or investing in index funds; the pace is often quicker and the potential for losses is huge. This is why good data is key.
How TradingView Can Help You Profit
Taking part in any trading activity has risks, but some forms of trading are undeniably riskier than others. TradingView makes it easier to keep all the information you need to hand in an orderly fashion. Using all of the features the platform has to offer minimizes the chance that gaps in knowledge will lead to avoidable losses.
In order to get the biggest benefit from TradingView, however, you should seek out FX and CFD brokers with the TradingView platform integrated into their own; this creates a seamless experience.
While there are many FX and CFD brokers that are compatible with TradingView, we have chosen three to help you get started;
- FOREX.com: best all-round option for moderately experienced traders looking to develop more advanced skills
- Interactive Brokers: best for experienced traders seeking advanced options
- City Index: best for total beginners seeking a user-friendly experience
As well as being fully integrated with TradingView, each of these platforms is reliable, secure, and reasonably user-friendly. They are also accessible, none of them having a minimum deposit requirement of more than $100.
Author Profile
- Along with leading the team, Millard also works alongside different Fortune500 companies as their management Consultant/Financial Analyst, which shows his passion in helping other businesses grow.
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