1. Download and Install Essential Platforms
a. TradingView
TradingView is an essential tool for chart analysis and trade planning.
Create an Account: Go to www.tradingview.com and sign up for an account. The free version offers many features, but consider a Pro subscription for advanced tools like unlimited alerts and enhanced charting capabilities.
Download the Desktop Application: For a more stable and responsive experience, download the TradingView desktop application. This version tends to run smoother than the web app, particularly when managing multiple charts and alerts.
Pro Subscription (Optional but Recommended): If you plan to trade actively, the Pro subscription is worthwhile. It unlocks advanced features like multiple charts in a single window, more indicators, and unlimited alerts, which are crucial for tracking multiple trades or strategies simultaneously.
b. Brokerage Platform
Choosing the right brokerage platform is vital for executing trades efficiently. Here are a few options based on your preferences:
WeBull: My personal favorite, WeBull offers a robust platform with commission-free trading, extended hours, and a user-friendly interface. It’s a great all-around choice for both beginners and experienced traders.
E*TRADE: Another excellent option, E*TRADE offers advanced trading tools, extensive educational resources, and a wide range of investment options. It's particularly good if you plan to manage a more diversified portfolio.
Robinhood: Ideal for beginners, Robinhood is simple and easy to use. It’s a great way to get started if you’re new to trading and want to learn the basics without being overwhelmed by complex features.
Thinkorswim (TD Ameritrade): Thinkorswim is perfect for more advanced traders who want to take advantage of detailed charting tools and late-day scalping opportunities, particularly past 3:30 PM EST.
2. Chart Setup
a. Customizing Your TradingView Charts
To make the most of TradingView, it's important to set up your charts in a way that aligns with your trading strategy.
Watch My Detailed Video Guide: I’ve created a comprehensive video tutorial to walk you through the exact steps of setting up your charts. Watch it here:
Follow along to replicate my chart design, which I’ve optimized for clarity and ease of use.
b. Essential TradingView Tools
TradingView comes with a wide array of tools that can enhance your trading analysis.
Watch the Comprehensive Tools Setup Video: This video:
provides a deep dive into the specific tools I use daily, from drawing trend lines to setting alerts. It also shows how to set up and use each tool effectively.
c. Important Notes on Chart Settings
To ensure your charts are set up for optimal performance, keep the following tips in mind:
Disable After-Hours Data: After-hours trading volume is often low, which can create misleading signals. By disabling this data, you’ll focus on more reliable price movements during regular trading hours.
Focus on 30-Minute and 1-Hour Timeframes: In my experience, these timeframes offer the best balance between capturing important details and reducing noise. My personal win rate is significantly higher on these timeframes (78%) compared to lower time frames (58%). This balance helps you make more informed decisions without getting bogged down by insignificant market fluctuations.