As a skill, trading is no longer the same as it was a few years back. Today, technology decides the quantum and nature of profits. Traders are increasingly turning to cutting-edge technology for shoring up their income from the stock market.
As traders become more creative and technologically advanced, they prefer nonjudgmental charting platforms. When it comes to precision in charting, Trading View has no alternatives.
However, traders often make a few fatal mistakes while using Trading View. The mistakes can be big or small, but whatever the mistake, it leads to a loss.
This article covers the 5 common mistakes traders make while using Trading View as their charting option.
But before we delve deeper, let's understand the benefits that Trading View provides to its users. Knowing the benefits will help you to understand the mistakes even better.
5 Benefits of Trading View
Trading View has revolutionized the concept of trading. Unlike other chart-scanning and stock-screening platforms, the best part is that Trading View is equally admired by experienced traders and newbies. The following are the top reasons why traders like Trading View.- Trading View is a one-stop store for everything related to trading. Whether you're interested in stocks, crypto, currencies, indices, derivatives, or bonds, Trading View lets you research everything.
- As the trading business can sometimes make you feel lonely, Trading View has an active network of over 1 million traders and investors who lend their ears to new and experienced traders.
- Traders can follow multiple markets and instruments on the same screen.
- Traders get access to ideas, which can give the right edge in trading when combined with real-time data.
- Trading View regularly publishes high-quality educational content that can hone the skills of traders.
Notwithstanding all the amazing benefits that Trading View offers, traders make certain mistakes, which often result in capital loss. Let's now understand the top five mistakes traders make and how you can avoid committing those.
The Top 5 Mistakes Traders Make While Using Trading View
Mistake #1 - Enrolling in a Training Program Right Away, Expecting Massive Gains
Trading View is more than a trading platform; it is a way of life for traders. Every day, thousands of self-proclaimed and industry-acclaimed trading gurus distribute trustworthy knowledge.
While Trading View always wants you to stay on top of the market, it cannot prohibit traders from publishing content that seems credible but is not. Some of the content can be so overwhelming that you will find yourself in a fix, and it can prompt you to jump on the bandwagon instantly.
As a trader, keep your eyes and ears open to distinguish the genuine from the fake. One of the best ways to identify a scammer is by checking the nature of their signals. Traders who do not intend to offer genuine help will always publish signals without explanation.
Another worst mistake is enrolling in a training program offered by someone with thousands of positive reviews. If the offer is too irresistible, check as many reviews as possible and talk to previous students before making any payment. Also, remember that no magic wand can make you a trading expert; successful trading results from immense hard work and dedication.
Mistake #2 - Trading With Real Money As Soon As An Idea Seems Perfect
As they say, trading is a zero-sum game. For you to earn money, somebody has to commit a loss-making mistake. In this game of the mind, time plays the most significant role.In Trading View, ideas flow like water. If you are receptive enough, every second can expose you to hundreds of new ideas. Finding out the right one can be a challenge.
So, you could go for a trader who seems credible on-screen and copy their ideas. As a fact, traders who copy others' ideas generally need to improve more.
As an informed trader, try not to randomly copy someone's trading ideas. Prepare a strategy and test it before assimilating others' ideas. Only by integrating an expert's idea with your time-tested strategy can you expect to generate healthy and consistent profits.
Mistake #3 - Using Public Chat to Make Trading Decisions
Most often, traders ask questions on public chat about a currency pair, stock, or crypto. Unskilled traders will take a long trade if everybody goes gaga over a long call. Similarly, they would go short if the crowd was cheering the fact.
While Trading View chats are an excellent way to enhance your knowledge, you should never rely on them blindly. Before asking for opinions and taking a trade, try to have a trading plan ready and an in-depth knowledge of the instrument you are trading.
Mistake #4 - Buying Signals or Bots Because They Seem Promising
Traders are dynamic creatures. Every trader on Trading View has something to teach you. Some ingenious traders even create signal services or automated bots of their own, which they sell against money.Although a bot might occasionally perform better than a human trader, it rarely matches the success rate of an experienced trader.
So, if you are a trader who would like to earn without research, a bot or a signal service might entice you. If you decide to go for a service, make sure it has a proven history. You may also opt for a free trial to check the quality of the calls.
Mistake #5 - Not Availing Services of a Broker Who Offers Trading View Charts
Selecting a broker comes naturally to most traders. Barring a few seasoned traders, others need to recognize the importance of choosing the right broker.There is no denying that Trading View charts are probably the best charts you can find. However, the broker you select ultimately determines the level of satisfaction you get from the charts.
To make things sweeter, free stock trading using Trading View charts is no longer a distant dream. With a free trading account, you can enjoy the benefits of world-class charts and join the league of big and successful traders.
