How to Use TradingView Paper Trading

So now…

I want to talk about the TradingView paper trading.

You can think of this like having a demo account, to place buy and sell orders using virtual money so it doesn't affect your own capital.

There's no risk.

To do that, you can just pretend that you're trading the markets live right now.

So to get the trades going on, you can right-click and then go down to trade:

You can either buy this USD/SGD right now or sell or create a new order.

But to make your life easier if you want to paper trade often, right-click and go to settings:

Click the trading tab and you’ll want to show the buy-sell panel:

Click on this and you notice that this buy-sell panel is open:

So in future, when you want to paper trade, you can quickly sell or buy.

Example

Let's say AUD/USD, the market is bearish right now:

So if you want to sell, you’ll click Sell.

This order window will pop up:

Let’s say you want to short the markets with 50,000 units.

And let's say you have a target profit level of $0.67.

When you set your take profit level or stop loss level, you can set it in terms of pips or the exact price level.

I usually go with the exact price level.

And I’ll set a stop loss of at $0.69 for now.

You can sell at Market, Limit or Stop order.

But let's just say you sell 50,000 units of AUD/USD at Market.

And the order is sent.

This is all paper trading and not a live account.

If you don't set up the broker connection, nothing will happen.

It's all just paper money.

And you can see that on the left side, all the orders have been executed.

If you want to see your order, just go to Paper Trading below:

And you can see your current position, with the Quantity, Take Profit and Stop Loss, etc.

So this is how you can go about paper trading.

You can get yourself familiar with the execution of this charting platform or even forward test any specific trading strategy that you have in mind.

Moving on…

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