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How to Paper Trade on TradingView | Step-by-Step Tutorial
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Dec 16, 2022
Today we'll learn how to paper trade on the TradingView charting platform. Learning a new platform and especially a new strategy can be a bit nerve racking when you’re first getting started. TradingView makes the learning process so much easier by offering the ability to paper trade on even their most basic free plan. Today we’ll go through the process of creating a tradingview account, opening up papermoney, and a few examples of the types of trades you’ll be able to place. Within TradingView you'll have the ability to trade stock, futures, forex, and crytpo.
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0:00
Learning a brand new platform and especially a brand new strategy can be a bit nerve-wracking when you're first getting started
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Luckily for us, TradingView makes the entire learning process so much easier by offering the ability to paper trade on even their most basic free plans
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So today we're going to be going through the entire process of creating a TradingView account
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opening up paper money within there, and even a few examples of the types of trades that you'll be able to place
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We'll first need to begin by opening up a TradingView account, and that can either be done by using my link down below in the comments
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or just by heading to the website tradingview.com. Either way, as soon as we open up the TradingView homepage
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to open up a brand new account, we simply need to come up here and click Get Started in the upper right-hand corner
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The page that opens up will then display all the paid plans available with TradingView down here below
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as well as a few of the key features of each plan. Now I do also want to mention that if you use my link down below, you can try any of these paid plans completely free for 30 days
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But if you decide you don't need those advanced tools or features, you could also just come down here below and open up a free basic plan as well
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If we just choose to open up a free basic plan, you'll notice the very first thing it asks us is how we want to open an account
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And in this case, we're just going to select email. and then all we have to do to open an account is enter the email and password that we want to use
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And that's it. It's not going to ask us for any personal info or for credit card information
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This is it. Once we do get the account opened up and we get signed into that brand new account
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in order for us to access the TradingView charts, we are simply going to come up here to the very top of the screen and find the Products tab
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then click the Charts menu down below. We are immediately then taken to the TradingView charts
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and here we can see there is a lot of information. There are a lot of tools, a lot of features
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customizations, and I do talk about that in separate videos, but for today we're just going
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to focus on how to pay per trade. Now before we can do that, before we can place trades in here
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we are first going to need to come down to the very bottom of the chart and open up the trading
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panel. The menu that opens up will then display all the brokers that we could connect to trading
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view and here we can see there are quite a few. However in our case today we don't want to link
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our trading view account to one of our real accounts. We instead want to come up here and
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link it to a paper trading account provided by trading view. So right here we can see it as the
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second in the list and all I have to do is come down here and select connect. It'll then open up
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a little disclosure right here in the center of the screen and this is just to confirm that this
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is in fact a fake account. This is entirely simulated. It is just paper money. So we'll then
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just need to come back up here and hit connect one more time. And now down here below at the very
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bottom of our trading view charts, we can now see our paper trading account has been linked
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Within this panel, we are now going to be able to manage our entire account. So here we can see all
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of our open positions if we have any We can see all of our open and active orders right here And in the upper right corner of this menu we can also see things like our overall account balance as well as our current profit and loss in the account In terms of actually placing the trades themselves we do have several different choices available to
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us, whether we do it directly from the charts page right up here at the top, or by coming over
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here to the far right-hand side of the screen and opening up either the order panel or the DOM
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or the depth of market. To keep things as simple as possible for today's video, we're going to stick
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with the order panel for today. So coming up here to the top, we'll go ahead and click on this to
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open up the panel. Now coming over here to the left, we can see the menu that has now appeared
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the order panel, and this is where we're now going to specify how many shares we want to buy
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the price we want to pay for it, and the order type that we want to use. To make sure you really
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get the hang of it, we will go through it one step at a time, starting at the top and working our way
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down. So coming up here to the top, the very first thing you'll see is the stock that we're about to
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trade. So in this case, Apple or AAPL. Immediately below that, we can then specify what we intend to
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do. Do we want to sell or do we want to buy? In our example today, I want to buy some shares of
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Apple. So I'm going to select buy right here. Then immediately below that, I can specify the order
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type I intend to use. So right here, we've got a market order, a limit order, and a stop order
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and for those of you who are not super familiar with the differences between these
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a market order, the very first one here, is an order that will fill instantaneously at whatever the current price is
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So you're essentially saying, get me those shares as fast as possible, I'll take whatever the current price is
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The limit order, on the other hand, the one just to the right of market, is an order where you are specifying a price
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You are saying, I only want to buy this stock if I can get this price or better
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Now the final one, the stop order, this is generally going to be used to exit your position before you lose too much money
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And that's why people call it a stop loss order. Most of the time, you'll generally be using this when you already have the position
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And you're saying, man, if it goes down below X price, get me out because I don't want to lose too much
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So as an example, if we already had shares of Apple and let's say we owned it at 138
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we could say if Apple ever drops below 137, get me out because I don't want to lose more than that
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Now, in our case today, the one that we're going to be using is going to be a limit order
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And this is the one that you're probably going to be using most often. Now, right below that, we can then specify the price at which we want to pay for these Apple shares
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So at the moment, it currently says we want to buy the stock at $138.70
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But if we were to highlight that, we could instead say, I don't want to buy Apple unless it goes down to, let's say, $138 a share
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Below that, I could then specify how many shares I intend to buy. In this case, I currently have one share selected, and we'll go ahead and leave it as one
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Now, besides that, besides those most basic templates, you'll also notice that below all
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of that, we also have the ability to place a bracket order as well. So this could be used
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to then automatically put out an order to sell these shares for a specific profit target or get
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us out before we lose too much money However those two trades are not going to go out there that take profit or stop loss order until the opening trade fills until we actually buy the stock So in this case let actually say we did want to use both of those We wanted to automatically put out a specific profit target and a specific stop target as soon as we buy the
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shares of Apple. Since that's the case, I'm just going to go ahead and check mark both of these
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And we'll first begin by starting with the take profit order. And over here, I can first specify
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exactly what price I want to sell this stock for. In our case, let's say I wanted to sell it if it
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ever went back up to, let's say, $145. Go ahead and type in $145 right here, and you'll actually
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notice a few different values in these boxes over here. Starting at the top, this is going to be the
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tick increment. It's essentially saying the price that I just set, selling it for $145 a share
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is 700 ticks above our opening price. Now, for stock, a tick is simply one penny. It is the
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smallest increment that this stock moves in. Below that, it is also telling me the profit target that
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I'm trying to reach. In this case, I'm trying to sell this for a $7 per share profit. Now that I'm
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happy with that, I could also specify the stop target as well. So coming over here to the right
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we can see the default in here at the moment is $133.97. But let's instead say I wanted my
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stop target to be at, let's just say $135 even. So now I'm saying I either want to sell this thing
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for a $7 profit or get stopped out if I ever lose $3. The only other thing I have to do is come down
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here below where it says time and force and specify how long I want these orders good for
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In this case, we currently have week selected, which means these orders are going to be good
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for a week. But if I clicked on that, I could also flip it over to a day order, a month order
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or I can make it good till a certain date. Now, in our case today, just to move forward
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we're going to leave it set as a week. And now all I have to do to actually place this trade is
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come down here to this big blue button, buy one share of Apple. You'll notice that as soon as I
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clicked on that, the orders have been placed and I can actually see those a few different places
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First off, we can see it right up here in our chart itself. So right here is our opening trade
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to first off buy that share at $138. Then we've got the profit taking order right above it to sell
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for a $7 profit or to stop us out if we ever lose $3. Besides on the chart, we can also see it in
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the orders panel down here in the lower left-hand corner. So right here, it says I'm trying to buy
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one share, $138, and it is a working order. I haven't bought that share yet. Later down the line
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let's actually say I wanted to edit this order because I wanted to get filled on it. I could do
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that a few different ways, whether it be by right-clicking on the order ticket right here
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then coming in the menu and either selecting modify order to edit it in some way or just
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hitting cancel order to outright cancel it. Besides that, I could also come up here to the
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chart as well and find the order I intend to adjust and actually click on it and either drag
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it up or drag it down to the price I want to move it to. So in this case, let's actually say I wanted
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to get filled on this order I could go ahead and drag this up And as soon as I let go a little box is going to appear over here on the right to then adjust the order Here I can then specify the price that I moving it to and I can come down here and select modify order to
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adjust it, which is exactly what I want to do. We can now see that the order has been filled
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and I can see it right here. It's telling me I've got one share, and it's telling me to the right
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how much I am currently up or down on that share, but I can also see down here in the orders tab in
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the lower left that my buy order has actually filled. So right here it says it filled and it
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filled at $138.88. I could also come up here to the positions tab right up here at the top and it'll
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again tell me exactly what I hold in this account right now. So right here it's telling me I've got
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one share of Apple. I bought it at $138.88 and here is my take profit and stop loss order. We could
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also pay for trade things like futures or cryptocurrencies. And in order to do that
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let's come up here to the upper left-hand corner. And for right now, we'll just throw in a future
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symbol. Now, in my case, let's just say we wanted to trade gold. So I'm going to come over here to
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the right and we'll type in just G-O-L-D. Then looking down below, we can see a gold futures
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contract right here. And we'll just go ahead and click on that. We can now see the chart has flipped
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over to gold. And over here on the right hand side, our order panel has also flipped to gold as well
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Just like in the previous example, we would first start by specifying exactly what we want to do
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Do we want to buy the contract? Do we want to sell the contract? In this example, let's say we
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wanted to sell it or short it in this case. We could then come down below and specify the price
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at which we want to short it at. In this case, we'll just leave it set as the current bid, the
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number that filled in here automatically. I could then come down here below and specify how many
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contracts I wanted to short, but in this case, we'll leave it as one. And I could also come down
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here and specify my take profit or stop loss as well. But in my case, since I just want to place
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this order to short the gold futures contract, I'm just going to come down here below and select
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sell one gold futures contract. We can again see the order has been placed. It says it right here
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We've got an open order to sell one contract, and I could also see it down here in the orders tab as
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well. To modify that order in some way, I could just come back up here to the chart itself and
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then drag that order ticket up or down to the price I want to move it to. If I wanted to move
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that up, I could drag it up here and you'll notice that the price on the right currently says 53,812
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and if I let go, we can now see the order panel on the right has modified the order up to 53,812
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To confirm that I do in fact want to adjust it to that price, I would simply come down here and hit
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modify order. But that's really it. Those are the basics on how to open up a paper money account
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and how to place a few different trades. Hopefully you all end up finding paper money as useful as I
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have over the years. It is an excellent way to get started and learn before putting any real money on
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the line. Also, if you'd like to try any of those TradingView Pro plans completely free for 30 days
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don't forget to use my link down below. In the meantime, check out this video next. I think you'll
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find it incredibly helpful as well and I hope to see you all on the next video
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