Virtual Trading In TradingView In 2024 – Here’s why It’s The Best

Last updated on October 7, 2024

Introduction

Are you looking to invest in the stock market but unsure where to start? Well, one of the best ways to begin your investment journey is through virtual trading or paper trading. By practicing virtual trading, you can minimize the risk of making costly mistakes. Among the various options available for paper trading in India, TradingView paper trading stands out as the top choice due to its extensive range of features and functionalities.

In this article, we will explore the concept of virtual trading and delve into the advantages of using TradingView as your preferred platform. So, let’s dive in and discover how virtual trading can help you gain valuable experience in the stock market without any financial risks.

Virtual trading, also known as paper trading, allows investors to learn about the stock market, trading techniques, profit-loss analysis, and more, all without risking real money. It offers a platform for rookie traders and investors to practice and experiment with different strategies and tactics before venturing into the actual market.

What Does “Virtual Trading” Mean?

Virtual trading, often known as paper trading, refers to the practice of an investor learning about the stock market, techniques, profit-loss records, etc. while not putting any actual money at risk.

It is possible to study and comprehend the real investing process through virtual trading by observing current market patterns. One is not required to purchase real shares or spend real money in this step.

Simply said, a rookie trader or investor may practice losing or gaining money in the stock market by learning new and different tactics with the help of virtual trading platforms.

Stock simulators are the platforms that offer virtual trading services.

TradingView Virtual Trading

TradingView is a widely recognized platform among both new and experienced traders. Its popularity stems from its advanced features, including sophisticated charting tools that aid in technical analysis. When you sign up for virtual trading on TradingView, you are initially provided with a virtual account balance of USD 1,00,000 (approximately INR 7,919,500), which you can adjust according to your needs. While the currency is denominated in USD, Indian traders can still trade by selecting suitable stocks.

TradingView’s paper trading feature offers an additional advantage known as PowerX. With PowerX, users can receive assistance in identifying potential trades. Furthermore, TradingView allows users to open multiple charts simultaneously within their paper trading simulator, providing a comprehensive trading experience. These exceptional features make TradingView the leading platform for virtual stock trading.

Also Read: Best Virtual Trading Websites in India

Features of TradingView

• Comprehensive Market Information

TradingView sets itself apart by offering information on various markets beyond just stocks. It covers currencies, bonds, futures, and cryptocurrencies, allowing traders to compare different assets before making informed decisions. This comprehensive overview of financial markets presents traders with a multitude of opportunities to explore.

• Advanced Charting Systems

TradingView’s paper trading feature provides free access to a wide range of advanced charts. Traders can choose from over 10 different chart types, including Renko charts and Kagi charts, which effectively depict market dynamics. These charts assist traders in analyzing market trends and patterns, enabling them to make well-informed trading decisions.

• Customizable Watchlists

Traders can create and manage watchlists on TradingView, enabling them to track real-time updates from various global indexes, stock markets, commodities, mutual funds, cryptocurrencies, and more. By adding their preferred financial assets to these watchlists, users of virtual trading in TradingView can stay up-to-date with the latest market developments and monitor the performance of their chosen assets.

• Device Notifications

TradingView offers device notifications that keep traders informed about significant market changes without the need to constantly check the website. These notifications ensure traders stay updated with the latest market information, allowing them to make timely decisions based on real-time market conditions.

• Global Market Coverage

TradingView provides the most recent information from stock exchanges worldwide, spanning regions such as Africa, Europe, the Middle East, North and South America, and the Asia-Pacific Ocean. Traders can access a wealth of global market data, facilitating a comprehensive understanding of the global financial landscape.

Advantages of TradingView Paper Trading

Now, let’s explore the advantages of TradingView paper trading, which can greatly benefit novice traders:

• Risk-Free Trading

Virtual trading in TradingView allows users to trade without any financial risk. Traders can experiment with different strategies and tactics without worrying about losing real money. Even if losses occur during virtual trading, they won’t affect the trader’s actual funds since virtual trading platforms provide virtual money. This risk-free environment enables traders to assess their performance and the stock market while honing their skills.

• Extensive Indicator Library

TradingView offers a vast collection of indicators, including the top 100 prebuilt indicators and over 100,000 community-built indicators. With constant updates and additions to the indicator library, traders have access to an extensive range of technical analysis tools. These indicators assist traders in making informed trading decisions based on market trends and patterns.

Also Read: Best Indicators for Options Trading

• Powerful Drawing Tools

TradingView’s virtual trading feature provides an array of powerful drawing tools to facilitate technical analysis. With over fifty tools available, traders can effectively analyze the technical aspects of trading. These tools cover various elements such as trends, lines, annotations, patterns, and geometric forms, empowering traders to gain a deeper understanding of market dynamics.

• Efficient Stock and Forex Screeners

TradingView not only offers a stock screener but also provides screeners for forex, cryptocurrencies, stock market heat maps, and crypto market heat maps. Traders can utilize these screeners to filter and track stocks based on specific criteria, gaining insights into potential trading opportunities. With server-side notifications, numerous filters, and coverage of over 90 stock exchanges, TradingView equips traders with the tools needed to make informed investment decisions.

• Practice and Learning

The saying “practice makes perfect” is probably overused and may sound cliche but holds true for trading. Virtual trading allows traders to learn from their mistakes and refine their strategies through trial and error. With TradingView paper trading, mistakes won’t result in financial losses since it’s a simulated environment. Traders can develop their skills, explore different instruments, and gain valuable experience before entering the real market.

Disadvantages Of Virtual Trading

While virtual trading offers numerous benefits, it’s important to acknowledge the drawbacks, including those associated with TradingView paper trading. These drawbacks cannot be overlooked since they have a significant negative impact on a new trader’s success.

• Lack of Emotional Impact

One of the downsides of virtual trading is the absence of emotional impact. As real money is not involved, traders may not experience the same intensity of emotions when making profits or losses. Emotional involvement plays a significant role in real-time trading, driving traders to carefully consider their options and understand the current and future market conditions before making decisions.

• Discrepancies in Real-World Trading

Virtual trading platforms often overlook factors such as slippage and commissions, which can result in unexpected expenses in real-world trading. Additionally, wide spreads, not accurately reflected in most paper trading systems, can complicate matters. These discrepancies between virtual trading and real-world trading can impact a trader’s overall trading experience.

Conclusion

In conclusion, virtual trading, specifically TradingView paper trading, provides an excellent platform for learning and mastering the fundamentals of the Indian stock market. By engaging in virtual trading, you can explore various strategies and techniques without the fear of losing money. It is always advisable to practice virtual trading before venturing into actual trading or investing.

With over 30 million traders and investors worldwide, TradingView remains a top choice for virtual trading. Its comprehensive market information, advanced charting systems, customizable watchlists, device notifications, and global market coverage make it a powerful tool for traders of all levels.

So, take advantage of the benefits offered by paper trading in TradingView and embark on your journey to becoming a successful stock market trader!