Video Title: How To PAPER TRADE On TradingView! Beginner Guide
Channel: Matt Sacha
Speakers: Matt
Duration: 00:10:37
Introduction
This video provides a beginner's guide to setting up and using a paper trading (demo) account on TradingView. The tutorial emphasizes the importance of paper trading for beginners before using real money.
Key Takeaways
Paper Trading Explained: Paper trading on TradingView simulates real trading without risking real money, using a virtual account balance.
Account Setup and Customization: The video details how to set up a paper trading account, adjust the starting balance, and customize commission settings for a more realistic simulation. Users can modify the account balance, add commission fees (fixed percentage or dollar amount), and choose between instant orders or using the order panel.
Trading Panel and Order Management: The tutorial shows how to place buy/sell orders, set stop-loss and take-profit orders, and manage positions. It explains market orders, limit orders, and stop orders and demonstrates adjusting order parameters. The video also shows how to partially or fully close positions.
Settings and Display Options: Users learn how to customize TradingView's display settings for orders, including the placement of buy/sell buttons and the presentation of profit/loss (pips, percentage, or dollar amount).
Practice Duration: The video recommends at least a couple of months, or even years in some cases, of paper trading before transitioning to a live account, stressing the importance of practice and emotional preparedness for real trading.
