Source: TradingView EUR-USD price Chart 2024-03-19, from TradingView 2011–2024.

More people are looking towards financial investments to increase their income and stay afloat amidst the rising living costs. To increase your trading profits, you need the best tool to make this happen.

What Is TradingView?

Modern traders need data such as historical prices, volumes, company information, and specific tools for technical and fundamental analysis. They also need to gauge the confidence of other investors and access live prices while trading.

The TradingView software provides these data and tools and is helpful for traders in all markets. The app is often described as a combination of a social media network, charting platform and mobile app for investors. It was first released in 2011 and has become popular with over 50 million registered users.

Setting Up TradingView for Increased ROI

Configuring your TradingView dashboard can unlock profitability by enhancing efficiency and reducing distractions. Here’s how to set up your app for trading:

1. Download and install the software. Ensure you get the correct version for your mobile or desktop device.
2. Sign in through your broker or the app.
3. Enter settings and adjust the chart parameters as desired.
4. Add your favourite trading instruments to your favourites list.
5. Calculate lot sizes for each trade and determine when you can increase or lower your investment.
6. Adopt strategies like dollar cost-averaging (DCA) to minimise the cost-per-investment and maximise profits.

The premium subscription provides more tools to enhance your trades, but the basic version works well.

TradingView’s integration with dozens of brokers allows flexibility so that traders can access markets on their brokers right on the software. You can download TradingView from the official website or through your broker’s trading portal. As an analytical platform, TradingView provides a wide range of tools investors can leverage to increase their return on investment (ROI). Here are some valuable features and functions that make TradingView excellent for investment activities and helping traders improve their ROI.

Advanced Analytical Tools

Technical and fundamental analysis are critical to trading; traders who excel in analysing markets have the edge in finding profitable trades. You can leverage TradingView’s advanced technical tools like charts, indicators, drawing tools, and tools like asset screeners, news, and social hubs for market analysis. You can easily find information about companies and their stocks, view real-time market news, and even set custom alerts for your favourite instruments.

Strategy Building and Testing

All investment strategies are profitable if you execute them well; the profitability differs based on the trader. Building, testing, and refining your strategy on TradingView will help you identify the potential pitfalls and advantages, maximise your trading process, and get better results. For instance, a trading strategy that works best with high volatility could increase your ROI when you trade when two sessions overlap.

Source: TradingView Forex Pair Screener, from TradingView 2011–2024.

Risk Management

Risk management is an essential aspect of financial investments that you can enhance with TradingView’s tools like TP, SL, position calculator, and other tools that take out the emotions from trading. Managing your trades to increase profits is equally important as learning to trade; you can leverage these tools to hit your profit targets and stay profitable over long periods.

Automated Trading

Expert Advisors (EAs, or trading robots) are computer programs traders can deploy on TradingView to automate trading. EAs are fast, scalable, emotionless, and work 4/7; these qualities provide the edge humans may lack when trading and make EAs excellent for improving trading decisions. EAs also allow fast and extensive backtesting, providing traders with an invaluable tool to test their strategies rapidly.

Social Trading

TradingView’s social hub helps traders interact and share ideas and allows traders to copy the activities of more experienced and successful traders. The software’s social aspect is quite helpful for gaining insights that can help you improve your trading skills, refine your strategies, and increase your ROI.

Tips for Increasing Your ROI With TradingView

Learning to trade is only one part of making profits; trade management is the other part. Here are practical tips to increase your ROI:

1. Increase your investments: Investment returns depend on the trading capital, so increasing your initial investments increases your ROI. A lot size of 1 will return more profits than a 0.5 lot size for the same trade.
2. Learn to take calculated risks when trading: Learn how to stack positions, hold trades for more extended periods, and buy assets when prices fall. These calculated risks position you for profits when the price swings your way.
3. Accept drawdowns as a part of investment: You can only sometimes be correct, but ensure you max your wins when you get your analysis right.
4. Use the economic calendar extensively: Economic events and essential news impact the market and provide massive opportunities to make more money.

Source: TradingView Economic Calendar, from TradingView, 2011–2024.

ROI Beyond Trading

TradingView is a handy tool for traders who want to make more money. This guide showed all the helpful features TradingView offers, like advanced charting tools, strategy testing, risk management tools, automated trading bots, and a community of traders from which to learn. Following the tips provided, you can fully benefit from everything TradingView offers.