Philosophers have long pointed out the dehumanizing aspects of technology while maintaining its undeniable ubiquity. Jacques Ellul, for instance, talks of its “universalism”: we are born into a “universe in which technology [is] the common language”.
This is true, and by all accounts, technology does not have to be a bad thing; it does not have to dehumanize us. Rather, we can make it work for us, to achieve this or that end, or make this or that aspect of our life more enjoyable and streamlined. We’ve already witnessed this with robo-advisors like Betterment.
With the recent explosion of day trading, there is a sister technology that comes to mind which can be put to just that kind of positive use: stock analysis platforms. While day trading certainly puts us in the driver’s seat, we are sometimes not prepared for the autonomy it brings.
Yes, we know a little bit about the market. We’ve done our research – but the question begs, how much do we really know about what we are doing, and which stocks we are picking? An analysis platform like TradingView helps greatly in this department.
Obsessed with charts, graphs, and information? This may be the application of your dreams. Accessible in the highest degree, TradingView provides real-time data in the form of charts, research, and analyses spanning all the market.
What’s more, TradingView is cutting edge. Realizing that most people prefer to keep tabs on their finances wherever they are, the folks at TradingView had mobility in mind. In fact, their mobile application is just as robust as their desktop counterpart.
In a crowded field, TradingView has a lot of positive offerings that competitors may lack. Let’s go through some of its more significant features.
Highlights of TradingView
- HTML5 Charts: TradingView offers simple and clever HTML 5 charts for the tracking of your favorite stocks. Not only that, but these charts are manipulatable, giving you the option of drawing on them and adding personal notes.
- Stock Alerts: TradingView gives you 12 different options for stock alerts. By personalizing your alert system, you gain real-time updates for the stocks that interest you most. This is one of the essential features of analysis services like TradingView; don’t be caught sleeping ever again. You can have alerts sent to both desktop and mobile devices.
- Stock Screener: TradingView’s stock screener is basically a research tool. Like any robust database, stock screener gives you a myriad of options for searching out stocks; be as detailed or broad as you will, for stock screener will let you dig into the wide world of investments. In other words, think of it as a high-powered Google tailor-made just for stocks. This feature can help you save both time and money.
- Tiered Pricing: TradingView has 4 different price models. We believe that the “free” service suits the needs of most investors, especially those new to the game, but the “Pro”, “Pro Plus”, and “Premium” memberships do have their minor perks. For example, with the “Pro Plus” service one gains access to customer service and Renko, Line Break, Figure, and Kagi charts. With “Premium”, things are even better: gain access to premium customer service and a whopping 200 potential alerts.
TradingView Community – Feel Part of Something
We all want to feel connected, and investing is no different. In fact, it can be highly valuable to discuss and trade insights with other investors; that’s how we come to a consensus, and deepen our understanding of things.
Drawbacks of TradingView
TradingView does have several things working against it. Though the service offers much for newbies and veterans alike, you should be aware of its sore spots.
- Limited Support for Brokerage Platforms: in short, it is not possible to sync the TradingView window to your brokerage accounts. Hence, TradingView functions mostly as an independent tool for gaining knowledge and insights. I’m fond of saying that you couple it mentally to whatever brokerage platform you happen to use, whether it be RobinHood or Acorns.
- Dubious Premium Packages: perhaps “dubious” is too strong a word, or misleading, but their premium packages are questionable. We think it unlikely that new or intermediate investors would benefit from their plus packages.
The Bottom Line – Should you Choose TradingView?
If not TradingView, we think that having low-cost charts and analysis software is a must in today’s turbulent world of investing. Trading from home is a bit like being on an island, and anything to help you get an edge is necessary if you want to make consistent earnings.
TradingView does a lot well, and its free service has all the essentials. It is perfect for the beginner who is just starting out with day trading or robo-investing.