A small guide, for new traders, on how to use their Basic plan to watch the market indexes and the stocks they own. ___
Prompt: New traders should take some time and carefully read the post entitled 'You can't beat the market' that is located in my profile.
Disclaimer The author of this text is not an investment advisor. The preceding content is intended to be used for informational and educational purposes only. It is not an advice or inducement for the purchase or sale of the products mentioned. Before making any investment based on your own personal circumstances, it is very important to do your own research and analysis and also take independent financial advice from a professional to verify any information provided here.
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How new traders with the Basic plan can watch their stocks
* I noticed that the majority of my followers have the Basic plan and as you know, with the Basic plan you have certain limitations in use of TradingView's gears. So this is a small guide how to get the best of TradingView with these limitations applied.
* As you can use only 3 indicators per tab, you have to choose them. I propose to use 2 basic sets of indicators.
* The first set will contain the most important indicators: the Simple Moving Averages of 9, 30 and 200 days.
* To do this first open a new chart, type SPY in the ticker and then choose the fx button, next build-ins and finally click 3 times on Moving average. Next click on Volume which doesn't count as an indicator.
* You'll see that in the left side of your chart there are 3 times the symbols MA 9 and 1 time the symbol Vol. Click on settings of the 2nd and 3rd MA 9 to change the length to 30 and 200 respectively. Now set the color and the width of line of each moving average so as to look as in the upright chart besides. Finally click on Vol/settings/input to set the length to 2 instead 20 and on Vol/settings/style to choose Volume MA and then a grey color for the line. Now your chart must look like that on Tab No 1.
* The second set will contain the next 2 most important indicators: The Relative Strength Indicator (RSI) and the Moving Average Convergence Divergence (MACD).
* Open a new chart with SPY in another tab. Now you only have to click once in each of RSI and MACD, after choosing fx/Build-ins. Choose also the Volume indicator and do the same as in the previous step. Now your chart must look like that on Tab No 2.
* You can save only one indicator template so you have to choose the first set because it needs more time to build it. So go to your first tab and then choose the 3rd symbol next to fx and click on Save indicator template. Next give your template a name and save it. When you open a new chart you can choose this template and in your chart will automatically be applied the first set of indicators.
* Now you can open many tabs in your browser and in each one you can use one of the two indicators set defined previously. In the screenshot below I present you a relevant plan you can follow. Notice that it's very important to build some meaningful lists to watch the market indexes and the stocks you're interested in.
Although the method presented above will help you, isn't enough for those who invest serious capital in the market. If you can afford the subscription, you have to take a higher TradingView's plan like PRO, PRO+ or PREMIUM. I am sure, from my one experience, that if you do this you'll discover later that this was the best decision in your investment life.
In order to learn how to use the first set of indicators read my post "You can't beat the market".
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The DSIR formula.
Some people ask me about the DSIR’s formula so I’ll give you the formula here:
You can copy and paste it in the Symbol Search window that pops up when you click on the ticker of a chart and then just press enter. Next step is to save the formula in your watch list.