TradingView is like a Swiss Army knife for traders at every stage, equipped with advanced charting and analysis tools. It’s made waves in the trading community, so much that many specialized trading firms consider it crucial for their operations.
In this piece, we’ll explain why TradingView has won over these trading firms. Additionally, we’ll spotlight three prominent platforms that lean heavily on TradingView for their day-to-day trading tasks.
Why TradingView is Popular Among Prop Firms
Think of TradingView as your new best friend in the trading world. Why? Because it’s not just some random tool. It’s an entire community made for traders, by traders. Imagine going to a new school and you instantly have loads of friends to guide you – that’s what TradingView is like.
The first thing you’ll notice? It’s super easy to use. There are no big confusing buttons or endless menus. Plus, it’s filled with features. Imagine having a magic box that can tell you about market trends, show you detailed charts, and even let you chat with other traders. That’s TradingView for you.
Now, let’s say you’re part of a prop trading firm. These are companies where people trade with the company’s money. The more tools and data they have, the better. So, with TradingView, they can keep an eye on lots of different things at once. It’s like having a control room for all your trading needs.
Alright, here is a simple list of prop trading firms that use TradingView
TopStep
TopStep, a known proprietary trading firm, offers an environment where traders can participate. One aspect is the flexibility in trading style. Here, there aren’t tight constraints on when you can trade, letting traders work in their preferred time frames. Such flexibility means that different types of traders might find TopStep suitable for their needs.
The platform allows its users to engage in futures and forex trading. This means that traders can explore different areas of the financial market, potentially broadening their horizons.
An interesting thing they do every month? Trading combines. These are mock tests where traders show their skills in a simulated setting. If a trader does well, they might get a funded account.
And if things go in their favor, they can get a share of the profits, with the firm offering up to an 80% split. However, as with all trading, outcomes can vary.
Elite Trader
Elite Trader Funding is another player in the trading arena, notable for its straightforward approach. They don’t put traders through the traditional evaluation steps, which might appeal to those who want to skip the initial phases like demo trading.
They highlight a profit split, which can reach up to 80%. But, of course, it’s essential to understand the risks and benefits of trading before diving in. The firm is open to various trading styles, catering to a broader range of traders.
They also emphasize the adaptability of their trading rules. Recognizing the distinctiveness of each trader, Elite Trader Funding aims to accommodate individual strategies and risk appetites.
But, as always, traders must research and understand the platform’s nuances.
Funded Trading Plus
And, of course, there’s Funded Trading Plus. They’re specialists when it comes to forex and commodities. It’s like going to a restaurant that only serves gourmet dishes.
What do they love about TradingView? It’s an extensive library of indicators. Think of these as tools to help them make intelligent trades. And guess what? They’re big fans of TradingView’s social features. It’s like having a group chat where everyone shares excellent trading tips.
The Drawbacks and How Firms Mitigate Them
Now, here’s the thing. No matter how awesome something is, there’s always a little hiccup. Some folks wish they could use more indicators on TradingView’s free plan.
Others have noticed tiny delays in the data sometimes. But prop firms are smart. They opt for TradingView’s premium plans, like getting a VIP ticket to the best concert.
And some firms? They go the extra mile. They combine TradingView with other tools, creating a super toolkit. With TradingView’s special API feature, firms can even build customized tools.
How TradingView Supports Learning and Connection
When you look at TradingView, you’ll notice something: there’s a bustling online community. Imagine a big room where traders, people who study markets, and those who love talking about trading all come together.
This community is like a school for some trading companies wanting to help new traders improve. Imagine a place where people chat, share ideas, or even have group discussions.
That’s what you’ll find on TradingView. It’s like a big classroom with lots of learning materials. Companies like TopStep sometimes use this space to add value to what they teach their traders in their offices.
But there’s more. TradingView isn’t just a place to chat. It’s also like a library. They have many articles, online classes, and step-by-step guides about trading, managing risks, and understanding the market. So, if you’re with a trading company, you can use these resources like extra reading materials.
Some trading companies, such as Funded Trading Plus and Elite Trader Funding, might use these TradingView tools to help their traders. It’s like giving them more books to read to learn more about the latest trading trends.
This is helpful for trading companies that believe in constantly learning and adapting. After all, the trading world moves fast, like a speedy car race.
Conclusion
TradingView has changed the game. It’s given traders and firms, like TopStep, Funded Trading Plus, and Elite Trader Funding, the tools they need to succeed. Whether you’re trading solo or part of a big team, TradingView has something for everyone.
To sum it all up, if trading were a puzzle, then TradingView would be that one piece that ties everything together. It’s more than just a tool. It’s a community, a learning platform, and an essential part of the modern trading world.
I hope that breaks everything down for you and that you know some prop firms that use TradingView for their operation.
