TradingView Paper Trading

To get the transcript and MP3, go to: https://www.rockwelltrading.com/coffee-with-markus/paper-trading-on-tradingview/

Why You Should Paper Trade: 0:00
How To Set Up TradingView for paper trading: 1:32
How To Use TradingView Paper Trader With The PXO: 4:28

Why should you use a trading simulator?
1) You want to test your trading strategy.
- What to trade?
- When to enter?
- When to exit?
- Understand the rules.
- That the strategy actually works.

2) To Gain Confidence. You will know:
- Winning percentage.
- Avg Profit/Loss.
- Drawdown.

Here's how you can use TradingView as a paper trader:
1) Connect Paper trading. Inside TradingView you click on the "Trading Panel" tab at the bottom.
You can then choose your brokers, but pick "Paper Trading."

2) Reset your account.
By default, your account starts out with $100k but you want to change this to match the account size you will actually be trading with. Just click on the gear icon, and input the amount you want to start with, and again, use the amount you will be using on your real trading account. I'll input $10K as an example.

3) Adjust settings for the orders.
Right-click anywhere on the screen. Click on "Trade" then "Create New Order." Then click the gear icon at the top right and select these settings:
- Uncheck "Show Order Price In Ticks."
- Check "Show Quantity In US Dollar Risk"
- Uncheck "Show Quantity In Percent Risk."
- Check "Show TP/SL Inputs In USD," (that's Target Profit & Stop Loss).
- Uncheck "Show TP/SL Inputs In %."

These are the basic settings and you can use it with the PowerX Optimizer.

When the stocks come up on the list I quickly go through the list and I'll look for stocks that have no gaps, good upside/downside trend-ability, and I want to see a nice P&L chart.

One of the stocks the PXO pulled up was PLUG so let's use it as an example so that you know how to do this.

Now, remember what I said about how a trading strategy should tell you three things. It should tell you what to trade when to enter, and when to exit. This is exactly what PowerX Optimizer does.

Now let's pull up PLUG in TradingView side-by-side with The PowerX Optimizer software. So as you can see, now we have to fill in the quantity and where exactly we want to enter.

We don't want to buy it at the market price, we want to buy it when it goes up to $18.89 which is the exact price that PowerX Optimizer tells us here.

The PXO shows us the profit target is $26.63 and a stop-loss of $15.26. Just input this information then all you need to do is click on "Buy Nasdaq" after you've entered all this, and remember, this is not being executed as your broker. This is a simulator. So you don't make and you don't lose any money.

Once the order is placed you will now have one position and two orders in the market. Those orders are a sell limit order for our profit target, and a sell stop order for our stop loss.

You can now change the orders that you do have in the market here, so you can change them to a different price by clicking the little edit sign right there on the right.

By the way, the right way to move your stop loss is always closer to your entry price, never away. Never, ever give a trade more room, it usually ends in disaster.

Recommended links & videos:
Learn more about TradingView: www.rockwelltrading.com/tradingview
The Options Wheel Strategy: https://www.youtube.com/playlist?list=PLBa3sAx-Io2nosgosERUhIZwzvIgD-3Vq
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Видео TradingView Paper Trading канала Markus Heitkoetter