Proprietary trading firms, or prop firms, are financial institutions that trade stocks, bonds, or other financial assets using their funds to earn profits. Prop trading is solely for the institution’s financial gain, unlike traditional trading where institutions trade on behalf of clients. Risk management, advanced charting, and trading strategies are crucial in prop trading.
TradingView is a popular platform among prop firms due to its user-friendliness, wide array of technical indicators and real-time data, customizable workspace, and social networking features.
In this blog, we will explore prop firms that use TradingView, the benefits of TradingView for prop firms, drawbacks of TradingView and how prop firms mitigate them, trader evaluation and funded accounts, and the importance of selecting a suitable prop trading firm that aligns with your goals and trading style.
What is TradingView?
TradingView is a charting platform and social network for traders, offering market-analysis software to help make informed trading decisions. It provides a vast array of tools for technical and fundamental analysis, including customizable charts, various technical indicators, and alerts.
The platform also supports various markets and asset classes, such as stocks, cryptocurrencies, Forex, indices, futures, and bonds. With over 50 million users, TradingView is known for its user-friendly interface, extensive market data coverage, and vibrant social community where traders can share ideas and learn from each other.
Additionally, it offers both free and paid subscription plans, with the paid version providing access to more advanced features and benefits. TradingView is widely used by both traditional and cryptocurrency traders and is considered a valuable resource for traders of all levels, from beginners to advanced professionals.
Prop Firms That Use TradingView:
- TopStep
- Funded Trading Plus
- Elite Trader Funding
- Lux Trading Firm
Benefits of TradingView for Prop Firms:
User-Friendliness and Easy Navigation
TradingView offers an intuitive and easy-to-use interface, allowing traders to navigate the platform effortlessly. This user-friendly design enhances the overall trading experience and makes it accessible to traders of all levels.
Wide Array of Technical Indicators and Real-Time Data
The platform provides a comprehensive range of technical indicators and real-time data from multiple exchanges, enabling traders to identify opportunities and make informed decisions. This feature is particularly valuable for prop firms engaged in forex and commodities trading.
Customizable Workspace for Individual or Group Needs
TradingView allows for the customization of charts, colorways, and indicators, providing a flexible workspace that can be tailored to individual or group trading requirements. This customization capability enhances the platform’s adaptability to different trading strategies and styles.
Social Networking Features for Sharing Insights and Learning from Others
The platform offers a robust online community of traders, analysts, and enthusiasts, providing a valuable resource for sharing trade ideas, engaging in interactive forums, and learning from more experienced members. This social aspect is beneficial for prop firms aiming to train and nurture trading talent.
Integration with Other Platforms or Proprietary Systems for a More Robust Trading Environment
TradingView can be integrated with other platforms or proprietary systems, allowing prop firms to create a more robust trading environment tailored to their specific needs. This integration capability enhances the platform’s versatility and its potential to serve as a central hub for trading activities.
In summary, TradingView’s user-friendly interface, extensive technical indicators and real-time data, customizable workspace, social networking features, and integration capabilities make it a compelling and valuable tool for prop firms looking to maximize their trading performance and make well-informed decisions.
Trader Evaluation and Funded Accounts:
Trader evaluation and funded accounts are essential aspects of prop trading. Prop firms offer funded accounts to traders who can prove their skill level through simulated trading challenges. To become a funded trader, traders must pay a subscription or challenge fee and adhere to the rules and conditions of the prop firm.
Targets are set for gaining funded accounts, and traders must maintain high trading standards to reduce personal risk. Prop firms like TopStep, Funded Trading Plus, and Elite Trader Funding use TradingView’s robust analytics and charting capabilities to evaluate traders and offer funded accounts.
TradingView’s customization and real-time data features are instrumental in maintaining high trading standards. Prop firms appreciate TradingView’s extensive indicator library, social community feature, and integration capabilities, enabling traders to share and debate trading ideas, refine their strategies, and create a more robust trading environment.
What Are the Pricing Plans for TradingView?
TradingView offers several subscription plans, each with its own set of features. The pricing plans for TradingView are as follows:
- Essential Plan: $12.95 per month or $155.40 per year. This plan includes 2 charts per tab, 5 indicators per chart, 10,000 historical bars, 20 price alerts, 20 technical alerts, and 10 parallel chart connections.
- Plus Plan: $24.95 per month or $299.40 per year. This plan includes 4 charts per tab, 10 indicators per chart, 10,000 historical bars, 100 price alerts, 100 technical alerts, and 20 parallel chart connections.
- Premium Plan: $49.95 per month or $599.40 per year. This plan includes 8 charts per tab, 25 indicators per chart, 20,000 historical bars, 400 price alerts, 400 technical alerts, and 50 parallel chart connections.
The prices mentioned are for individual users and may be subject to change. Additionally, TradingView also offers a free plan with limited features, allowing users to explore the platform before opting for a paid subscription.
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