As the forex prop firm industry has grown dramatically over the last few years, so have the options that traders have at their fingertips.Traders are needing better user interfaces, quicker tools, and more advanced analysis platforms to compete in the ever-changing foreign exchange markets.This is where TradingView comes into play…
Lux Trading Firm is currently one of the few online forex prop firms that allow TradingView.
In this article, we’re going to look at using TradingView on your forex prop firm-funded account, why it’s useful, and which firms are currently offering this! Let’s get into it…
Forex Prop Firms Using TradingView
Here at Lux Trading, we take feedback from our funded traders very seriously and are actively looking to create the best possible offering within the forex prop firm industry.If you’ve come across us before, you may know that we are the only online prop firm providing real trading capital. In essence, this means that we only profit if our traders are making profits – losing traders cost us money!To that end, you can see why we put a lot of time and resources into giving our funded traders access to the best technology in the retail trading space.
TradingView is a product of this…
At the time of writing this, Lux Trading Firm is one of the few forex prop firms to offer TradingView integration to funded traders.This rings true on our trial account and real trading capital account!
Why Do Forex Prop Firm Traders Need TradingView?
By default, the large majority of forex prop firms are going to offer MetaTrader 4 as the trading platform. In short, this is because it’s very cheap and easy to get white labeled and set up within days.Although it’s widely known to be the most used platform on the market, it’s also got one of the worst ratings when compared to more advanced charting tools like cTrader or TradingView.At Lux Trading, we made the shift to TradingView a long time ago and started offering it to our funded traders. The feedback we had many years ago was that a lot of our prop firm traders were using TradingView to do their analysis, then moving back to MetaTrader 4 to execute their positions.This disconnect and the use of disparate systems causes extra work, and repeated steps, and just decreases efficiency for traders. We also believe that this can massively increase the risk of human error.
You may have noticed that in 2022, MetaTrader was removed from all the iOS App Stores around the world due to the escalating tensions in Russia. This made our transition to TradingView even more timely!
Benefits Of Using TradingView On Your Prop Firm Funded Account
When comparing TradingView to other platforms on the market, there are a huge number of benefits…
1. User Experience
TradingView has put user experience and system usability at the heart of the tool, and this really shows, right from account creation to execution and analysis.
2. Fast Execution
TradingView has lightning-fast execution speed, which is crucial for day traders and scalpers on funded trading accounts.
3. More Charting Options
The charting options that TradingView offers traders do literally cater to almost any trading method, style, and approach that you could dream of.
4. Dual Monitor Functionality
Unlike MT4, TradingView has dual monitor functionality, meaning you can have one of those giant setups that makes you ‘feel like a trader’!
5. Cloud Based
As TradingView is completely cloud-based, you’re able to work from anywhere in the world and trade with any internet browser. This is much easier, of course, than needing to bring your PC with you.Furthermore, this allows trading from Mac/Apple products, which was previously nearly impossible with MetaTrader.
6. No Third-Party EA’s Needed
A lot of our funded traders using MetaTrader rely on third-party risk management EA’s and trailing stop EA’s to manage their risk. With TV, this is all built-in, so there’s little need to rely on potentially risky third parties.
7. Fully Customizable
I’m yet to find anything I couldn’t do on TradingView, from colorways to tweaking EA’s and indicators, it’s all possible.There is a full guide here, to using TradingView for beginners.
Should You Move Away From MetaTrader As A Forex Prop Firm Trader?
Now that we are offering TradingView, we’ve been asked numerous times by fairly new traders whether it’s worth solely using TradingView and not working on MetaTrader 4 or 5.In all honesty, the answer is yours to give, as the trader. There are of course a massive array of benefits to using TradingView over MetaTrader when it comes to user experience and service improvement.With that being said, we have some funded traders with incredible track records that are only using MetaTrader to execute their trades.From what we can gather, MT4 seems to still be the most well-designed offering for those traders using EA’s and Algo’s to trade, whereas TradingView seems to be the best offering for manual traders.
My Prop Firm Doesn’t Offer TradingView – What Should I Do?
If your forex prop firm is not offering TradingView, you have three options…
Firstly, create your own TradingView account separate from the prop firm trading account. You’ll have to draw up your charts and undertake all of your market analysis on TradingView, then execute your orders on MetaTrader or the platform of choice.
Secondly, you could reach out to your contact within the prop firm and see if there is any scope in the TradingView integration.
Thirdly, you could cut your ties with that prop firm and move to a firm that offers TradingView as an option. Of course, we are biased, but Lux Trading does offer TradingView so if this is a dealmaker for you, feel free to get in touch with our team!
In Summary – Which Forex Prop Firms Use TradingView?
In conclusion, if you’re a fan of using TradingView in your trading analysis, you need to ideally be working with a forex prop firm that can allow you to do so, without the need for using MetaTrader alongside.With that being said, Lux Trading Firm is one of the few forex prop firms offering TradingView to traders at present.If you’re an algorithmic trader coding in MetaQuotes, then it makes sense to stay on the platform, of course, but if you’re a manual trader it’ll be very much worth checking out TradingView and seeing if you like the functionality!
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I'm an enthusiast and expert in the field of online forex trading and proprietary trading firms, with a deep understanding of the tools and platforms that are crucial for success in this industry. My knowledge extends to various trading platforms, charting tools, and the dynamics of forex prop firms.
Now, let's break down the key concepts discussed in the provided article:
1. Forex Prop Firm Industry Growth:
- The article highlights the dramatic growth of the forex prop firm industry in recent years.
2. Trader Needs and Technology Requirements:
- Traders are seeking better user interfaces, faster tools, and more advanced analysis platforms to compete effectively in the dynamic foreign exchange markets.
3. Introduction of TradingView:
- The article introduces TradingView as a solution to meet the evolving needs of traders in the forex prop firm industry.
4. Lux Trading Firm's Unique Offering:
- Lux Trading Firm is positioned as one of the few online forex prop firms that allow integration with TradingView.
- Lux Trading Firm emphasizes the importance of incorporating trader feedback to create an optimal offering within the forex prop firm industry.
5. Real Trading Capital Model:
- Lux Trading Firm distinguishes itself by providing real trading capital, meaning they only profit if their traders make profits.
6. Transition to TradingView:
- Lux Trading Firm transitioned from MetaTrader 4 to TradingView, aiming to offer its funded traders a more advanced and user-friendly platform.
7. Issues with MetaTrader 4:
- MetaTrader 4 is criticized for having a cheap and easily white-labeled setup but is considered less advanced in terms of charting tools compared to alternatives like cTrader or TradingView.
8. Benefits of TradingView:
- User Experience: TradingView prioritizes user experience and system usability.
- Fast Execution: TradingView offers lightning-fast execution speed, crucial for day traders and scalpers.
- More Charting Options: The platform caters to various trading methods, styles, and approaches.
- Dual Monitor Functionality: Unlike MT4, TradingView supports dual monitor functionality.
- Cloud-Based: TradingView is entirely cloud-based, allowing traders to work from anywhere with an internet browser.
- No Third-Party EA's Needed: TradingView has built-in risk management features, reducing reliance on third-party tools.
- Fully Customizable: Traders can customize everything from colorways to indicators on TradingView.
9. MetaTrader 4 Limitations:
- MetaTrader faced removal from iOS App Stores globally in 2022, potentially highlighting vulnerabilities in its accessibility.
10. Choosing Between TradingView and MetaTrader:
- The article suggests that the choice between TradingView and MetaTrader depends on the trader's preferences and trading style.
- MetaTrader may still be preferable for algorithmic traders, while TradingView is seen as ideal for manual traders.
11. Options for Traders Whose Firms Don't Offer TradingView:
- Traders have three options if their forex prop firm doesn't offer TradingView: use a separate TradingView account, inquire about integration, or consider switching to a firm that provides TradingView.
12. Lux Trading Firm's Offering:
- Lux Trading Firm encourages traders interested in TradingView to consider their platform, positioning themselves as one of the few firms currently offering TradingView to traders.
In conclusion, the article provides insights into the evolving landscape of forex prop firms, the shift to advanced trading platforms like TradingView, and considerations for traders in choosing the right platform based on their preferences and trading strategies. Lux Trading Firm stands out as a provider actively embracing TradingView integration for its funded traders.
