Stock trading has the potential to make you a lot of money. However, many new traders make the common beginner mistake of using the wrong tools. Using the right day trading software and tools is very important to your success. Indeed, there are many trading avenues available today, however, only a handful is built with the typical day-trader in mind.
One of such platform is the StocksToTrade software which has led many traders asking whether it is the real deal or not. To give you a hand, we managed to put together an unbiased review about StocksToTrade.
What is StocksToTrade?
Basically, this is a stock market scanning and research software that combines paper trading, charting, training, watch lists, chat room, level 2 and financial news in one module. The basic idea behind this program is to offer a variety of trading avenues every trader needs to succeed. StocksToTrade was the brainchild of Timothy Sykes, a penny stock trading guru as well as the founder of the Profitly trading platform. He lauds this product as a software made by a trader for traders. The software is cloud-based and accessible via any browser from an internet connection.
Who is Behind StocksToTrade?
The idea for this software was conceived by Timothy Sykes. Timothy Sykes is a high-caliber trader an entrepreneur boasting many years of trading experience. He is well known for converting a handful of dollars to millions by investing in pump and dump stocks.
This is a proprietary algorithm scan tool that automatically alerts traders about stocks holding the highest profitability. It is designed to update information in real-time and forecasts how much the stocks plot is either upwards or downwards making it easier to know when to enter the market and when to exit.
2. Paper Trading
StocksToTrade also features a built-in paper trading platform with $30,000 starting balance to help traders simulate demo trading with no real risk to the real money. It is designed to help inexperienced traders get acclimated to placing and even managing trades while at the same time monitoring their investments in an environment safe from emotional decision-making. This, therefore, provides newbies with a platform on which they can build their levels of confident prior to investing real money.
StocksToTrade has smooth running charts and also supports key indicators and trading tools. Traders have the option to choose between, bar charts, candlestick, and line charts as well as time frames ranging from minute-by-minute trading to monthly trading. In addition, the charts come fully loaded with essential momentum indicators including moving averages, pivot points, Bolinger bands, MACD and stochastic. Furthermore, traders can adjust the colors and settings of each indicator.
This feature makes identifying high-potential stocks with ease. It allows users to create personalized stock screens or if you want, there is an option to trade with screens already designed by Timothy Sykes. Apart from sifting through some of the mainstream exchanges such as NASDAQ and NYSE, it also functions on the basis of Pink Sheet stocks, AMEX and OTCBB. In short, the scanner usually performs all the legwork and leaves the trader to choose the handful of the best stocks to trade and monitor.
5. Level 2
With StocksToTrade, traders can conduct deeper analyses using Level 2 platform. The platform offers a detailed insight of a stock’s price on both the bid and ask side. As such, traders can use this platform to spot identify where they might place their trade orders to ensure the most liquidity. However, while it provides useful information, this platform should be used together with other analysis for best results.
6. Live Twitter and News Updates
StocksToTrade features a built-in Twitter feed mechanism which tracks specific investment hashtags. The Twitter feed incorporates a filter feature and traders narrow down to the most crucial trading information required. News can also be filtered in different ways like on the basis of one’s specific time frames, watch lists, keywords or stocks as it pulls headlines from Yahoo!, Wall Street Journal, MSN Money, Finance, Finviz, Twitter and Seeking Alpha.
Subscription and Pricing
StocksToTrade is a subscription-based membership service that costs around $179.95 per month or $1,799.50 per year. In addition, they offer a seven-day trial offer for just one dollar. Besides, they provide an advanced trader training program known as StocksToTrade Pro which integrates live trading chat room and weekly strategy webinars. The program’s moderator is Tim Bohen, a reputable trader with more than 10 years of experience and members can watch him put together his watch list on Livestream. While the cost of this program is an annual fee, it is only disclosed upon upgrades.
- Crucial updates are consistently and routinely rolled out
- Includes tons of useful tools and features
- Designed for active intra-day and swing traders
- Offers a solid paper trading simulator
- Flexible and provides plenty of customization options for building scans
- Saves data in the cloud hence can be accessed from any location with proper internet connection
- Suitable for beginners and experienced traders
- Boasts an intuitive website
- It claims to offer everything a trader would want in a trading platform but it lacks broker integration
- $179.95 per month can be expensive for the average trader
- Some users have reported that the software lags sometimes
Is This Platform Worth the Price?
StocksToTrade is integrated with many great features that any trader is likely to find useful. Therefore, it can be a great tool irrespective of your trading experience. But like any stock trading software, it also has its fair share of downsides like its high price. As such, it is advisable to sign-up for their 7-day trial (which only costs a dollar) prior to investing heavily in the software.
Nonetheless, there is no point in subscribing to the service unless you can look at the platform as an avenue for growing your investment portfolio or profession. And if you are looking for some free alternatives then I recommend Finviz or TradingView, which is a great start.
StocksToTrade won’t make you a stock market pro overnight. However, it can improve your success in the market whether you are a stock trader or a long-term investor. So if you are looking for a comprehensive marketing scanning tool, you can give StocksToTrade a try. But if you are not sure if it is actually the right trading software for your needs, you can always start with the 7-day trial which only costs a dollar.