SwingTradeBot is a stock trading platform that uses AI and machine learning to identify profitable opportunities. It offers real-time data and advanced analysis tools to help traders make informed decisions.
Before you decide to invest in a particular stock, it is crucial that you do thorough research on it. This will help you know what you are getting yourself into. However, this process can be time-consuming, and it could be great if you found a platform that would significantly cut down on this duration.
At this point, we shall introduce you to SwingTradeBot, which is a program that is specially designed to help you scan for potential trades.
There are other programs in the market that are meant to help you find the best stocks to invest in, so what sets this particular platform apart from the rest?
Read our comprehensive review on it to find out.
In general, this platform is developed to give traders an easy time staying on top of financial markets. It does this by watching your stocks and scanning the market for significant technical developments.
With the market overview provided, you can perform swift trades when the perfect opportunity shows up. In the end, you will notice a significant reduction in the time taken in the analysis since the robot provides you with all the information you need.
Even though it is not a unique program in the market, its collection of technical signal scanners and stock grades makes it appealing to swing traders.
Who is the Developer?
This software was developed by Michael Seneadza, an electrical engineer who apparently attended Stanford University. At the moment, Michael doubles up as a software developer and full-time trader based in Atlanta.
He was motivated by his desire to become a more efficient stock and forex market analyst.
So, he decided to develop a program that would identify new trading opportunities and help manage the stocks in his portfolio.
Key Features of the Program
Before we tell you how much this software costs, it is essential that you understand how it works. For this reason, we shall have a detailed look at the key features, and this will help you know what it is all about.
1. Stock Screeners
SwingTradeBot is centered around the over 100 custom screeners in it. All of them are designed to identify a specific technical pattern that has been developed over a day or more.
We liked that the screeners are categorized as per the signals they look out for, i.e., bullish, bearish, bullish swing, or bearish swing signals. These are not the only categories as there are others such as strength or weakness and range expansion and contraction.
There is a lot that these screeners cover. For instance, there are premium screens that pick out combinations of technical signals, while there is a screen to identify any individual technical pattern.
Note that the screens are based on short-term signals while all the scans are end-of-day scans rather than real-time scans.
If you are a paid user, you can view the screener results in different ways. First, there is the default setting which is a sortable list that allows you to order stocks according to a price change or the program’s A-F grading system.
Then, you have the option of viewing the results as charts while you could also export list data to a CSV for further analysis.
2. Broad Market Analysis
Next up is a tool that is meant to help you gauge how different indices are moving. For example, it spells out whether the leading US indices are gaining, retreating, or flat, plus also highlights whether they have any vital technical signals in the previous few days.
The market overview also highlights the technical signals that are most common in the market.
We cannot forget the various stock lists which tend to be more actionable than the usual largest gainers and losers list common in most platforms.
3. Trader Mike’s Notes for Traders
The other notable feature of this program is a research note section. It comprises brief notes presented in short sentences providing information on market sentiment or a specific stock’s movement.
The main aim of this feature was to provide Mike’s perspective on different stock issues to help traders make sound decisions.
However, we felt that the notes could be useful if only they were frequent. Presently, you may get several for a week, and then you can for months without any.
4. Intraday Stock Alerts
If you are wondering what benefits these intraday alerts have to offer, let us spell it out for you. Any time a major event happens, such as a stock falling or gaining a percentage, or when a moving average is crossed, these alerts enable you to get notifications via email or on your smartphone through the SwingTradeBot app.
At times, the text messages can be overwhelming but the service allows you to filter them depending on certain parameters on the screens.
This platform’s developer understands the importance of taking emotions out of technical trading, and that is why the service provides routines to help them do so.
There is nothing strange about these routines since they are simply checklists on how to go about trading. For instance, they tell you the stop losses to update and the scans to check.
The main benefit of this feature is that it allows you to add links to the scans that you desire to run.
How SwingTradeBot Works
Now that we know the program’s main features let’s explain how it works. It operates by providing a comprehensive screening of all the stocks making up a portfolio. As soon as the technical assessment of the stocks is done, the bot will provide you with the results to pick out the best stocks to trade and make sound decisions.
As for the stock screener, it comprises a combo scan, category-wise scan, and all scan, and it is from these options that you can find a technical scan.
The key technical signals related to alerts are available on the site’s portfolio and watchlist pages.
Then, the trade bot will update you on the recent IPO and financial market news so that you can make your move and buy/sell stock at their appreciated values. All this information is sent out to you daily.
Lastly, the stocks are listed as either bearish or bullish so that you can use this information to take proper action.
You could take advantage of three pricing plans to access the features that this program has to offer. They are:
- Silver Plan
This is the basic plan and is available for free. Keep in mind that this plan does not have premium screeners.
- Gold Plan
Next up is a plan that costs $14.95 per month. Some of the features that you will access upon subscription include stock scanners, watchlist alerts, etc.
- Platinum Plan
The last and highest tier goes for $19.95 per month or $159.95 per year, with the only difference with the Gold plan being the number of watchlists and portfolios that you will get.
Here, you will get five watchlists and three portfolios, while you will get an additional twenty stocks per list. This explains the modest price difference between the two tiers.
Also worth mentioning is that the platform allows you to try it out for 14-days, and once this period lapses, you will be automatically switched to the basic Silver plan.
Points of Concern
We found some issues disturbing with this platform, and we shall point them out below.
Customer Support and Regulation
First, in case of any queries, you have to contact Michael Seneadza via their personal email or social media accounts. For a relatively popular platform, we expected to have better customer support systems in place.
Although this site has attracted quite a lot of feedback positive feedback, we could not independently verify the credibility of the awards they claim to have won.
Which Trader is this Software Suited For?
We believe that entry and intermediate-level technical traders would be most suited for this program as it will help them scan for potential trades. However, advanced traders could be put off by the fact that this platform does not allow them to create their own custom screens.
Pros and Cons
Before we wrap up our discussion, let’s look at the benefits and drawbacks of the service.
From our SwingTradeBot review, we conclude that since this platform is a reliable information source, it would be perfect for active entry and intermediate level traders who need some help in screening stocks.
However, some areas need improvement for it to be entirely trustworthy. For instance, the lack of customization is not impressive. At the same time, the developers should consider adding a customer support team that you can easily get in touch with in case of any issues.
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