Stocks present a fantastic opportunity for anyone who would like to scale up their investment portfolios. However, finding just the right kind of stocks to settle for requires good research, mastery and of course a bit of luck. This is exactly where Trade Ideas comes in. As a stock scanner platform, this program aims to help you spruce up your trading strategies. The platform allows you to narrow down the vast number of stocks to a manageable list that meets your specific criteria in an unbiased and objective manner. At the moment, the platform is reported to be one of the most powerful real-time stock screener tools you can find on the market, but how true is this? Let us walk you through all of its pros, cons, features and everything else you would need to know.
An Overview of Trade Ideas
Started in 2002, Trade Ideas is a stock scanning tool that provides traders with plenty of built-in scans and pre-configured scanning settings. Basically, it simply takes the guesswork out of all your trading decisions by offering a fully screened stock analysis. The platform allows you to view which stocks are spiking on news, surging up or surging down in real time. It also suggests what stocks to buy which ones to short as well as when to exit. This is especially beneficial for traders who like to remain active in the market but lack the time to conduct due diligence on their own prior to trading a stock. From alert windows to chart windows, live room to artificial intelligence and backtesting, the platform offers a lot of products. It also includes tons of tutorials and videos.
Although charting is not the platform’s main tool, it is definitely a great add-on. The charts allow you to confirm alerts visually and instantly including entries and exits. Therefore, you don’t need to leave the platform just to view the alerts. In addition to this, the platform helps you scale your charts, draw lines, arrows or even make notes on the charts. Also, it enables you to choose between various time frames you would like to receive the alerts.
The feature is particularly important for traders who don’t have the discipline to execute trades per specified strategy. Alert windows are designed to let you stream and even display events as they take place in real-time. Of course, this is based on the filters and alerts you choose. This feature also enables you to add graphically columns to your specific specifications so you can view various time frames at glance. Also, it allows you to see the history alerts for the day by simply scrolling down the window.
This feature is available only with the premium subscription. You get unlimited backtesting via the OddsMaker, a very powerful and fast tool that helps you optimize your strategies prior to stepping into a trade. To ensure you get results as fast as possible, all the computations are conducted on the platform’s servers.
So how exactly does it work? Well, it works by testing your strategies then improving them as quickly as possible for immediate analysis. Running the software also allows you to see equity curve and customize the results you get to see by adjusting things that affect your trading including share size, commission and starting equity. Additionally, the platform allows you to open the OddsMaker from any alert window as well as set your individual entry and exit conditions. On top of that, you can view all your backtested trades using the calendar heat map.
Trade Ideas Pro
This is a downloadable stock scanner software available in MS Windows version with highly customizable features. It is designed for the active day traders who demand just more than what web-based front-end can provide. Essentially, the scanner boasts faster access to different statistical analysis servers available in the Trade Ideas platform. But the best part about this feature is that you can try it for free via the DEMO login mode. The demo mode comes with some highly powerful features but with limitations like lack of custom formulas as well as symbol lists.
The live trading room is free to all traders who would like to interact with other traders and Trade Ideas team including Dan Mirkin the co-founder of the platform. All you have to do is create an account to join the live room. The room has a community of active traders across the globe and moderators who share different ideas about stocks. So if you are beginner trader, this can be a good place to start if you are not sure whether the platform is a good investment or not. However, it is only open on weekdays starting from 9 AM ET to 4 PM ET.
Artificial Intelligence (AI)“Holly Grail” Technology
AI is one of the best innovations with this platform. It works by splitting strategies into manageable concepts (at least 35) with each concept designed to help you beat the market once the market closes. Basically, it does all the work for you thereby saving you a lot of time you could have spent researching. The technology scans through everything including fundamental, technical and social data overnight to provide you with the best results the next morning. However, you will only have access to strategies with above 60% success rate.
Additionally, you can watch the Holly trade in real time rather than just observing the charts for ideas on what stocks to trade. Apparently, this software program boosts your success rates and helps you avoid the trap of emotional trading.
There are free one-on-one training sessions once you subscribe to the platform (These are offered by staff members). You just need to reserve a date you are comfortable with. The training will help you learn everything about the platform thoroughly so you can have an easy time using it. Also, there is a paid training course that goes for around $99 per hour in case you find the sessions in the free training not sufficient enough. Like the free training, you will also need to book an appointment using the calendar app provided on the site.
As the name suggests, this is a fully automated and computer-assisted trading software. The auto-trading platform allows Trade Ideas to execute every aspect of the trading process. This means that the software will enter the trade, set the stops and exit the trade depending on the profit target or time interval. You can, on the other hand, choose to use the computer-assisted mode that allows you take part in the trading process. In this mode, traders can enter their trades manually and watch for the signal. You can also choose to let platform get you into a trade if you want more flexibility.
If you are looking to view stocks that move quickly, then you will definitely find this feature interesting regardless of whether you are a trader or investor. The platform contains a lot of valuable data and windows that are designed to update information very fast. But the best part is the fact that it is designed by Jamie Hodge, platform’s director of education with more than 15 years of experience trading professionally.
Different Types of Windows
Apart from the chart and alert windows, it also features three other options including Compare Count, Top List, and Full Quote. Compare Count windows allows you to compare two strategies of your choice and get real-time updates while Top List windows rank market data and are updated every 30 seconds. Full Quote windows, on the other hand, provide you with fundamental data that is relevant to a specific stock’s price as well as quick visual indicators.
Subscription and Pricing Options
The platform provides its clients with only three subscription packages based on one’s experience as a trader. The first one is the standard package that costs around $99 per month and $888 if you choose the annual subscription. With this package, you will get access to real-time data, charts, alerts, custom formulas, top lists, channel bar and shareable price alerts that are limited to 10 alerts. Next, there is the premium package that goes for $188 per month and $1888 per year. This subscription package comes with all the features in the standard package along with advanced windows (RBI/GBI), backtesting, unlimited shareable price alerts and Artificial Intelligence. Additionally, if you are a professional investment advisor or trader, you can upgrade to professional services, a program that starts at $5500 per year.
- Free and moderated live room offers both new and experienced traders with great ideas
- Comes with a lot of customization options
- The auto-trading feature offers a lot of flexibility
- Includes a very informative blog
- Backed by great customer service
- Excellent social media presence
- Gives you access to real-time data
- Plenty of free tutorials and training videos to help you get started
- Managed by people with immense experience in different fields like trading and financial technology
- As a beginner, you may be overwhelmed by the information available on the platform
- Charts have very limited indicators
- Does not offer streaming newsfeed but rather clickable headlines
Trading stocks that don’t match your personal trading style will definitely result in frustration. Fortunately, Trade Ideas makes it much easier for you to make spot-on trading decisions. This way you don’t need to scan the markets yourself. So you spend less time worrying and more time enjoying your trades. Check below for our exclusive promo code with Trade-Ideas:
Blake is a self-made online day trader with a knack for adventure. On his free time, he loves reading and learning new thing as well as improving his jiu-jitsu skills. He currently resides in New York City. Learn More >>