Trade Ideas is, no doubt, one of the popular stock scanners available out here today. However, most people (particularly newbies) tend to shy away from it thinking that it’s too expensive. A closer look at its pricing options, however, reveals that you can access it under the Standard Tier or Premium Tier.
That means you have the freedom to choose the option that best suits your needs and budget. To help you understand how these two pricing options differ, here’s an in-depth comparison of the kind of features you’d find under each one of them.
- Standard Plan
- The Premium Package
- Standard vs. Premium Package – Which One is best to go for?
Priced at $118 per month, the Standard Plan gives you a relatively long list of goodies. These include the ability to stream regular trade ideas and track at least 10 charts simultaneously. In addition, you’d get chart based visual trade assistance and up to 500 price alerts. That’s on top of access to the channel bar (curated workspaces) and a live trading room hosted by Barrie Einarson.
1. Streaming Trade Ideas
The system is designed to combine social data with standard market data to generate actionable information. Also, you get a unique opportunity to use different filters to access highly useful data. This way, you can keep your finger on the pulse of the latest statistical baselines of different stocks.
One of the benefits of having such a system in place is that it enables you to access real-time data on any stocks that match your predefined criteria. Some of the benefits of having such a system in place include:
- The ability to identify profitable market patterns in actual conditions
- Access to a combination of standard market data, social data and derived data
- A free flow of unique streams that contain actionable information
- You’ll be able to know when something unusual is happening in the markets
2. Simultaneous Charts
TI may not be the most popular charting platform on the market so far (unlike the TC2000), but it still offers something worth looking forward to. You’ll be able to access 10 charts under the Standard subscription plan. So, you really wouldn’t need to invest in a separate charting platform.
You only need to pull up charts directly from the platform so you can conduct your analysis. Best of all, you can always add price alerts on your selected charts. Because of the limited number of chart windows offered, we generally suggest using them for tracking the key stocks that pop up on the scans.
As long you’re going to track the most compelling candidates, you may not really need more than 10 charts at a time.
3. Visual Trade Assistance
As a beginner, chances are that you may not fully understand how to use the platform and even how to spot potential entry and exit points. So, just to be on the safe side, the TI team is always online during the trading hours to accompany you at every step of the way. Not sure about something? You only need to chat them and they’ll promptly attend to your queries.
4. Price Alerts
You’d get up to 500 price alerts in both the Standard and Premium packages. Thanks to this market monitoring tool, you’d always be in a position to track a wide range of prices. Most importantly, you could customize your price alerts so you only get alerted in case of selected economic events. Of course, 500 alerts might just be too much to put up with but the good thing is that you can always customize the alerts to cover selected feeds.
5. Channel Bar
Thanks to its unique design, TI enables you to choose the workspace that suits your unique trading style. This way, you can build your very own scan window by means of illustrated tiles located on the left flank of the window. And thanks to its channel bar feature, this platform empowers you to adopt a custom theme by selecting one from the image tiles.
6. Live Trading Room
Barrie Einarson is one of the most sought-after day and swing trading tutors on the market. Not only is he a great tutor but also a mentor who can help you find your footing even when the waters become murky. As you know, live trading rooms are critical to the growth of every trader and that’s because they provide an opportunity to get immediate feedback.
This is also a great opportunity to network and learn from individuals of different experience levels. Best of all, you can witness (first hand) the emotional rollercoaster that day trading can be. Please note that the Live Trading Room runs from Monday to Friday – 9.00am Eastern Time to 3:30pm Eastern Time.
The Premium Package
This package offers you all the features you’d find in the standard package plus some. For that reason, it also costs $228 per month – that being close to $110 more than the standard tier. In return, you’ll get 20 simultaneous charts, 10 more from the ones you’d get on the Standard package.
The price alerts remain at 500 for both tiers. Other than that, you’d get access to the popular A.I analyst known as Holly, entry and exit signals, risk assessment advice, in addition to the freedom to build and backtest trading ideas.
1. 20 Simultaneous Charts
As mentioned earlier, you wouldn’t need to invest in a separate charting tool provided you have TI with you. More importantly, at the Premium tier, you would comfortably access 20 charts, simultaneously. This way, you can keep up with a wide variety of market trends and track twice as many trading opportunities as you would under the Standard Tier.
2. Entry and Exit Signals
A good day trading strategy is one that includes a package comprising entry and exit signals. In other words, you’d need these signals to know when to take a certain trade position and when to get out of it. Without such signals, you’d need to fully rely on your gut reaction to make such decisions.
But as you know, things can change really fast on the markets and that’s why you need to invest in a logical assessment tool so you can trade on the basis of non-emotional reasons. Remember, just the same way you need to set your trading goals and target profits, you also need to know when to exit to save your profits.
Luckily, TI is able to help you do that just in time so you can consolidate your winning strategy in the long-haul.
3. Risk Management
Do you have a practical risk management strategy? As it turns out, risk management is one of the crucial trading elements that a majority of active traders overlook. But keeping in mind the fact that a trader who has generated huge profits can lose it all in just one bad trade, it makes sense to have a proper risk mitigation plan in place.
Fortunately, with TI, you wouldn’t need to pay a specialist to do this for you since the service is provided as part of the Premium package.
4. Building & Backtesting Ideas
There’s a popular quote by Sun Tzu that goes “Every battle is won before it is fought.” These words imply that without proper planning, it would be incredibly difficult to excel as a trader. For traders using the TI Premium tier, the opportunity to build and backtest ideas would be a great one.
That’s because one can double check their trading decisions, safely, and without putting their money on the line. And with the opportunities for consultations being vast, TI provides you with a highly safe method to trade so you can get good value for money, at all times.
5. Artificial Intelligence
It’s only under TI that you’ll be able to access the services of Holly, an AI engine meant for retail scanners. Holly is designed for the automation of various trade positions which are initiated from a combination of 35 strategies (or any one of them). Basically, Holly runs multiple simulations overnight effectively creating a list of stocks with a great earning potential. Holly is available in three different versions representing different risk tolerance levels as follows.
This is the original AI system. The cloud-based system not only focuses on getting you through the day but also evaluates future market situations based on historical data.
- Holly 2 – This is the same engine as you’d find on Holly only that it’s specifically adjusted to take an aggressive approach to speculation. Indeed, Holly 2.0 does a good job of spotting potential positions that Holly might have missed.
- Holly Neo – As you know, the stock markets can be quite unpredictable. Things can change really fast in a short time. This is where the Holly Neo AI comes in handy. It uses new techniques which are updated from time to time. All the AI signals are visually graphed on the chart making it easy to trade with ease. But most importantly, every single trade is accompanied with SL and TP notes alongside exit suggestions.
Standard vs. Premium Package – Which One is best to go for?
We’d recommend going for the standard package for those on a tight budget. Likewise, if you’re still skeptical of using a stock scanner, the standard tier provides you with an opportunity to learn without risking too much cash. The premium package is, however, the real deal for anyone looking to automate their trades and make quite a few bucks without having to scour the markets for tons of data. It, however, comes at a slightly higher price tag.