Before you decide to invest in any venture, it is always wise to know what you are getting yourself into. This implies that you should do a lot of digging into opportunities so that you can make smart investment decisions.
However, doing this research is not a straightforward process, and it may end up consuming too much of your time.
A smart way to beating this problem is by making use of stock scanners. These are platforms that are designed to give you an easy time in getting the ground running.
In this article, we are going to make a comparison between Trade Ideas and TradingView, which are two of the most popular stock screening platforms out there.
Once you know what these programs are about, you will be in a better position to decide which one is for you.
An Overview of the Two Top-Rated Stock Screeners
Trade Ideas was founded early in the 2000s, and it features built-in scans to enable you to pick out the viable opportunities that the stock market has to offer.
The platform is designed such that you can customize it to suit your personal preference. Additionally, it is very easy to use, and we can attribute this to features such as the drag-and-drop feature that allows you to make changes without using complicated coding language.
The developers of the program understand the importance of updating the program’s features over time so that the platform remains user-friendly as initially intended.
TradingView, on the other hand, is a relatively new service that was launched in 2011. It is a cloud-based charting platform that allows investors to conduct an independent analysis of stocks before investing in them.
The outstanding feature of TradingView is the social networking, whereby investors get to interact and share different ideas.
We also liked the flexibility that this program offers since you can access the platform from anywhere via a mobile device or computer.
Last but not least, there are features on TradingView that you can access for free while there are other advanced ones that are part of the pricing packages.
Before we get to the factors that set these two services apart, we are going to discuss some of the similarities they possess. Yes, they are from different companies, but there are some features that you can find on both platforms.
First, both services offer great charting tools that will help you analyze the different market trends. You can monitor how the price of a particular stock has changed over time so that you can plan on the best time to invest.
Another thing is that both services have customer support that caters to all the queries you may have. This shows that the developers take their customers’ interests very seriously, and this is crucial for maintaining their loyal customers.
The other similarity is that both platforms offer news updates, and this is necessary for an effective analysis of a particular stock. When you follow the news to the latter, you can keep tabs on all events that have some impact on the prices.
A platform that provides news for you saves you a lot of time that you would have used in filtering through the web on your own for updates.
Lastly, both platforms offer screening options that you can use in deciding the stocks to go for. This is another aspect of the programs that help in making things easier for you.
The Differences: Trade Ideas Vs. TradingView
Here, we are going to discuss what makes these two services so different from each other. We may have seen that there are similarities, but the differences we picked out cannot be ignored.
I) The Assets
Here, you find that TradingView deals with more assets as compared to Trade Ideas. Whereas the latter is limited to helping you find the best stocks to invest in, TradingView has a broader scope of coverage.
Instead of being limited to stocks, the platform also gives you an overview of other assets such as currency pairs, cryptocurrencies, gold, bonds, and so on.
As expected, TradingView is packed with more resources than Trade Ideas. This is probably due to the fact that the platform deals with many more assets, including currency pairs, futures, stocks, and cryptocurrencies.
On top of that, TradingView provides you with data on major US companies, data on global events that are likely to have an impact on the stock prices, plus data on earnings and dividends.
All these are laid out on a chart for easy presentation.
There is also a lot of educational content with valuable tips on how you can become a better trader.
However, this does not mean that Trade Ideas is that dry because there is a lot you can pick from this platform. There are training classes and trader education that aim to boost your knowledge in stock market investment.
There are also webinars that only require you to register your details on the platform before you become part of it.
III) Chat Room/Community
In both platforms, you will find chat rooms where the investor gets to interact with other like-minded individuals. However, TradingView goes a step further and creates an integration with several social media sites such as Facebook, Twitter, and YouTube.
This means that TradingView has a larger network of investors and traders as compared to trading ideas.
However, keep in mind that social media is not every trader’s paradise as it often leads to poor decision-making.
IV) Machine Learning
The world of trading and investments is rapidly changing. As a good trader, you need to keep up with the changing times.
Talking about change, Trade Ideas has in our view been highly responsive to change. Their extensive use of AI (artificial intelligence) has ensured that their stock screener outperforms the S&P year after year.
TradingView has been slow to embrace AI trading and automated trading. That said, they offer lots of customization options that might make a lot of sense to hands-on traders.
V) The Pricing
For the Trade Ideas platform, you have three plans to go for. You could start with the free plan where you will get access to limited features.
Next up is the standard plan, which would cost you $1068 yearly or $118 per month.
The highest plan is the premium plan, and it will cost you $2,268 per year or $228 monthly. In this package, you will access the most advanced features, including Holly, the market intelligence robot.
Let’s compare this payment plan with TradingView, which on top of the free plan, there are three payment options for you to choose form.
They include the Pro, Pro+, and Premium plans.
To access the features in the Pro plan, there are three ways you could go about the payment. There is the $9.95 per month if the billing is done every two years, $12.95 monthly if the billing is done every year and $14.95 if billed every month.
For the Pro+ subscription, the payment could either be $19.95 per month if billed every two years, $24.95 per month if the billing is done every year, and $29.95 if the billing is done monthly.
The highest plan is the premium plan, which will cost you $39.95 per month if the billing is done every two years, $49.95 per month if the billing is done every year and $59.95 if it is billed monthly.
As you can see, the TradingView platform is by far more affordable than Trade Ideas.
Which One Is the Better Option?
Given the comparisons we’ve done above, we think that both stock screeners are quite good. But ultimately, your trading strategy and level of experience are key factors to consider.
We’d say that TradingView is a good platform for anyone who is on a tight-budget and is willing to adopt a hands-on method of trading.
However, not everyone has the time to sit down doing the heavy-lifting! And that’s where Trade Ideas comes in handy.
With Trade Ideas you end up with a fully automated method of trading. In fact, with the company’s premium-tier, you can enroll for auto-trading through Interactive Brokers.
And do you know what that means?
Well, it simply means that Trade Ideas will identify potential entry and exit points for you and initiate trades on your behalf.
This is a major plus especially if you’ve been struggling with emotions when trading. It also ensures that you have a tool that continuously scours the markets for you looking for opportunities (something that’s not humanly possible).
If you’re a frugal shopper, we’d recommend going for TradingView. It offers numerous opportunities and on the cheap.
But if you don’t mind investing a little more in a fully automated system that has been tried, tested, and proven, go for Trade Ideas.
It can help you a lot especially if you’re afraid that emotional trading might hamper your chances of success. Also, Trade-Ideas can be of great help if you have a busy work schedule and you’re looking for a hands-off method of investing.
So, there you have it! Two great stock screeners for the money. All you need to do is take your pick.