If you’re just getting started in forex, futures or the stock markets, it makes perfect sense to try and do everything it takes to succeed. However, trying to trade blindly on your own can easily lead you into a loss-making path. Finding a skilled trader to hold your hand, on the other hand, isn’t always easy. In fact, those who offer such services charge insanely expensive fees. Fortunately, there are sites like TradeMiner which provide you with the support you need to get started on a high note.
TradeMiner Review – What You Need To Know
This is a platform that provides you with insights that can help you make practical, investment decisions based on historical data. In fact, the site is mainly based around a historical data scanning software which scours past information and uses it to inform you of the best decisions to take at a given time.
By doing this, TM makes the assumption that historical data affect future trends. And although this isn’t always the case, we can attest to the fact that by understanding the past performance of particular markets, it’s always possible to project what the future might look like.
So, it would only be fair to say that TM is a platform that aims to increase your chances of making successful trades. Past studies show that historical data trading has an 80% level of accuracy.
TraderMiner is available in four different packages. The first package is a composite one since it brings the other three together under one tier. The composite package comprises details on Stocks, Futures, and Forex and goes for an introductory price of $194 and, $129 per year, thereafter.
But what if you have already picked an area of specialization and only want trends and cycles from it? Well, in that case, the good guys at TM give you the opportunity to choose.
The standalone stocks, futures and forex packages all retail at $97 for the first year and $79 per year thereafter.
And there is more – you can always get two of these standalone packages and get the third one free. And that’s in addition to the fact that you also get a 30-day money back guarantee period.
How It Works
The first thing you need to do if interested in this platform is to download it. You’ll be required to pay an initial fee of $194 to access the download link (or $97 for the standalone packages).
Fortunately, this software is compatible with all major operating systems including MacOS, Linux, and Windows.
So, basically, the software will automatically start scanning the markets for you and providing you with detailed reports on patterns and trends. That leaves you with more time to focus on putting together a good strategy or participate in forex forums to keep up with the latest chatter.
We can confirm that this software is meant to help reduce your workload by at least 80%. And that’s because it scans the markets and presents you with ready-made reports.
1. Quick Market Scans
To do this, you’ll need to search for trends or specific symbols through a special search engine available on this platform. The system will automatically rank the historical data according to a proprietary ranking system. The said system picks the stocks with the greatest historical gains and prioritizes them on the list.
The results are accompanied by a score which ranks on a scale of 0 to 5. Along with the score is a color-coded button that indicates the strength of that particular signal.
So, for instance, anything with a score of 4 and above is typically accompanied by a green button confirming that it indeed is a strong signal.
Anything with a below 1-star rating comes with a red button. Of course, that indicates that you need to keep off that market.
2. Wide Variety of Charts
The platform presents you with 4 types of charts. The first, and most popular one is the Historical Equity graph and it shows you the overall market behavior over time. Then there’s the year-by-year comparison which provides you with a bird’s eye view of the market performance.
Then there’s the historical risk vs. reward chart which comes in handy when you need to make on-the-spot decisions. And lastly, there’s the year-by-year trade which captures all trade details you need to make actionable decisions.
So, no matter your style of trading, there’s always a chart that you can use to improve your fortunes. And most importantly, the charts are user-friendly meaning you don’t need to be a guru to understand how to use them.
3. Enhanced Filtering System
Also known as the custom search optimization tool, this system does a good job of filtering the information thereby helping you focus on the details that matter. Within it are a wide variety of filters among them Margin per Contract, Price Range, Volume, P/E, Pip or Tic Value, Industries and Sectors.
So, whether you’re a penny stock trader or a big shot investor, you can easily filter out the clutter. And once you do that, your searches will automatically start to show you a list of picks based on your interests.
This, by extensions, comes in handy in helping you save the time you’d ordinarily require to sift through multiple results.
How You Can Use TM to Your Favor
There are several ways you can use this handy software to your advantage. As we have clarified, this system may not be as advanced as other pricey ones. So, you’ll still need to chip in with at least 20% of the effort and leave the platform to handle the 80% for you. Here’s a practical way on how to do exactly that.
Scanning for Technicals
You can easily use this system to scan for trades before choosing the best, potential candidates. Most people do that based on the score and the historical average returns. On top of that, you can simply look at your charts to pinpoint the stocks that have achieved the best technical setups.
Waiting for the Right Time to Strike
As you probably, already know, the stocks market tend to change quite fast. So, you can always bank on TradeMiner to trade as a seasonal trader. That way, you can observe the markets over time and then make a timely move. You may miss out on the potential profit you’d make by trading all the time, but in return, you get an added layer of security.
The most common way people make money while trading stocks is by simply going long when the stock prices are low and shorting when the prices rise. Unfortunately, there’s always a possibility that you’ll buy at a high price and end up disposing them off at a lower price – resulting in a loss. Now that’s where the potential of TradeMiner’s options trading comes in.
With options trading, you can now limit your risk level and still maintain unlimited potential gains. The TM system helps you identify the right kind of options to trade, based on historical data.
Sometimes, the best way to profit from a trade is by waiting for the pullback trend. Unfortunately, it’s so difficult to tell when a pullback trend is preparing to take over using ordinary strategies. Using the TradeMiner system, though, it’s possible to monitor seasonal trends and jump on board the moment the prices start to follow their historical trend direction.
Double Checking Stuff
If you’re currently a member of any other stocks and forex trading site that provides you with trade setups, you can sign up for TM as a backup system. This way, you can always double-check different callouts to confirm if they conform to the expected historical trend and market cycles. And that way, you can avoid falling prey to false signals.
Trade on the Go
You can always have the TM system send you custom alerts via email. That means you wouldn’t need to sit before your computer screen all day waiting for signals and call outs. Of course, that translates to greater freedom to do what you like doing most in life. And this way, you can rest assured that you’ll not end up placing trades that go against historical trends – because that would be similar to trying to walk up an elevator that’s coming down.
What Type of Trader Is The TM Best Suited For?
This TM seems to mainly cater to beginner traders. They have a thriving education center that provides you with the confidence you need to start making profitable moves. So, we think this is a great platform for anyone who would like to learn the basics and still make some bucks.
If you’re an advanced trader, chances are that you may not find much value in TM. However, if you’re looking to solidify your strategy and build your confidence, this historical scanning tool would prove to be of great importance. That’s especially so when you need to double check your moves just to confirm if they’re in line with relevant historical trends.
Why Backtesting Tools Such as TM Are So Important
Traditionally, forex pairs, futures, and stocks have been proven to behave in a cyclical manner. That is, they follow an almost similar pattern year after year. Now, the challenge has always been how to keep up with those cycles.
With backtesting tools such as Trade Miner coming into the market, traders get even more power and confidence to discover such patterns and interpret them. And this way, one can trade intelligently even without having to keep tabs with a great deal of historical data.
TM, in particular, is home to over 40 years of historical trading data. Which means that, over time, the system has metamorphosed into one of the largest libraries for traders.
- The system is pretty easy to use
- Affordably priced, its monthly price is less than the cost of a cup of coffee
- The software is pretty easy and straightforward to install
- You only need to pay a yearly fee, there are no monthly fees to worry about
- This is purely, a data-driven analytics system
- Historical data isn’t always 100% accurate
- They don’t seem to place much emphasis on the need for one-on-one mentorship
TradingMiner may be far from perfect but it certainly is worth taking a closer look at. We’d recommend it for beginners who have a really tight budget and wouldn’t mind following a gradual learning curve. Likewise, we’d recommend it to advanced traders looking for a system to supplement their current trading strategies.
Whichever way you look at it, this historical scanning software is a great way to secure your bucks. And because it’s an evidence-based system, it’d be a great addition to any savvy trader’s arsenal.