Trade Ideas Review November 2024
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In a nutshell
Founded in 2003, Trade Ideas has become a leading stock scanner and trading platform, renowned for its powerful artificial intelligence and comprehensive features. Trade Ideas is a cloud-based stock market analysis platform that offers excellent, swift screening and filtering. This screener watches every stock and identifies opportunities in real time. In addition, Trade Ideas, a longtime leader in stock scanning technology, now uses state-of-the-art AI calculate buy and sell signals. This allows for high-confidence trading recommendations. Overall, we find Trade Ideas to be the best scanner for day traders in 2024. In this review, we’ll delve into the key features, benefits and user experiences to help you determine if Trade Ideas is the right fit for your trading needs.
Trade Ideas Features
It is one of the most feature-rich intelligence platforms on the market. The company’s scanning software is offered as a full-feature desktop application and a limited web application that provides several essential scanning tools and a sophisticated recommendation engine. The desktop version is fully configurable and supports multiple screens.
The main screen is divided into multiple windows that you can rearrange and customize. Keep an eye on the top window, which is the main menu. Choose “Show All” because the windows are not linked by default. You can find this option under the “Windows” menu.
Screener
The Real-time Stock Scanning feature of Trade Ideas stands out as one of the platform’s most impressive capabilities. This feature continuously monitors the stock market and provides instant updates on stock movements and emerging opportunities. Unlike traditional screeners that refresh at intervals, TI’s scanner offers real-time data. It has over 40 pre-configured scans. You can use this scanner to identify long and short opportunities and the built-in scans are classified as Bullish, Bearish or Neutral.
The platform’s advanced filters and customizable alerts allow you to set specific criteria, so you only receive notifications on stocks that meet your trading strategies. This real-time scanning capability is powered by AI algorithms, which not only track stock performance but also predict potential trends. For day traders and active investors, the ability to react to market changes as they happen is invaluable.
One fantastic feature, the Unusual Social Mentions engine, constantly scans StockTwits and other social media for a significant increase in ticker mentions and generates a list of stocks trending on social media.
You can also create your own custom formulas (see examples).
Holly – the AI Stock Picker
Trade Ideas’ AI stock-picking engine is the critical feature. The Holly AI bots are the most innovative alpha capture AI engines available for retail investors. Holly the AI-powered advisor tests millions of strategies and trading scenarios to provide a list of picks with the highest probability of profit for the next market session.
First, she looks back at market activity from the previous day every night, between market sessions. Then, she analyzes millions of trading scenarios to make trading recommendations for tomorrow. Holly will prepare recommendations before the markets open after extensive backtesting and only suggests trade ideas with a high probability of success (over 60%). Holly is capable of offering both short and long trade ideas.
Trade Ideas’ AI – Holly outperformed the S&P index by 98% in 2018
source: Trade Ideas Data
Holly visually shows you every trade signal on a chart. In addition, the graphs display in-play trades, making it straightforward to spot the logic behind the recommendation. Holly generates about five picks a day and the guidance stays active between a few minutes and a few hours.
Brokerage Plus
With Brokerage Plus, you can automate your strategies and reduce the emotional aspect of trading. If you connect TI to your broker, it allows you to identify opportunities and design trading strategies. You can then automate your strategies and execute them directly through your brokerage accounts. Trading Ideas is seamlessly integrated into a few trading platforms such as IBKR, Scottrade and E*Trade. Furthermore, Interactive Brokers offers auto-trading capabilities.
Pre-Built Strategies
Trade Ideas offers pre-built strategies, crafted by seasoned professionals and powered by advanced algorithms. Each pre-built strategy is tailored to different market conditions and trading styles, ranging from momentum trading to swing trading. You can find strategies that align with your goals and risk tolerance, regardless of your experience level. The convenience of having these expertly designed strategies at hand means you can quickly implement them without spending countless hours on research and development. Additionally, Trade Ideas provides detailed performance statistics for each strategy, you can also customize and backtest any of them based on historical data and expected outcomes. Overall, the Pre-built Strategies feature significantly enhances the platform’s usability and effectiveness.
Charts
The Chart Windows is useful to visually verify an alert without leaving the platform. The charts are pretty basic, but they include bars or candlesticks and the most common indicators. Of course, it’s always best to visually watch the price action and do charting on your trading platform in any case and save the screen real estate for the scans.
The information window displays the results of scans. It includes configurable columns that detail the time, symbol and business name, strategy name, price, Stocktwits activity change, volume and other details. In addition, the history of alerts for the day can be viewed by scrolling down the window.
OddsMaker
The Premium plan includes the Oddsmaker, which is a backtesting functionality. This tool is ideal for traders who wish to optimize their strategies before entering trades. This tool estimates profit probability based on historical data. You can modify the entry and exit criteria and other parameters to see how this impacts expected profit and confidence levels. It is straightforward to set the conditions and interpret the results visually.
Oddsmaker is a great feature that allows you to automatically backtest and optimize parameters of your trading strategies to improve ROI.
One-Click Trading
A remarkable feature that allows you to trade on the chart, click and drag to set your limit orders.
News
Trade Ideas provides a somewhat basic newsfeed that streams headlines. The reasoning is that TI specializes in technical trading and a full-feature newsfeed is not needed.
The platform offers a lot of educational material. You can also access one-on-one training sessions with one of their staff members. The training focuses on using the TI features than on stock trading.
Web Based Trading
The latest market dashboards update is packed with powerful features to enhance your trading experience. Here’s what makes them essential:
Zero-Risk Strategy Testing
Test your strategies directly from the charts with the web-based paper trading tool. Experiment without financial risk to refine your skills on any device, anywhere.
Enhanced Multitasking with Multiple Tabs
Set up multiple tabs, each with its own market dashboard. Manage main trades, sector-specific heatmaps and market trends effortlessly making multi-tasking effective and seamless.
Instant Market Pulse
New Heatmaps, Picture-in-Picture Charts and Stock Races. Instantly visualize market leaders and laggards with real-time updates. Features like the sector map and live movers keep you on top of trends.
Seamless User Experience
The new intuitive dashboards cut through the noise, focusing on what matters. Accessible on any device, they eliminate the need for heavy software or complicated setups.
Trade Ideas Pricing
Trade Ideas offers two paid subscription plans (billed monthly or annually):
| Standard | Premium |
|---|---|
| Monthly – $89 | Monthly – $178 |
| Annually – $1068 | Annually – $2136 |
Get 15% Off Your First Payment – Use Coupon “TOPSTOCKS”. Here’s a full list of Trade Ideas Coupons.
Due to Exchange requirements regarding live real-time data, Trade Ideas cannot offer a fully functional trial version. Still, they organize a quarterly event called a “Test Drive” which gives access to Premium level functionality with three AI for up to two weeks. Unlimited Backtesting using live data for a small fee. See more details about the Test Drive.
Benefits
It’s one of the best real-time stock screeners on the market. State of the art scanning, backtesting, alerts and automated trading.
- Real-Time Data – Provides up-to-the-second market data, ensuring you have the latest information for making trading decisions.
- Advanced AI Algorithms – Utilizes cutting-edge AI to analyze stocks and generate actionable insights, improving accuracy in identifying trading opportunities.
- Customizable Scanners – Offers highly customizable scanning tools and filters, allowing you to tailor scans to specific criteria and trading strategies.
- Pre-Built Strategies – Includes a variety of expertly designed pre-built trading strategies, catering to different market conditions and trading styles.
- Integration with Brokerage Accounts – Enables seamless integration with brokerage accounts for direct trade execution, streamlining the trading process.
- Multiple Display Options – Supports multiple screens and flexible layout configurations, helping you monitor and analyze multiple stocks simultaneously.
- Sophisticated Backtesting – Provides backtesting capabilities to evaluate the performance of trading strategies based on historical data.
- Advanced Alert System – Features a sophisticated alert system that notifies you of significant market events and trading signals in real time.
- Educational Resources – Offers a range of educational tools and resources to help users understand and utilize the platform’s features effectively.
- Active Community – Includes access to a community of traders and experts for support and shared insights, enhancing your trading knowledge and experience.
Downsides
- Pricing – While Trade Ideas is widely praised for its advanced features it does come with a few drawbacks compared to other stock scanners. One notable con is its relatively high cost. The platform’s subscription fees can be higher than those of some competitors, which might be a barrier for those just starting out. This premium pricing reflects the advanced tools and AI-powered features, but it may not be justifiable for all users, especially when more budget-friendly alternatives offer basic scanning capabilities at a lower cost.
- Steep Learning Curve – Another drawback is the learning curve associated with Trade Ideas. Due to its extensive feature set and customization options, new users might find the platform overwhelming. While it offers powerful tools for experienced traders, the complexity can be daunting for beginners. While Trade Ideas excels in real-time data and automated strategies, some competitors may offer more intuitive, easy-to-use features that are better suited to users seeking simplicity over depth.
Is Trade Ideas Worth It
In conclusion, Trade Ideas is undoubtedly worth the investment. As one of the top scanners available in 2024, it excels as a platform for active intra-day and swing traders, providing valuable insights during regular market hours as well as pre- and post-market sessions. It’s an ideal solution for anyone seeking a continuous flow of trading ideas. While the platform is not free, its extensive features justify the cost, making it a standout choice in the stock scanning software market. Although it may seem expensive, the value of accurate and timely scanning cannot be overstated, especially for active day traders.