Trade Ideas Review
Ease of Use
Trade Ideas is a standalone stock scanning tool that offers unique market scanners, advanced analysis tools, and artificial intelligence. Trade Ideas is arguably one of the top scanning tools available on the market right now.
- About Trade Ideas
- How Much Does Trade Ideas Cost?
- Trade Ideas Platform Features
- Trade Ideas Brokerage Plus
- Platform Differentiators
- What Type of Trader is Trade Ideas Best For?
About Trade Ideas
Trade Ideas is one of the most popular standalone scanners on the market. The platform provides tons of built-in scans that find unique trading opportunities in real-time. Trade-Ideas Pro (TI) is pretty much the end-all for anyone looking for a non-stop pipeline of ideas during the trading day. It is also flexible enough for users to create their own strategies or a hybrid version that combines the built-in strategies by simply drag and drop, without ever needing to learn a coding language.
TI has evolved through the years and has become much more user-friendly from the get-go, allowing users to step right into it without too much explanation. However, every subscriber is allotted a one-on-one training session with a Trade-Ideas coach to learn the system thoroughly. There are also a ton of videos and tutorials as well. The software can be accessed via browser for convenience and also downloaded as a standalone program for the more hardcore users. Let’s take a closer look at the platform in our Trade Ideas review.
Trade Ideas History
Formed in 2002, Trade-Ideas has evolved from just a market scanner into a full-fledged idea generation platform, serving over 50,000 traders in over 19 countries monitoring the U.S. and Canadian equity markets. The platform integrates artificial intelligence technology to identify what works in the current markets to generate ideas that best fit predictive outcomes.
They have a live community chatroom with moderators and a bustling community of active traders. Co-founder Dan Mirkin is an active day trader who regularly posts trades on Twitter and is completely in touch with the needs of traders. Unlike a lot of other scanners that tie up massive resources scanning on the user’s computer, TI handles all the processing at their data centers and pushes the filtered stock ideas to the end-user. This is an efficient and streamlined model that results in quicker and more accurate scans. Try crunching over 6,000 stocks on your desktop and see how fast it functions if you don’t believe me.
How Much Does Trade Ideas Cost?
The pricing is straightforward. Subscriptions are $99 a month (of $888 for prepaid yearly) for the standard and $188 a month (or $1,888 year) for the premium package. The standard package comes with all the basic scanning tools, including the Channel bar and built-in indicators that can be customized with your preferred settings. They also include charts, alerts, and top lists. All real-time data is included, as well. The premium package contains the entire standard package tool but also includes Advanced windows, Oddsmaker back-testing, and Artificial Intelligence engine “Holly Grail.”
Trade Ideas Platform Features
As mentioned earlier, the platform has evolved dramatically through the years to become extra user-friendly, especially for the first time user by providing a Channel bar which is a graphic tab-based menu of themes and opportunities you can select to start your scans like Premarket, Trending, Penny Movers, Energy, etc.
The graphics make the categories self-explanatory and truly adds to the intuitive nature of the software. The platform can be accessed online via a browser or downloaded as a standalone program. I prefer the standalone platform since everything is integrated smoother and allows for more windows and easier layouts.
The charts are pretty basic, including bar or candlesticks and common indicators. It’s best to eyeball price action but not much more. Frankly, you should have charting on your trading platform and save the screen real estate for the scans.
TI has built-in strategies and stock screeners, which are the types of pre-configured scans that users can then set additional parameters like minimum/maximum average/relative volume, price range, exchanges, stocks, options, and ETFs. The strategies include Turbo Breaks, Up/Down Big in Pre Market, Rally off of the Bottom, Bullish/Bearish Candle Patterns, Down Big Yesterday, but Up Big Today to unique ones like Short Overextended Up Move- Hold for 45 Minutes 67.7% success. The possibilities of combining strategies are endless.
These scanners are really the star of the Trade Ideas platform (and the reason why so many day traders use Trade Ideas). During our Trade Ideas review, we tested out a few pre-configured Trade Ideas scans and built a few custom scans of our own. These go way beyond the typical stock screener. You can create custom alerts for a variety of different trading strategies. Alerts are color-coded, which makes it easy for day traders to spot the alerts they are looking for.
Regardless of your trading strategy, you should be able to find a stock screener or built-in Trade Ideas scan that fit your needs.
The results of the scans show up in the alerts window, which includes configurable columns that detail the time, symbol, company name, strategy name, price, change, Stocktwits activity, volume, and more. You can set up price alerts, volume alerts, and much more.
Users can scroll down the window to see the history of the alerts for the day.
The Oddsmaker is a unique part of the Trade Ideas platform that allows traders to backtest trading strategies. Testing the Oddsmaker was one of the more interesting parts of our Trade Ideas review. We’ve tested hundreds of real-time stock scanners, but only a few of them offer strategy backtesting.
The Oddsmaker feature is available with the Premium subscription. This nifty program will visualize the probabilities of any strategy within minutes. It also allows you to tweak entry and exit parameters to see how the probabilities are affected. This program is a great way to optimize your strategies before you step into a trade.
Artificial Intelligence (AI) Holly
This is a true innovation with the TI platform. Holly is the AI engine that implements 35 Long/Short strategies to select candidates with a historical success rate of 60% and 2:1 profit factor to trade. The AI engine actively stalks the market to execute these trades complete with entries and exits as well as the reason for exits and type of strategy executed. The results are updated in real-time as users can piggyback on the trades or just watch and see. You can analyze the entry and exit points to see how the artificial intelligence engine works, or you can simply analyze the trades to see which stocks hit Holly’s radar.
Trades are reviewed in an end-of-day video blog from the Live Trading Room Recap daily. Overnight, Holly will run over a million simulated trades against over 45 different concepts to generate the most viable strategies to utilize the next morning. Holly provides a morning watchlist of the preferred strategies and stocks she will trade for the day and provides them in the AI Strategies Window for traders to follow throughout the day. Holly outperformed the S&P 500 index five-fold with a 52% return versus 10% in 2016.
The platform doesn’t provide a streaming newsfeed but does provide clickable headlines to news releases. This platform is best used as a scanner for technical alerts. If you need a news platform, Benzinga Pro delivers.
Order Entry/Compatible Brokers
Trade Ideas integrates with E*Trade and eSignal for in-platform order entry. Day Traders can connect their brokerage accounts and direct orders from within the Trade Ideas platform. Trade Ideas also connects with Interactive Brokers, which comes with the added benefit of auto-trading capabilities (which we will discuss in-depth later in the review).
All new subscribers have the option to schedule a one-on-one training session with a staff member that will guide you through the platform and answer questions. There are a ton of videos available on their YouTube channel and tutorials on the website. Honestly, the platform is not too hard to figure out. Users can read through the definitions of each type of strategy to get an idea of what’s under the hood fairly quickly.
Trade Ideas Brokerage Plus
Trade-Ideas released Brokerage Plus in early 2019 as part of the company’s initiative to bring AI-powered trading to retail traders. This feature was not included in our initial Trade Ideas review, but we were so excited about it that we came back for an update.
Traders can add Brokerage Plus to their subscription for an $1100 one-time fee (lifetime license). Traders who have an active premium subscription that was started before November 15, 2018, will get free access.
The $1100 price point is steep, but this may be one of the most innovative day trading tools on the market right now.
Brokerage Plus allows traders to create, test, and automate day trading strategies. While many trading platforms offer backtesting, this is the first time we’ve seen full automation in an easy-to-use platform for retail traders. Of course, automating your trading strategy is not simple, but Brokerage Plus can get you started.
Here’s how it works:
Step 1: Connect to Your Broker
Brokerage Plus connects directly to your brokerage account, which allows you to place real trades based on your automated strategy. Currently, Brokerage Plus only connects to Interactive Brokers, but the company plans to create more integrations in the coming year.
Step 2: Create Your Scan
The first step towards automating your strategy is creating a scan. This scan will be used to find the stocks that will be traded using your strategy in the next step. You can use the built-in Trade Ideas scanners or build a custom scan within the platform.
Step 3: Build Your Strategy
Brokerage Plus aims to bridge the gap between scanning for stocks and day trading.
Stick with me here, as the process isn’t simple, but it’s important to understand before you consider auto-trading.
If you’re familiar with backtesting, you know that you can create a scan, define your entry/exit criteria, and backtest the profitability of your strategy. For example, you could create a scan for stocks breaking above their 52-week highs, define hypothetical entries of 100 shares at the breakout price, and set your exit price to 5% above the entry point. A backtest would test the profitability of this strategy using historical data. The results may show that this strategy yields a 5% profit 70% of the time and a 2% loss 30% of the time. This results in net profitability of 2.9% ((70% x 5%) – (30% x 2%)).
Traders who use backtesting could run these simulations and choose to trade the strategy manually. Brokerage Plus takes this to the next level by offering automatic trading. You can create an entry/exit strategy using the following criteria:
- Long/Short – Choose whether you want to open long or short trades.
- Entry Time – Choose the market hours when you’d like to run your strategy (i.e., 9:30 AM – 12 PM)
- Position Sizing – Choose your position size using a fixed amount of shares or a flat rate (i.e., 1000 shares OR $5,000 position)
- Entry Order – Choose what type of order you’d like to use to open a position and enter additional criteria for opening positions (i.e., Open limit order at $0.05 above the last price for 60 seconds following the alert)
- Stop Loss – Choose from a variety of filters to create an automatic stop loss (i.e., fixed price, percentage, trailing stop or indicator)
- Target – Set your profit target using a variety of filters ((i.e., fixed price, percentage, or indicator)
- Timed Exits – You can refine your exit plan further by planning time-based exits (i.e., exit 60 minutes after entry, exit at market close, etc.)
The success of this automation relies heavily on the strategy itself. The idea of making money on autopilot is enticing but shouldn’t be mistaken for easy money. Fortunately, Trade-Ideas provides three levels of “automation” to help you build a winning strategy. It’s generally in a trader’s best interest to move through these levels sequentially.
- Manual/Backtesting – This is similar to the backtesting example we discussed above. You can create a strategy, backtest it, and place trades manually.
- Semi-Automatic – Semi-automatic is the next step up. Semi-automatic trading allows you to execute automated strategies, BUT you need to be the one to pull the trigger on the trade. For example, if Stock $XYZ hits the scan, you could manually trigger your “Buy 5000 Shares” strategy.
- Fully Automatic – Fully automatic trading is exactly what it sounds like. You create your strategy, and Brokerage Plus will place trades automatically. You still have the option to modify trades (i.e., tighten a stop order), but without your interference, the strategy will execute automatically.
Overall, Brokerage Plus is one of the most exciting innovations for retail traders. We look forward to seeing the evolution of this feature and will report on future updates. This feature could revolutionize the way traders use Trade Ideas and help make it easier for retail traders to automate their strategies.
Trade Ideas is the best stock scanner on the market right now. Other platforms can’t even come close to the type of unique intra-day scans or offer the flexibility of combining scans so easily as Trade Ideas does. Most of the built-in brokerage platform scanners are basic and clunky. Trade Ideas offers an endless variety of pre-built scanners and customization options.
Most importantly, Trade-Ideas does all the processing on its servers and pushes the stock candidates to you rather than using your own computer, which ties up resources, not to mention slows down performance.
Trade Ideas also offers a web version in case you need to access the platform from a computer where you don’t have the platform installed. The web platform isn’t as powerful as the Windows desktop platform (and a bit clunkier), but there’s definitely some value to it.
What Type of Trader is Trade Ideas Best For?
This stock scanner is ideal for intra-day traders that trade pre-market, normal market, and post-market hours. Swing traders may also find some good ideas for short-term swings if they set the time-frame parameters to longer time frames. Momentum and chart-based traders will have their hands full with the non-stop flow of ideas. In fact, the biggest problem is not spreading oneself too thin and hopping on too many alerts. This applies to all scanners. It helps to have a solid trading methodology in place and use the scanner as a pure idea generator to consider adopting the ideas that fit your style.
- The best real-time strategy-based stock screener on the market
- Artificial intelligence integrated strategy trade performance is amazing
- Non-stop ideas generated from pre-market through post-market
- Free moderated live chatroom provides additional ideas
- Lots of training videos and tutorials
- Customizable strategies with drag and drop integration and backtesting
- Auto-trading availability
- Easy to overtrade too many ideas at once
- Charts could use some more indicators