Trade Ideas LLC has been around since 2003. It’s often ranked among the best stock screeners on the market. But just how good is it when put to actual use? Here are our ratings.
Whether you’re a beginner or advanced trader, chances are that you know how frustrating life can get when you need to keep tabs on fast-changing market data.
Quite frankly, most of the stock scanners available out there are terrible.
They’re either too slow, difficult to use, or downright ineffective.
And that’s why when we came across the Trade Ideas stock screener, we naturally wanted to try it and give our independent review of it.
Is it worth the hype? How does it feel from a beginner’s perspective? How much does it cost? Stick around as we break it down for you.
Trade Ideas Latest Ratings & Overview
Trade Ideas (TI) is a real-time stock screener designed primarily for intra-day traders. The tool is the brainchild of Dan Mirkin, a legendary trader who initially made headlines in 1996.
That’s when the Austin Business Journal featured him in a 22 March article titled “Trader makes quarter-million without ever putting on a tie.”
Officially, he co-founded the San Diego based Trade Ideas LLC in 2003. Yup, that’s close to two decades ago.
Being in the market for that long might help you understand stock trading better than everyone else but it takes responsiveness to change to remain at the top of the competition.
Talking about responsiveness, TI is one of the pioneering platforms to fully integrate artificial intelligence (AI) to everyday trading.
Indeed, their patented system “Holly” is meant to scan the markets for you effectively providing you with the alerts you need to make good decisions.
So far so good. This innovation seems to be gaining lots of love lately even though it doesn’t come cheap.
Keep reading for the inside scoop.
How It Works
Once you access your Trade-Ideas account, click on the “Tools” option and scroll down to “Channel Bar.” When you click on the channel bar, it’ll reveal a variety of windows for you.
Note that, each one of the icons used to represent the particular windows is clickable. Simply click on the one you intend to use or explore and it’ll guide you to the full functionality of the tool or feature mentioned.
Since the entire TI platform is quite diverse, we’ve only tested a few of our favorite features on the “channel bar”. So, here’s our review of those.
Trade the Gap
If you click on the Trade the Gap window, you’ll access a bunch of scanners that track the gappers for you. The stocks gapping up are normally shown in green while ones gapping down are displayed in red.
This makes it easy to zero-in on the biggest potential movers of the day even before the markets officially open.
As you know, the markets are usually quite volatile during the first two hours of opening. Put simply, if you want to increase your chances of profiting, this is the best time to dive in.
Without PreMarket data, you’d probably have to do that blindly.
Fortunately, even when the markets close, TI never goes to sleep. And by simply accessing the PreMarket window from the Channel Bar, you’ll easily access important market projections ahead of time.
One good thing with this premarket data is that there’s an “Earn Date” column which you can use to determine just how long it’ll take for your trade to hit your “take profit.”
If you’re a swing trader, you’re want to focus on the trades with an earn date of 1 to 4 days. But if you’re an intra-day trader, we’d suggest sticking to the stocks whose earn date reads less than 1 day.
If you have an appetite for options, this is the window for you. With it, you can get real-time insights on volumes so that you can take advantage of volatility and so forth.
Above all, you can customize this tool depending on your strategy and whether you’re into basic strategies or advanced ones.
That’s because you get a variety of strategies to use by tracking options volume, call volume, put ration, and Put-Call ratio.
So, if you’d like to try the big guy stuff (small traders typically trade stocks LOL), this tool can come in handy in helping you find spikes easily.
Virtual Analyst Channel
As we already mentioned, this is a service reserved for premium subscribers. The analyst in this case is “Holly” an artificial intelligence tool that conducts millions of simulated trades behind the scenes.
We all know how challenging it can be to keep track of the different changes in the world of stocks. Fortunately, with machine learning working for you, you can take a break and still get the intel you need to make accurate entries and exits.
But just how accurate is Holly?
Well, in 2016, the bot’s gross returns measured 74 percent compared to the S&P 500 which measured 9.6 percent over the same period.
In 2017, Holly’s gross return measured 85 percent compared to the S&P’s 21.7 percent over the same period.
In 2018, the AI market analyst delivered gross returns of 94% before commissions and fees.
And in 2019, it was awarded the “Best Machine Learning Development” by Fund Technology and WSL for yet another year of outstanding performance.
So, as you can see, this tool has been quite consistent in performance if its immediate past results are anything to go by.
Other than those 4 windows, the TI system provides you with the following:
My Cloud: Free storage space that you get when you sign-up.
Alpha Predator: An ideal scanner for anyone trading on a momentum-based strategy.
Short Squeeze: This is where you go long when those who have gone short are desperately closing out their positions.
Surge: The only tool you’ll need to keep track of unusual volume surges from time to time.
Low Float: This window provides you with access to the most volatile and low float stocks in the market categorized as either “stocks pulling back” or “stocks making moves.”
Sector ETFs: If you’re looking to own a variety of securities without breaking the bank, you’ll want to trade in exchange-traded funds (ETFs). Trade Ideas monitors those for you as well.
Other windows you may want to explore include Price Up Movement, Price Down Movement, Earnings, Trending, and 420 in Play.
You might also find great success in the Defense, China, Biotechs, Fundamentals, Penny Movers, and Tech Titans features.
And in case you want to work closely with a human trainer, the Barrie’s Windows is for you. Looking to interact with other traders? The “Live Trading Chat Room” is definitely worth a sneak peek.
Key Features We Love in Trade-Ideas
Although TI is not primarily a charting tool, it provides some pretty decent charts. They are easy to use and display recommended take profit and stop loss levels for you.
But basically, the main use of these chart windows is to confirm alerts without having to exit the Trade-Ideas Pro platform.
So, if you’re really after a serious charting tool, you might want to try other charting services as what you get here is pretty basic.
In a market full of chatter and new development, your best bet is to only focus on the alerts that matter to you.
Thankfully, TI has some real-time based alerts which are conveniently displayed on the provided windows based on your preferred filters.
What if you could test-drive your trades before you actually step into the markets? That’s what the backtesting tool is all about.
So, you open a simulated trade and get all the computations done internally by the TI servers.
This way, you end up with immediate analysis on your trades thereby optimizing your chances of success.
We have already mentioned this but since we think that social trading is quite important we’d like to talk a bit more about it.
So, here’s the point. This is a free-for-all chatroom. And as with any other free chatroom services, the chances of having run-ins with trolls are quite high here as well.
Fortunately, in its entirety, the Trade Ideas platform is a rich platform full of forward-thinking strategies and mentors.
*Auto-Trading (with Brokerage Plus)
If you want to engage in a completely hands-off trading strategy, the auto-trading feature of TI is your best bet. It provides you with computer-assisted trading software that can initiate and terminate trades on your behalf.
Of course, this is not the kind of service to go for if you have trust issues. But judging from this AI’s past track record, the service is definitely worth trying especially if you’re too busy to make the moves yourself.
- Easy to use
- Automatically updated
- Great track record so far
- Provides real-time updates
- Suitable for different trading strategies
- Makes it easy to analyze voluminous data
- Provides pre-market data
- The chartroom is free for all and has a couple of trolls
- Newbies might need some time to get acclimatized to key features
- Of course, the technology doesn’t come cheap
If you want to subscribe to Trade-Ideas you’ll have the opportunity to choose between the Standard and Premium package.
The Standard plan is good if you already have your own trading strategy and all you need is an accurate stock screener.
But if you want to fully automate your trading experience and leverage the benefits of Holly the AI, you’ve got to go for the Premium Plan. From as low as $6.20 per day, this plan gives you access to all the tools you need to make money even while you sleep.
And the best part is that you can get 15 percent off if you sign up using a promo code.
As Ross Cameron of Warrior Trading likes to put it, “Day traders are hunters of volume and managers of risk.” If that sounds like you, you probably will find Trade Ideas invaluable.
Unlike other stock screeners available out there in the world, this one is easy to use and highly accurate.
And even though past performance is never indicative of future performance, we believe that the track-record set by TI so far is worth banking on.