The COVID-19 pandemic saw the rise of the retail investor. Major market movements, such as the 2000% GameStock rally, shook Wall Street to its very core.
To invest and grow your wealth, you need to know what you’re investing in. Research is key to picking the right stocks and turning a profit. Trade Ideas is a low-cost stock screening tool designed to make it easier to choose profitable stocks.
But should you be incorporating Trade Ideas into your trading strategy? Here’s what you need to know about this platform and whether it’s worth the cost.
What is Trade Ideas?
Generally, Trade Ideas reviews have been extremely positive about this stock screener. Primarily, Trade Ideas is aimed at the intra-day trader, with real-time data and advanced screening functionalities.
This full suite of scanning tools was developed by Dan Mirkin, David Aferiat, and Philip Smolen in 2003. Over time, Trade Ideas has evolved to meet the ever-changing needs of the market and provide the features necessary for a successful day trading career.
Trade Ideas Features
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Trade Ideas includes a wide range of features to not only help traders make the right trades but to build upon their existing knowledge of day trading. Investors can utilize this platform to advance their knowledge and grow their wealth.
Here are the main features traders can take advantage of:
- Advanced Charting – Enjoy simultaneous charting, with all the vital price indicators embedded directly onto the chart. Trade Ideas enables you to run 10-20 charts at once.
- Pre–Built Stock Scans – One of the most powerful features on this platform. Trade Ideas’ powerful pre-built stock scans enable you to instantly get the information you need to find successful businesses for your next trade.
- The Oddsmaker – Back-test your strategies and input data to come up with accurate probabilities on every trade. This premium tool enables you to alter your methodologies to judge the impact on each trade without risking any capital.
- Moderated Chatroom – Connect with fellow investors in the Trade Ideas chatroom. Its moderated nature means you know you’re only dealing with serious traders.
The core of Trade Ideas is its commitment to incorporating artificial intelligence. The more you use the platform the more it adapts to your intra-day trading strategies. While reviews on Atom Finance and other similar platforms claim it lacks the in-depth data of alternatives, Trade Ideas remains an innovative, cutting-edge trading tool.
How Much Does Trade Ideas Cost?
Unfortunately, many reviews on Trade Ideas criticize its high price point. The standard service costs $118 per month ($1,068 per year). On the other hand, its AI-powered premium tools will set you back $228 per month ($2,268 per year).
We believe it’s worth every cent because of the unique investing tools, such as the Oddsmaker.
For investors who don’t have the funds to invest in Trade Ideas, there are other freemium stock screening and charting platforms, such as Trading View. Read this review on Trading View to find out more about this low-cost alternative.
Pros and Cons of Trade Ideas
Trade Ideas has its audience. While features like its AI-powered roboadvisor Holly can pay dividends for day traders, this platform may not be right for every investor.
Here are the advantages and disadvantages of Trade Ideas.
- State-of-the-art analytical tools.
- Access to a knowledgeable investment community.
- Strong investing guides and engaging educational videos.
- AI-powered features.
- Unique predictive tools not found anywhere else.
- Extremely expensive.
- Limited indicators for charts.
How to Use Trade Ideas in Your Investing Strategy
Trade Ideas is primarily designed for day traders. While it can be used for medium and long term investments, intra-day traders will get the most out of Trade Ideas.
The best way to use Trade Ideas is to use it as a stock screening tool. There are other superior options for charting, including Trading View. Likewise, for fundamental analysis and imminent releases, curated newsfeeds like Benzinga Pro can add value to your investing strategies.
Like anything in the world of investing, the principles for success rely on not becoming dependent on a single tool. Trade Ideas should serve as just a single tool of many for the experienced, committed trader.
Who is Trade Ideas Best For?
Trade Ideas consists of advanced tools that may intimidate beginners. Inexperienced traders will note a steep learning curve when creating an account with Trade Ideas for the first time.
Veteran day traders who want to take advantage of artificial intelligence and the power of automated trading will be able to extract an incredible amount of value from this platform.
If you’re a day trader searching for new trading opportunities, this should be considered an essential tool.
Visit Trade Ideas and create an account to take your trading career to the next level!