Trade Ideas Review 2023: How does the stock scanner work?

What is Trade Ideas?

Trade Ideas Trade Ideas is a comprehensive financial tool launched in 2003, providing stock scanning, charting, and automated trading services. Primarily focusing on the US and Canadian markets, the platform integrates advanced AI technology to deliver real-time market insights.

In addition to its core services, Trade Ideas offers a moderated chatroom for knowledge exchange and employs a remote processing system, ensuring rapid data provision to its users.

Full Trade Ideas Review

Trade Ideas offers pre-formatted built-in scans for uncovering profitable trading opportunities. This highly flexible platform enables active traders to configure and customize according to your needs. It also combines an artificial intelligence-powered robo-advisor engine named Holly Grail to analyze millions of potential scenarios.

In addition to excellent stock scanning capabilities and support for multiple trading styles, Trade Ideas also offers in-depth guides on how to use their platform. Due to the plethora of features offered, many new users have found the trading software challenging to learn in the past. Thankfully, newcomers to the platform can learn how to utilize every feature through TI University, allowing them to get the most out of their memberships.

External Trade Ideas Review & Ratings

After reading through all available reviews I could find, here are some of the most interesting reviews, from traders who have experienced the platform firsthand:

Many of the positive Trade Ideas reviews pointed to the quality of the prebuilt screeners and the flexibility the custom screens allow. Helpful and reliable customer service for complex questions was also one of the top comments from satisfied users of Trade Ideas.

Like with all products with a substantial user base, there are a few unsatisfied customers. Some negative reviews mention poor results. These results could have been due to market timing or poor execution on the user. Their 4.7 out of 5 overall rating on Capterra shows that most reviewers had an overall positive experience.

If you want to dive further into what people are saying, you can consider checking out the Trade Ideas Reddit reviews. Although I must note, I was unable to find anything of substance in the Trade Ideas Reddit threads. Since the term “trade ideas” is used in many different contexts, various topics unrelated to Trade Ideas stock analysis tool.

Trade Ideas is best for:

• Experienced traders
• Trading automation
• Artificial intelligence-powered trading

Do you want to take advantage of new opportunities as a day trader? While this platform is vast and may intimidate first-time users, we believe this is an essential tool for day traders. It can also be a useful tool for swing traders.

Although many traders are experts at analyzing technical data, the biggest obstacle that they run into isn’t a lack of knowledge: it’s the inability to comprehend complex data in real time. Thanks to the inclusion of AI, the Trade Ideas platform can provide traders with relevant data and suggestions instantly, allowing them to streamline the trading process.

Read on to learn more about what this tool can offer the retail trader in my Trade Ideas review.

Trade Ideas History

Trade Ideas, established in 2002, has transformed from a mere market scanner into a comprehensive idea generation platform. It now caters to over 50,000 traders across 19 countries, focusing primarily on the US and Canadian equity markets. What sets Trade Ideas apart is its use of artificial intelligence to pinpoint effective strategies in the current market, thereby producing ideas aligned with predictive outcomes.

Co-founder Dan Mirkin, an active day trader, is deeply involved in the platform’s operations. He frequently shares his trades on Twitter, showcasing his understanding of traders’ needs. Unlike many other scanners that burden the user’s computer with processing, Trade Ideas efficiently manages this at its data centers. This approach ensures rapid, accurate stock scans, even on standard laptops.

The platform has its roots in the financial technology boom of the 90s, which saw a rise in online trading and self-directed investment. The founders, having previously led in this space and learned from a challenging venture capital-backed venture, aimed to create a tool that empowers investors to easily access market data and identify promising stocks. Their experience taught them to focus on building a profitable, slowly growing business with a strong technological edge.

Today, Trade Ideas stands out for its server-based technology, meticulously developed over 17 years for real-time data processing. The technology, crafted in-house by US developers, monitors every tick of every stock and ETF traded, providing continuous analysis against historical data. This unique capability has not only garnered a loyal customer base but also earned Trade Ideas recognition in the Inc. 5000 list of the Fastest Growing Privately Held Companies in the US for five consecutive years.

Trade Ideas Features

Trade Ideas is such a vast platform that it would be impossible to discuss every feature in this review. My review on Trade Ideas will focus on the key features I believe all investors need to know about for each trading day.

Holly AI

Artificial intelligence is arguably the most useful feature for traders, particularly for those who don’t trade for a living. The Trade Ideas AI system, “Holly AI,” is designed to scan through a comprehensive list of stocks, using pre-set trading strategies to conduct real trades on the user’s behalf. Although these automated trades should still be monitored, taking advantage of Holly AI alleviates a lot of the work involved with daily trading routines.

The AI system has historically been successful. Trade Ideas proved this by running a test trading portfolio from January 2020 to January 2022. This portfolio began with a net value of $50,000. Two years later, the portfolio had grown to a value of $84,756.72 (a profit factor of 1.15!). However, individual results will vary, as there are many different ways to utilize the AI system.

The Trade Ideas’ AI system works by analyzing market action from the previous day after-hours. After running a plethora of backtests and analyzing assets from every angle, Holly then provides traders with trade suggestions for the following day. Interestly, Holly only suggests trades with a successful probability exceeding 60%.

Although Holly Grain is the most well–known Holly AI offered by Trade Ideas, there are actually three different AI available: Holly Grail, Holly Neo, and Holly 2.0. Each one offers a variety of exciting features and trading strategies for traders to utilize.

Holly Grail is the original version of Holly AI, which currently offers 50 different trading strategies (both long and short). Taking what they’d learned from the previous two years, the team at Trade Idea developed Holly 2.0, a more aggressive trading AI. Unlike its predecessor, Holly 2.0 only offers eight different trading strategies.

The latest version of Holly AI is Holly Neo. This AI focuses on trade volume, short trades, and current events. Holly Neo only offers two trading strategies: “Breakout long (Short)” and “Pullback long (Short).”

Charts

Over time, Trade Ideas has significantly expanded its charting capabilities within the app, transitioning from its humble beginnings with simple chart visuals to a more comprehensive offering for traders. When using the platform, I found these charting features especially useful:

• Users can open and view up to 20 different charts simultaneously. This feature is especially beneficial for traders aiming to compare and analyze multiple assets and chart patterns side by side.
• It’s easy to adjust timeframes. Whether you’re examining short intervals such as minutes or looking at broader patterns spanning months, the flexibility is there.
• A variety of technical indicators are at the trader’s disposal. From commonly used indicators like RSI and Moving Averages to MACD and VWAP, traders can customize their charts for in-depth analysis.
• The addition of annotation tools allows for better visualization and note-taking directly on the charts.

However, it’s worth noting that while Trade Ideas offers robust charting, some traders, especially those seeking ultra-specific analyses, might still find the need to use their primary, specialized charting software

Pre-Built Stock Scans

The Trade Ideas stock scanner is the heart of the platform. Featuring both customizable and pre-built scans, newbies can set just a few configurations and begin scanning immediately.

1-2-3 Patterns and Social Media Stream are just two of the scans that can be used as part of a plug-n-play stock scanner.

Once you become confident with the Trade Ideas stock scanner, you can begin customizing your real time scans for better results. TI offers hundreds of filters for you to fine-tune your stock searches, but a few basic options are:

• New high
• New high ask
• Pre-market highs
• Post-market highs
• New low
• New low ask
• Pre-market lows
• Post-market lows, and
• Change from close

However, creating your own custom scans from scratch can be time-consuming. For users who just want to get started right away, there’s Market Explorer. This tool offers a wide range prebuilt scans created by the team at Trade Ideas.

The Oddsmaker

Trade Ideas offers an invaluable tool for traders: the ability to backtest strategies. This backtesting tool allows users to assess the effectiveness of a specific trading strategy by applying it to past market data. So, if you’re ever curious about how a particular custom scan would fare, Trade Ideas provides the means to check.

The tool in question, known as “OddsMaker”, is not just any regular backtester. It’s a tool often associated with advanced quant funds, but its intuitive design makes it accessible even to individual retail traders.

Here’s how it works:

• You’ll begin by setting certain parameters such as the entry and exit times, the strategy’s risk management techniques, and the backtest’s duration (which can be up to 65 days).
• After the backtest runs, it provides a comprehensive set of metrics including Profit Factor, Average Gain/Loss, the necessary Buying Power, Win Rate, and even a Projected Annual Return.

The overarching aim is to give a snapshot of how much potential profit or loss the strategy would’ve accrued if executed over the chosen time frames. This serves as a rehearsal before deploying any real capital.

The OddsMaker offers an optimization feature, giving traders an avenue to refine their strategies for better outcomes. It’s a tool that goes beyond mere backtesting; it delves deep, offering insights on whether a scan that works well in a bullish market today would still be efficient in the long run.

Brokerage Plus

Trade Ideas Brokerage Plus takes trading one step further by enabling professional traders to define your day trading strategies and trade automatically using real-time data.

Setting your trades to autopilot can take much of the grunt work out of placing profitable trades. Although it should be used with caution, Brokerage Plus brings automation to the trading process.

How does Brokerage Plus work in practice?

A trader may create a custom scan for Amazon to break above its 52-week high. If it breaks above this high, Brokerage Plus can be connected to Interactive Brokers to automatically place a trade for X number of shares if Amazon does eclipse its 52-week high.

At the time of writing this article, Brokerage Plus only appears to publicly support two online brokerages. Out of these two, only one offers full automation capabilities. Those two platforms are eTrade and Interactive Brokers.

Connecting your Brokerage Plus account to either of these online brokerages is a straightforward process once you get past the initial setup. Fortunately, how to complete this process is described in detail on the Trade Ideas website.

Once that’s been completed, you can simply log in to your brokerage account. After a brief verification process, your account will be linked, and you can now conduct trades directly from Trade Ideas.

eTrade is the lesser of the two options. The first issue? You’ll need a live data plan from eTrade if you want to make trades directly from Brokerage Plus. However, the major downfall is that eTrade doesn’t support automated trading yet. You can make trades manually, but Trade Ideas is still working on implementing automated trades using the eTrade brokerage.

Fortunately, Interactive Brokers fully supports automated trading. You will need to perform a scan and set a strategy first, but once you’ve completed these steps, the entire trading process can be automated.

If hands-off trading doesn’t sound appealing, Brokerage Plus also offers a “semi-automatic” mode. The system will identify and prep the trades, but I must mention, you still need to manually confirm before the trade is placed.

Trade Ideas Chat Room

The Trade Ideas (TI) chat room is a free service for both registered and non-registered users. It’s open from 9 am to 3 pm EST on most weekdays. There are also post-market recaps posted after trading closes for the day.

Moderators share useful insights during the day, such as trades, set-ups, and patterns. On average, there are 400 active users in the room daily.

While it’s a useful resource, the fact non-registered users can enter the chat room muddies the waters. For this reason, I don’t think it can compare to premium chat rooms offered by other platforms.

TI University

For Trade Ideas subscribers, TI University offers an ever-changing library of instructional videos. By using real-world archived events, tutorials offer explanations for why certain trades were made and why they were profitable.

TI University includes instructional videos and trading courses for every ability level, so there’s something for everyone, regardless of where they are in their trading career.

Users can also schedule personalized one-to-one training sessions to take their trading to the next level. Currently, there are more than 8,000 users in 65 countries subscribed to TI University.

The full suite of TI University tutorials is open to all subscribers, which is an impressive bonus considering the depth of education on offer.

Trade Ideas Additional Features

Trade Ideas offers a plethora of advanced features that cater to various trading styles and strategies. From simulated trading and one-click trading to real-time stock racing and AI-powered robo-advisement, Trade Ideas provides users with all the tools necessary to succeed in the ever-changing world of stock trading. I believe by taking advantage of these powerful features, traders can make more informed decisions and improve their overall trading performance.

• Real-Time Stock Racing: Real-time stock racing is an innovative feature provided by Trade Ideas that takes data visualization to a whole new level. This unique approach simplifies the stock trading experience and provides users with an engaging and interactive way to visualize stock performance. By displaying stocks as racing cars, you can easily compare stock performance in real-time, making it easy to identify winning stocks and make informed decisions.
• Market Explorer: The Market Explorer feature in Trade Ideas allows users to access high-performance pre-built scans without any customization. This is an excellent option for traders who want to get started quickly and easily with minimal configuration. The platform even includes the Alphatrends Anchored VWAP scans and auto drawing add-on for a more comprehensive market exploration experience.
• Simulated Trading: Trade Ideas’ simulated trading feature works hand-in-hand with the platform’s AI and idea generation tools to help users maximize their trading advantage. By practicing with simulated trading, investors can quickly learn which actions lead to rewards and identify areas for improvement. This valuable feature allows traders to hone their skills and strategies before diving into live trading, minimizing risks and maximizing potential gains.
• One Click Trading: Trade Ideas offers a convenient one-click trading feature that enables users to trade stocks directly within any chart window. By simply clicking and dragging the buy and sell markers, users can execute trades quickly and efficiently without having to navigate to a separate trading platform. This feature streamlines the trading process and allows for seamless integration with the Trade Ideas platform.
• News: Keeping up-to-date with stock-relevant news is crucial for making informed trading decisions. Trade Ideas provides a handy news feature within the single stock window tab, ensuring that users always have access to the latest news affecting their chosen stocks. This feature helps traders stay informed and make better decisions based on current market events.
• Compare Count Window: The Compare Count Window feature in Trade Ideas enables users to visually compare any two strategies side by side. By providing real-time updates on the frequency of each competing strategy, users can quickly determine which strategy is performing better. This valuable feature allows traders to adjust their strategies and make more informed decisions about the financial markets, based on data-driven insights.
• Full Quote Windows: The full quote windows in Trade Ideas provide users with all the fundamental data relevant to a stock’s price. These windows offer quick visual indicators that show where a stock is in its range for the last hour, trading week, and last 52 weeks. This feature allows traders to gain a better understanding of stock performance and make more informed decisions based on historical trends.
• Channels: For traders seeking an efficient way to set up their Trade Ideas platform, the Channel Bar proves to be invaluable. It boasts 48 pre-set layouts centered around various trading themes and sectors, minimizing the hassle of customization from scratch. Whether you’re a novice looking for a jumping-off point or a seasoned trader wanting to switch between frequently targeted themes, the Channel Bar caters to your needs.

Among these preset channels, some of the standouts I found are:

• Pre-Market: A spotlight on stocks that are experiencing significant shifts before the market opens.
• Short Squeeze: A go-to for identifying potential short squeeze stocks.
• Explosive Winners: This displays stocks with notable gains, whether daily or weekly.
• Penny Movers: Specifically for those who trade penny stocks, this scanner zeroes in on the day’s most dynamic penny stocks.

Beyond these, Trade Ideas also offers themes encompassing areas like After Hours, Social, Crypto, and Volume. It’s tailored to grant users swift access to pertinent market information. And if customization is your thing, the platform allows saving of tailored layouts as personal channels, ensuring they’re just a click away for future reference.

On a side note, for traders who enjoy building upon existing strategies, ChartMill is another resource, offering a repertoire of over 200 screens. However, I believe its worth noting that ChartMill primarily gravitates towards long-term prospects rather than day-to-day trading opportunities.

Trade Ideas Pricing

Reviews on Trade Ideas tend to be critical of the service’s high price point. We believe it’s worth every cent because of the sheer magnitude of the platform.

There are just two subscription plans to choose from. Both are offered as a monthly or annual subscription.

Standard Plan ($84/month $999/year) – Standalone platform with 10 charts, 10 price alerts, and visual trade assistance.

Trade Ideas Premium ($167/month $1,999/year) – Trade Ideas Premium subscription Includes access to 20 charts, 20 price alerts, AI robo-advisor Holly, and access to Brokerage Plus.

Trade Ideas Customer Support

Trade Ideas provides a robust customer support system, available from 8 AM to 5 PM EST. Users can conveniently reach out through phone, email, and live chat. Additionally, there’s an option to submit a detailed support ticket via their website. Beyond these direct communication channels, they’ve developed a comprehensive FAQ section on their site, aimed at addressing a plethora of questions about the platform, its features, and functionalities.

For those seeking in-depth knowledge or clarification, Trade Ideas offers a treasure of resources. From A.I. Strategy Descriptions and Alert & Filter Definitions to Training Classes, Trade Education, and introductory videos, they cater to both beginners and seasoned traders. Their online database also includes a Webinar & Video Archive, further emphasizing their dedication to user education and empowerment.

This dedication to support is evident in their timely and insightful responses, whether the questions are about account details, billing, or nuanced trading strategies. Their team is not just focused on troubleshooting but also on enabling users to make the most of the platform.

The extensive resources provided, coupled with their prompt customer service, underscore Trade Ideas’ commitment to growing a knowledgeable and supported trading community.

Who is Trade Ideas Best For?

Trade Ideas is a versatile platform that caters to various types of traders, from novices to experienced professionals. It offers a plethora of features and tools that can be useful for different trading styles and strategies. In this section, I will outline who Trade Ideas is best suited for and why.

1. Day Traders: Trade Ideas is a powerful tool for active day traders who need real-time data and quick decision-making capabilities. The platform’s advanced scanning features, AI-powered trade suggestions, and customizable alerts make it an invaluable asset for those seeking to capitalize on short-term market movements.
2. Swing Traders: The platform’s in-depth technical analysis tools and pre-built scans can help swing traders identify potential opportunities based on price trends and market fluctuations. Additionally, the Oddsmaker tool can assist in backtesting and refining strategies for this trading style.
3. Algorithmic Traders: With features like Brokerage Plus, Trade Ideas is ideal for traders who prefer algorithmic trading strategies. Users can create and automate trading strategies based on real-time data, allowing them to take advantage of market opportunities and find profitable trading opportunities with minimal manual intervention.
4. Investors Interested in AI-Powered Trading: The Holly AI system is a unique offering that sets Trade Ideas apart from other platforms. Investors who want to leverage an advanced artificial intelligence engine for trade suggestions and strategy optimization will find the various Holly AI versions, including Holly Neo, immensely helpful. It’s like having an Artificial Intelligence assistant by your side, helping you develop trading ideas and pinpoint potential trades.
5. Traders Seeking Education and Community: Trade Ideas offers an extensive library containing a wide range of educational resources through TI University and a moderated chat room for users to interact with fellow traders. This makes it an excellent choice for novice traders who wish to learn, improve their skills, and connect with like-minded individuals.
6. Active Traders with Limited Time: For traders with busy schedules or those who can’t dedicate their full attention to the markets throughout the trading day, Trade Ideas provides valuable tools such as real-time alerts, AI-generated trade suggestions, and automated trading capabilities. These features can help streamline the trading process and save time.

Is Trade Ideas Right for You?

Reviews on Trade Ideas claim this is the most advanced stock scanning software on the market today. I have to agree. For active day traders searching for the best trade opportunities, there’s no better alternative.

However, newbies may find it difficult to get used to all the different tools. I recommend subscribing only if you’re willing to learn the platform and study the various powerful features before jumping into live trading.

Overall, I believe Trade Ideas is one of the most effective day trading tools in the business.

Trade Ideas Alternatives

If you feel Trade Ideas isn’t right for you, don’t fret, there are a few other notable competitors I have found. ScanZ is one such company. If you are looking to hone your trading plan with a plethora of trading psychology and risk management resources, ScanZ is worth a look. To see how they compare, this Trade Ideas vs ScanZ article is a valuable resource.

Another up and coming pplayer in the fintech space is Thinkorswim. If you prefer a mobile trading experience that offers free access to users with TD Ameritrade accounts, it could be a solid choice. This Trade Ideas vs Thinkorswim comparison will help you decide which is right for you.

Trade Ideas Review – Final Thoughts

After an in-depth analysis of Trade Ideas and its offerings, it is clear to me that this platform stands out as a powerful and comprehensive tool for traders of all experience levels. The combination of real-time data, advanced scanning features, AI-driven trade suggestions, and automated trading capabilities make it an attractive option for those looking to optimize their trading strategies and capitalize on market opportunities.

The Holly AI system, in particular, sets Trade Ideas apart from its competitors. By leveraging artificial intelligence, the platform delivers an innovative approach to trading that can help users make better-informed decisions and potentially increase their success rates.

Furthermore, Trade Ideas’ commitment to education and fostering a supportive community through TI University and its moderated chat room speaks to the platform’s dedication to helping traders improve their skills and knowledge. This aspect is invaluable, especially for beginners who seek guidance as they navigate the complex world of trading.

One potential drawback I found with the platform is its pricing, which may be considered steep for some users, particularly those who are just starting out. However, it is essential to weigh the cost against the value provided by the platform’s extensive features and tools, which can significantly enhance a trader’s ability to succeed in the market.

Trade Ideas is an impressive platform that has much to offer traders, regardless of their experience or preferred trading style. Though it may come with a higher price tag, the platform’s robust features, AI-driven capabilities, and supportive community make it a worthwhile investment for those looking to optimize their trading strategies and maximize their potential for success.

Check out Trade Ideas to take your day trading to the next level. Remember to use promo code MODEST15 for 15% off your first purchase!